Firms across Europe embracing robots, says UBS
Major companies across Europe are planning to increase investment in robotic technology in the near-future, according to a note by UBS.
A survey of 600 corporate firms in the eurozone by the financial services giant found nearly six in 10 were looking to step up their spending on automation, robotics and digitalisation (ARD).
Researchers at UBS’ London branch spoke to CEOs and other senior decision-makers in France, Italy, Spain and Germany, mainly from the consumer, materials and industrial sectors.
Italian firms appeared most likely to be currently embracing the potential of such new technologies to increase output or cut costs, a finding described as “surprising” by the report’s authors.
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Germany recorded the lowest level of interest of the four countries surveyed, with 50% of companies reporting investment plans compared to 68% in Italy.
Larger companies were more likely to be planning to hike their spending. The majority of firms (59%) said they expected ARD to increase their profits, but only one in three (33%) expected it to lead to lower prices.
The UBS note said the average eurozone firm spent a third of their investment budget on high-tech spending, but only 9% of it specifically on ARD.
The note adds: “While tangible investment is important, there are increasing signs that intangible investment – in intellectual property, business processes and skills – is particularly important for productivity and, hence, long-term growth potential.”
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