Press Release, 29 September 2021
In 2021, Artificial Intelligence (AI) is no longer a new phenomenon knocking on doors with opportunities. AI is already integrated very well into our daily lives, especially in the way we do our business. Over the last few years, companies in most industries have recognised the importance and urgency to get onboard with the AI revolution and have invested time and money as well as the best of their talent into AI related projects.
PwC Luxembourg conducted a study to better understand where Luxembourg companies stand in terms of Data Analytics and Artificial Intelligence and to track the progress of the Luxembourg ecosystem. This study is a sequel to the first study, "Use of Data Analytics and Artificial Intelligence by Luxembourg companies" edition, conducted in 2019.
Findings from the survey show that the acceptance of Artificial Intelligence in Luxembourg companies now stands at 52% of companies using AI tools and services, up from 24% in 2019 with another 20% planning on piloting it soon. Luxembourg companies are incorporating advanced analytics tools and data expertise into their day-to-day business, to increase knowledge on customers, foster innovation, and optimise their processes. Luxembourg is well positioned on a global level, when it comes to the adoption of AI tools and is moving from spreadsheets to tailored data solutions.
Increased specialisation in the data domain is also becoming apparent, with growing roles in data architecture, data management, and data governance. The biggest hurdle in the deployment of AI remains the lack of talent, as experienced by 58% of the respondent companies in the survey (up from 37% in 2019). Putting AI into operation and embracing the right strategy is an area of concern. Only 35% of companies have a mature data & AI strategy, a small increase when compared to 29% in 2019.
Thierry Kremser, Data & AI Leader, PwC Luxembourg says: "The COVID-19 pandemic has been a disruptive force in Luxembourg and the world for the past 18 months. In our second edition of this survey, we asked Luxembourg’s data leaders on their own experience and developments since 2019. In this report you will see that Luxembourg’s companies have responded to the challenge with an increased and more impactful use of Data Analytics and Artificial Intelligence in their business."
Andreas Braun, AI & AI Lab Leader, PwC Luxembourg says: "AI is a key driver of innovation in Luxembourg, across all sectors. Companies are competing for talents, with significant investments focussing on data specialists, enabling a more widespread operational use of AI. Our study participants see a continued need to embed data & AI into their organisational strategies."
Click here to obtain the full report.
Notes to editors
PwC Luxembourg (www.pwc.lu) is the largest professional services firm in Luxembourg with over 2,800 people employed from 77 different countries. PwC Luxembourg provides audit, tax and advisory services including management consulting, transaction, financing and regulatory advice. The firm provides advice to a wide variety of clients from local and middle market entrepreneurs to large multinational companies operating from Luxembourg and the Greater Region. The firm helps its clients create the value they are looking for by contributing to the smooth operation of the capital markets and providing advice through an industry-focused approach.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 155 countries with over 284,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com and www.pwc.lu.
Communications Senior Manager, PwC Luxembourg
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