Greater Manchester is on course to become one of Europe’s leading hubs for AI innovation, with AI companies in the region now valued at $4.2bn – more than five times their valuation in 2020.
That’s according to a new AI Catalyst report released this week by not-for-profit organisation Turing Innovation Catalyst, highlighting how Greater Manchester now ranks 13th in Europe for AI talent, with companies employing 13,500 AI professionals. And this figure is predicted to rise to 25,000 in the next ten years.
The report also highlights that, with the right support and investment, the city region’s AI ecosystem has the potential to be worth $15bn by 2035, increasing the number of AI jobs to 25,000 and achieving an economic impact contribution of $25bn GVA.
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Other key findings highlight how AI companies in Greater Manchester raised $583m in venture capital investment between 2021 and 2023, accounting for 28% of the $2.03bn investment raised by all tech start-ups and scale-ups over the three-year period.
And in 2024, companies across the region secured $389m in venture capital, with $108m raised by AI companies.
“Greater Manchester is ready to lead the way on AI innovation, leveraging our strengths in research and development and industry, as well as the strong
partnerships between our public and private sectors,” said Andy Burnham, Mayor of Greater Manchester.
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For Liz Scott MBE, executive director at Turing Innovation Catalyst Manchester, Greater Manchester is on a “clear path of growth”.
“Our ambition is for the city region to be a leading destination for AI innovation globally, but collaboration will be critical to unlocking that opportunity. The work we’re doing at the Turing Innovation Catalyst, in partnership with organisations across the public and private sectors, is about making purposeful investments that create the right conditions for innovation to thrive in all corners of society.”
Jo Drake, chief technology officer at THG Ingenuity, hailed the news: “AI is here, and it’s here to stay. It’s fantastic to see companies across Manchester investing in next-generation technology and forward-thinking talent, showing that our city is a true innovation leader.”
She explains how AI is “supercharging” everything over at THG Ingenuity, from developer productivity and demand forecasting to intelligent product recommendations and shooting immersive brand campaigns.
“With the range of services we offer, I’ve seen an incredible range of AI applications already. In fact, 5% of our entire site revenue now comes directly from AI-driven personalised product recommendations: a clear indication of the power of these tools. The pace of change is mind-blowing, and it makes me excited to see where THG Ingenuity and other Manchester companies will be in just a few years.”
The Turing Innovation Catalyst Manchester (TIC) is part of Unit M, the University of Manchester’s new innovation arm.
