According to Lloyd's Business Barometer, the majority of Welsh companies believe that AI adoption will become a key growth driver in the country's economy.
More than three in five (63%) Welsh companies believe that AI adoption will be a major driver of local economic growth.
Of the 61% of companies in the country that already use AI, 81% say they have increased productivity, while 80% say they have improved profitability. Companies most commonly use AI platforms to improve efficiency (71%) or analyze data and get more detailed information (36%).
Going forward, 24% of Welsh companies plan to invest more in AI over the next year, with plans to create a fifth (22%) or more to create a new AI-specific role.
Companies said their desire to use the technology to help grow their customer base (39%) and to promote new or even further productivity (36%) is the biggest driver behind future investment plans. The company also said that a better understanding of the technology (18%) of its AI-based competitors and its benefits (41%) and its benefits will help drive more investments.
Surveying 1,200 companies each month, the business barometer, running since 2002, provides early signals on UK economic trends both locally and nationwide.
Samantha Noble, Wales area director at Lloyds, said:
“Welsh companies identify AI as a path to local growth, which probably reflects their own success. The vast majority of companies already using the technology are more productive and profitable.
“Sharing knowledge and experience is important to help more companies begin to apply it, and ultimately it will be a fully aware of the potential of technology.”
