United Kingdom Business Intelligence Market Size

UK Business Intelligence Market Analysis

The United Kingdom Business Intelligence market is projected to reach a CAGR of 9.2 % during the forecast period. Businesses use BI tools to make data-driven decisions for more efficient business operations in this fast-changing technology world. Organizations must balance physical and digital competencies to establish new business models. Real-time data from smart devices and the internet of things (IoT) paired with historical data, big data analytics, and artificial intelligence are projected to drive demand for data analytics software across companies.

• The UK government signed a new three-year memorandum of understanding (MOU) with Microsoft to help public sector organizations use and benefit from cloud computing and business applications. According to Microsoft, the new MOU is called the Digital Transformation Arrangement 2021 (DTA21), which allows all eligible public sector organizations to benefit from discounts and beneficial terms for Microsoft 365, Azure, Dynamics 365, and Power Platform cloud services.
• Industry-specific analytics and business intelligence enable companies in the united kingdom region to discover detailed sales trends based on their customers' preferences, reactions to promotions, purchasing habits, online shopping experiences, and patterns and trends which affect sales. Utilizing customer buying habits permits a company to decide how to retain valuable customers and take significant advantage of missed sales opportunities.
• By drilling down to such comprehensive insights, a company in the region could decide which link-sell opportunities to increase or which products are best for cross-selling. By identification of customers in decline, a business could determine the best plan to reposition the product before they stop buying altogether. Sales managers can identify the best type of customers, where to find them, and determine the most effective acquisition and conversion strategies.
• The COVID-19 pandemic considerably slowed down AI investments for most enterprises. Although AI is still one of the critical technology areas, organizations require an efficient way to scale their AI practices and use AI in business to accelerate ROI in AI investment. As organizations face more significant pressure to optimize their workflows, more companies will ask BI teams to manage and develop AI/ML models. The two critical factors that will drive this boost of a new BI-based AI developer class: First, enabling BI teams with tools such as automation platforms is more scalable and more sustainable than hiring dedicated data scientists; second, because BI teams are significantly closer to the business use-cases compared to data scientists, the lifecycle from the working model's requirement will be accelerated.
• Enterprises often turn their business analysts into BI and analytics experts. The company benefits by converting a lower-salaried employee into a high-demand and highly sought-after skill. However, this is often done without a substantial salary increase. Increased pay for analytics and BI professionals would help raise skill levels because employees realize a considerable financial reward for any extra effort to improve their skills.