AI Beyond the Hype – The Progress of Nordic Industrial Companies

Silo AI has released its third Nordic State of AI report. The report is based on a survey
answered by several of the largest companies in traditional sectors such as manufacturing andconstruction in the Nordic region. All participating companies have a turnover of at least €50 million and/or at least 1,000 employees. The median age of the participating companies is 87 years, and many of them are over a century old. Among the respondents are companies like SKF, UPM, Höganäs, and Assa Abloy.

Investments in AI development projects are increasing among Nordic industrial
companies, and for the first time, there is a greater focus on training existing staff rather
than recruiting new talent. This is revealed in a new survey by Silo AI, Europe's leading
private AI lab.

The trend is clear – all participating companies are already working with AI at some level, and
over 40% of respondents plan to invest between €0.5 and €2 million in AI during 2024, while
20% expect to invest up to €10 million in 2024. Generative AI had its major breakthrough in
2023. An example of generative AI technologies are the large language models that power
products such as ChatGPT. Almost 80% of respondents have started using these types of
technologies. The report shows that companies are closely following the EU’s development of AI regulation, with over 50% of the respondents saying they will invest in measures to ensure compliance.

The annual report, published in November 2022, provides an overview of the use of artificial intelligence in the Nordic region, with the goal of offering business leaders, academics, policymakers, as well as anyone interested, a comprehensive look at what’s really going on in Nordic AI.