Find stats on top websites
Industry Landscape
The business software industry is undergoing significant transformation, driven by cloud adoption, AI integration, and demand for integrated solutions. Companies are shifting from traditional on-premise models to SaaS, offering greater flexibility and scalability. Cybersecurity remains a critical concern, and personalized, industry-specific solutions are gaining traction. The market is competitive, with established players and agile startups vying for market share.
Total Assets Under Management (AUM)
Market Size of Business Software in United Kingdom
~Approximately $16.5 billion (2023 estimate)
(10-12% CAGR)
- SaaS model dominance
- Increased AI and automation adoption
- Growing demand from SMBs for integrated solutions
Total Addressable Market
Approximately $16.5 billion
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI
Generative AI will revolutionize business software by automating complex tasks, generating insights from data, and enabling personalized user experiences, reducing manual effort and enhancing decision-making.
Blockchain for Data Security & Auditability
Blockchain technology will enhance data integrity, security, and audit trails within business software, particularly for financial transactions and compliance, fostering greater trust and transparency.
Hyperautomation
Hyperautomation, combining AI, ML, and RPA, will streamline end-to-end business processes beyond simple task automation, leading to significantly increased operational efficiency and reduced human intervention.
Impactful Policy Frameworks
UK General Data Protection Regulation (UK GDPR) 2021
The UK GDPR, a domestic law maintaining the standards of the EU GDPR post-Brexit, governs how personal data is collected, processed, and stored, mandating strict compliance and data subject rights.
This policy requires business software providers to implement robust data protection measures and ensure compliance in their software, impacting data handling, security features, and user consent mechanisms.
Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) 2024
Making Tax Digital (MTD) is a UK government initiative to digitise tax reporting, with MTD for ITSA requiring self-employed individuals and landlords to keep digital records and use MTD-compatible software to submit quarterly income and expense summaries to HMRC.
This policy directly impacts business software by creating a mandatory requirement for compatible accounting and tax software solutions, driving adoption and integration of digital tax reporting features for relevant businesses and individuals.
Online Safety Act 2023
The Online Safety Act aims to make the UK the safest place to be online by imposing duties of care on online platforms to remove illegal content, protect children, and enforce their terms of service, overseen by Ofcom.
While primarily targeting social media and user-generated content platforms, its broader implications for data handling and content moderation could influence how business software platforms manage user-generated data or communications features, ensuring they comply with safety standards.
Transform Your Ideas into Action in Minutes with WaxWing
Sign up now and unleash the power of AI for your business growth
