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The large enterprises segment held over 65% of the financial analytics market share in 2022. Partnerships are showing lucrative growth for large enterprises in the market. Collaborations between established management consultancy and technology providers allow for the integration of cutting-edge analytics solutions into existing systems.
For instance, in July 2023, Capco, the worldwide technology and management consultancy specializing in financial services, and Pyramid Analytics, a prominent provider of business analytics and decision intelligence platforms, have joined forces. Their partnership aims to assist financial institutions in streamlining decision-making using AI-enhanced, automated, and collaborative insights.
The BFSI segment accounted for 28% of the financial analytics market share in 2022. With vast volumes of financial data generated daily, the industry requires precise insights for informed decision-making, risk assessment, fraud detection, and customer experience enhancement. Financial analytics solutions provide a competitive edge by enabling accurate predictions and strategic planning. As a result, the BFSI sector remains a driving force in the adoption and expansion of the market.
North America financial analytics market with a major share of over 37% in 2022. Strategic partnerships among U.S.-based organizations are propelling the North American market. These collaborations leverage the expertise of established financial institutions, technology firms, and analytics providers.
For instance, in June 2023, Moody's Corporation and Microsoft have unveiled a fresh strategic collaboration. This partnership aims to provide advanced data, analytics, research, collaboration, and risk solutions tailored for both financial services and the global workforce engaged in knowledge-intensive tasks. The resulting synergy from these collaborations addresses the evolving industry needs which positions North America as a hub for market.