Key regions: Germany, United States, Canada, South Korea, United Kingdom
The demand for Business Intelligence (BI) Software in the United Kingdom has been growing in recent years, driven by various factors such as the need for data-driven decision-making and increasing competition in the market.
Customer preferences: UK customers are increasingly looking for BI software that can provide real-time data analysis, visualization and reporting capabilities. They are also looking for solutions that are easy to use, customizable and can integrate with other software platforms. Furthermore, customers are increasingly interested in cloud-based BI solutions that offer flexibility and scalability.
Trends in the market: One of the major trends in the UK BI software market is the increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies. These technologies are being used to enhance data analysis, automate reporting and provide predictive insights. Another trend is the growth of self-service BI software, which allows non-technical users to access and analyze data without the need for IT support. Additionally, the market is seeing a rise in mobile BI software, enabling users to access data and insights on-the-go.
Local special circumstances: The UK market is highly competitive, with a large number of BI software vendors operating in the country. This has led to a focus on innovation and differentiation, with vendors offering unique features and capabilities to stand out in the market. Additionally, the UK has a strong focus on data privacy and security, with customers looking for software solutions that comply with local regulations such as the General Data Protection Regulation (GDPR).
Underlying macroeconomic factors: The UK economy has been growing steadily in recent years, with an increasing number of businesses adopting data-driven decision-making. This has led to a rise in demand for BI software solutions that can help companies make sense of their data and gain a competitive edge. Additionally, the UK has a strong technology infrastructure, making it an attractive market for BI software vendors to operate in. However, the uncertainty surrounding Brexit may impact the market in the future, as businesses may hold off on investing in new software solutions until the situation becomes clearer.
Data coverage:
The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).Modeling approach / Market size:
The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.Forecasts:
We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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