The United Kingdom business intelligence market is projected to reach a CAGR of 9.2 % during the forecast period 2020-2025. According to data from the OECD’s skills database, the United Kingdom faces significant shortages in advanced analytics and technology skills. The centerpiece of the government’s support for the sector is a GBP 1 billion package to support the development of analytics in business, which is anticipated to boost the studied market.
– The growing adoption of IoT-enabled technologies is driving the market. IoT analytics enabled a whole new world of business intelligence tools to make life smarter, faster, and easier. In the United Kingdom, one of the railroad companies combines IoT and operational business intelligence by using icCube to monitor train issues such as engine malfunctions, brake failures, and more in order to quickly and effectively act in case of a breakdown. Armed with information collected from sensors inside the engines, employees can take immediate action in the event of a heating, cooling, engine, or electrical issue.
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– Further, in Feb 2020, Sensemetrics Inc., announced that Geosense, a leading United Kingdom manufacturer of geotechnical and structural monitoring instrumentation company, is the first sensor company in Europe to integrate its portfolio of sensors into sensemetrics’ cloud-based IIoT platform. The partnership between sensemetrics and Geosense means improved connectivity and data management when monitoring the safety and performance of infrastructure, mining, and energy assets such as dams, tunnels, pipelines, bridges, and high-rise buildings. These factors significantly cater to the IoT enabled technologies integrated into the BI tools.
Key Market Trends
Applications in BFSI Sector to Drive the United Kingdom Business Intelligence Market
– In the United Kingdom between 2015 and 2019, consumer adoption of fintech companies and financial products grew rapidly. The United Kingdom has a higher adoption rate as of 2019, relative to the 64% global average. Further, vacancies in the United Kingdom banking industry for tech-focused roles rose seven percentage points (from 23% to 30%) between 2017 and 2019
– Banks are focused on rising digital channel usage to match fintech’s digital offerings. Consumers are majorly interacting with financial services providers via technology, with the United Kingdom’s online banking adoption rate reaching 73% in 2019. This is pushing banks to focus on hiring tech talent to improve their digital offerings and also helps to gain profound information about customer behavior.
– Further, according to the Bank of England, the United Kingdom’s 30 largest banks adopted nearly 2,000 cloud-based applications between them. In contrast, the United Kingdom’s 27 largest insurers have adopted fewer than 100 cloud-based applications in total. This significantly raises the market for cloud BI (Business Intelligence) in the United Kingdom.
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