AMP stands for Accelerated Mobile Pages. It is a Google-backed project designed as an open standard for any publisher to have pages load quickly on mobile devices.
For Implementing AMP on your website there are certain restrictions you need to follow, in order to make your website load faster.
You can find more info in how to get started with AMP here: Accelerated Mobile Pages Project
Coming back to the question: Does AMP helps in improving the ranking of a website?
A straight answer to that is NO, and I am very sure about this because we ran a experiment to actually test this and the results we got were shocking.
We had a website which was ranking on the 2nd page(11th position) for a very competitive keyword, we implemented AMP for that(no website ranking ahead of us were using AMP) with the exact same content and no changes were made with the website at all.
The Result: There was no ranking improvement! :( instead it dropped 2 positions in mobile rankings at the end of the experiment. We ran the AMP experiment for 25 days and saw no improvement.
Its totally up to you to implement AMP or not. I personally would recommend AMP if you are a publisher, a blogger or have a content focused website. Implementing AMP for E commerce and B2B website is hard work and you will have to compromise on design and layout.
Hence, Google is not considering AMP to be a ranking factor as of now, but things might change in future when the Mobile First Index will roll out.
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