New York, NY, July 18, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “NLP in Finance Market Share, Size, Trends, Industry Analysis Report, By Offering (Software, Services); By Application; By Technology (Machine Learning, Rule-Based, Hybrid); By Vertical; By Region; Segment Forecast, 2023 - 2032” in its research database.
“As per the latest research analysis, the global NLP in finance market size/share will be valued at roughly USD 4.25 Billion in 2022, and its revenue is projected to reach about USD 47.92 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 27.4% between 2023 and 2032.”
What is NLP in Finance? How Big is NLP in Finance Market Size & Share?
- Overview
Natural Language Processing is a branch of artificial intelligence (AI) that helps computers understand human language. NLP finds different applications across different sectors. NLP is well suited for the insurance and financial services sectors. It enables financial analysts to obtain significant information through information filtering. NLP serves the purpose of helping banks, insurers, and other financial institutions automate processes and enhance customer service.
NLP and ML have become the technologies of choice for retail banking and hedge fund investing. Some of the common applications of NLP in finance industry include loan risk assessments, auditing and accounting, sentiment analysis and portfolio selection, normalization and data augmentation, and financial document splitting. Rising demand for automated and efficient financial services is the prominent factor driving the NLP in finance market growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 110+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Leaders Are:
- IBM
- Microsoft
- Intel
- Amazon
- NVIDIA
- Apple
- SAP
- Nuance Communications
- Digital Reasoning Systems
- Ayasdi
- Lexalytics
- 3DiVi
- Yseop
- Verint Systems
- Numenta
- IPsoft
- Mindbreeze
- Expert System
- Pragmatic Works
- RapidMiner
- Trooclick
- Luminoso Technologies
- Veritone
- Algoworks Technologies
- Bitext Innovations
- Meya.ai
- OpenText
- KAI
- Textkernel
- Attivio
- Squirro
- SparkCognition
- Idibon
- NLP Logix
- Megvii Technologies
- DigitalGenius
- Smartlogic Semaphore
- Basis Technology
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Key Growth Driving Factors
- Adoption of AI-based anti-fraud technologies: Growing adoption of artificial intelligence in the finance industry is propelling the NLP in finance market growth. According to NVIDIA research, 10% of financial service providers stated that they were using AI-based anti-fraud technology in 2021. This rate increased to 31% by 2022, exceeding threefold growth over time.
- Enhanced capabilities: AI-based NLP has the ability to analyze immense amounts of textual data and recognize patterns related to fraudulent activities. This is expected to create growth opportunities for NLP in finance market demand during the forecast period.
- Demand for automated and efficient financial services: The NLP is increasingly being used among financial institutions as they offer cost-effective, efficient, and easily accessible financial solutions to customers. This is another factor fueling the market growth.
- Enhanced customer experiences: NLP offers better customer experiences by analyzing customer interactions, social media data, and surveys that enable companies to assess customer preferences, pain points, and satisfaction levels. Improved customer experiences promote client acquisition, retention, and loyalty, which eventually promotes business expansion. These factors are majorly boosting the NLP in finance market expansion.
Top Findings of the Report:
- The increased number of financial fraud incidents has led financial service companies to seek more effective fraud detection solutions which is augmenting the market demand. Also, NLP offers a better customer experience which fuels the overall market growth.
- The market is primarily segmented based on offering, application, technology, vertical, and region.
- Asia Pacific accounted for the highest growth in the forecast period.
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Top Trends Influencing the Market
Application of sentiment analysis: One of the factors propelling the NLP (Natural Language Processing) market in finance is the use of sentiment analysis in the financial sector. As per Credgenics, sentiment analysis has enabled them to regain their bad debts between 70 and 95 percent and raise their debt collection amount by 15 to 20 percent. Financial institutions can gain a detailed understanding of client sentiment and feedback through sentiment analysis.
Segmental Analysis
- Service segment witnessed the fastest growth during the foreseen period
By offering NLP in finance market segmentation, the service category accounted for the largest market share owing to the rising demand for professional services, implementation services, and system integration. For financial organizations to effectively utilize the capabilities of NLP technology, professional services such as training and consultation are required. Financial institutions need expert advice while integrating NLP technology to make sure they are using technology effectively and efficiently. These factors are driving the segment demand.
- Fraud Detection & Prevention segment held the major revenue share in 2022
By application, the fraud detection and prevention category accounted for the highest NLP in finance market share owing to the rising requirement for financial institutions to identify and avoid fraudulent activities. Fraud is a primary concern for financial organizations and is anticipated that companies drop billions of dollars each year due to illicit activities. Large volumes of data from numerous sources, including transactional data, social media, emails, chat logs, and other text data, are analyzed using NLP technology to detect patterns and abnormalities that could illustrate fraudulent activity.
- Machine Learning segment is expected to dominate the market
In terms of technology, the machine learning category is anticipated to lead the market throughout the predicted period. There is a huge amount of unstructured data in the financial industry in the form of customer feedback, news articles, social media posts, and other text-based data sources. NLP helps to manage such unstructured data and derive relevant insights from it.
NLP in Finance Market: Report Scope & Segmentation
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 47.92 Billion |
| Market size value in 2023 | USD 5.40 Billion |
| Expected CAGR Growth | 27.4% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | IBM, Google, Microsoft, Intel, Amazon, NVIDIA, Facebook, Apple, SAP, Nuance Communications, Digital Reasoning Systems, Ayasdi, Lexalytics, 3DiVi, Yseop, Verint Systems, Numenta, IPsoft, Mindbreeze, Expert System, Pragmatic Works, RapidMiner, Trooclick, Luminoso Technologies, Veritone, Algoworks Technologies, Bitext Innovations, Meya.ai, OpenText, KAI, Textkernel, Attivio, Squirro, SparkCognition, Idibon, NLP Logix, Megvii Technologies, DigitalGenius, Smartlogic Semaphore & Basis Technology. |
| Segments Covered | By offering, By Application, By Technology, By Vertical, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
North America: NLP in the finance market in North America is predicted to capture the major revenue share in the coming years because the region includes a well-formed financial industry with financial organizations, insurance companies, and many banks that are majorly adopting NLP technology to improve their operations. As per KPMG, in 2021, fintech investment in Canada surged to $6.4 billion with 162 agreements, setting both deal count and deal value records. NLP technology has a crucial role in different fintech applications such as data analysis, automation, customer support, and risk management. Rising investments by Canadian fintech firms into NLP technology further propel the market growth.
Browse the Detail Report “NLP in Finance Market Share, Size, Trends, Industry Analysis Report, By Offering (Software, Services); By Application; By Technology (Machine Learning, Rule-Based, Hybrid); By Vertical; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/nlp-in-finance-market
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Recent Developments
- In April 2023, NLP Logix unveiled an innovative service. This service empowers companies and organizations to construct extensive language models using their proprietary data and engage with them in a manner akin to ChatGPT.
- In November 2022, Babel Street announced its acquisition of Rosette. This will combine with Rosette's natural language processing capabilities, resulting in the development of an advanced platform for risk mitigation, & threat intelligence.
Some of The Key Questions Answered in This Report
- What are the key factors driving the market?
- Who are the key manufacturers in the market space?
- How the competition goes in the future related to the industry?
- What are the key trends impacting the growth of the market?
- Which is the leading country in the world?
- Where will the strategic developments take the industry in the mid to long term?
Polaris Market Research has segmented the NLP in finance market report based on offering, application, technology, vertical, and region:
By Offering Outlook
- Software
- Services
By Application Outlook
- Sentiment Analysis
- Customer Service & Support
- Fraud Detection & Prevention
- Risk Management
- Others (e.g., Trading, Compliance)
By Technology Outlook
- Machine Learning
- Rule-Based
- Hybrid (Combination of Machine Learning and Rule-Based)
By Vertical Outlook
- Banking
- Insurance
- Investment & Wealth Management
- Others (e.g., Accounting, Financial Planning)
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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