Market Size and Growth Report 2024-2032:
According to a new report by IMIR Market Research on Global NLP in Finance Market Size was valued at USD 4.4 Billion in 2022. The NLP in Finance market industry is projected to grow from USD 5.6 Billion in 2023 to USD 39.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 28.40% during the forecast period (2023 - 2032).
The need for accurate, real-time analysis of complex financial data is growing, along with the need for automated, efficient financial services, are the key market drivers enhancing the market growth.
Market Trends
The increasing demand for automated and efficient financial services is driving the market growth
The market for NLP in finance is expected to expand significantly over the course of the projected period as a result of the growing need for automated and efficient financial services. In addition to the development of Al and ML models that offer greater NLP capabilities in the banking industry, other significant growth factors include the rising demand for accurate and prompt processing of complex financial data. The growth of NLP in the finance industry has been spurred by the demand for efficient and automated financial services around the world. As they strive to provide customers with individualized financial solutions that are cost-effective, efficient, and easy to access, financial institutions are increasingly relying on NLP technology.
One of the crucial elements of offering more financial services is improving customer service. The use of NLP-powered chatbots by financial institutions to provide instant assistance to their customers has led to significant cost savings and improved customer satisfaction. These chatbots can help with money transfers, provide information about account balances, and respond to frequently asked questions. By way of illustration, Erica, a chatbot created by Bank of America, has assisted over 15 million clients with their banking needs while reducing costs for customer service by 19%.
The global natural language processing (NLP) market is anticipated to grow as a result of the growing usage of AI in the development of smart assistants, which have proliferated in people's daily lives. Excellent examples of how NLP is currently being used by technology companies to improve the user experience for their customers include Amazon's Alexa and Apple's Siri. Another fantastic example of how NLP is employed in every work is getting appropriate search results without having to type your entire search query into the browser's search box.
Google can now predict and automatically type the entire query in its search interface when a user types a few phrases that are near to the inquiry. The current search options are highly efficient because a user may automatically guess their entire question and acquire the best replies with just a few logical words. The growing use of NLP in data analysis workflows may also act as a global market driver during the course of the projected period. Thus, driving the NLP in Finance market revenue.
Scope of Market Report
A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global NLP In Finance Market. On the basis of historic growth analysis and current scenario of NLP In Finance market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global NLP In Finance market. This further helps users with their developmental strategy.
Key Market Players & Competitive Insights
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the NLP in Finance market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The NLP in Finance sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide NLP in Finance industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the NLP in Finance sector. Major players in the NLP in Finance market, including Microsoft, Google, AWS, Oracle, SAS lnstitute, Qualtrics, Baidu, Inbenta, Basis Technology, NuanceCommunications, Expert.ai, LivePerson, Veritone, Automated lnsights, Bitext, Conversica,Accern, Kasisto, Kensho, ABBYY, Mosaic, Uniphore, Observe.Al, Lilt, and Cognigy, are attempting to increase market demand by investing in research and development operations.
Products with artificial intelligence are available from a business called Grammarly Inc. (Grammarly). The business's computerized writing assistant solution finds and flags grammatical, spelling, punctuation, and style mistakes. In social media posts, academic papers, and SMS messages, its solutions provide context-specific changes. Deep learning and complex machine learning are only a couple of the cutting-edge methods and tools that Grammarly uses. The company sells its goods for a variety of purposes, including professional, academic, personal, and commercial ones. In the United States, San Francisco, California, is home to Grammarly's corporate headquarters. In 2021, Grammarly attracted 30 million active users.
John Snow Labs is a healthcare organization that aims to advance data science more quickly. Legal NLP and Finance NLP will be released in October 2022, according to John Snow Labs, a healthcare company that specializes in AI and NLP. The new products or libraries feature cutting-edge algorithms and fresh pre-trained models that can handle tasks like Relation Extraction, Entity Recognition, Entity Resolution, Assertion Status Detection, Text Classification, and others.
Key Companies in the market include
- Microsoft
- Google
- AWS
- Oracle
- SAS lnstitute
- Qualtrics
- Baidu
- Inbenta
- Basis Technology
- NuanceCommunications
- ai
- LivePerson
- Veritone
- Automated lnsights
- Bitext
- Conversica
- Accern
- Kasisto
- Kensho
- ABBYY
- Mosaic
- Uniphore
- Al
- Lilt
- Cognigy
Industry Developments
May 2022: One AI Inc., a newcomer to the market, said that it had raised $8 million in funding for its debut. The company uses technologies for natural language processing, and some well-known investors in technology gave the money.
Market Segmentation
NLP in Finance: Offering Outlook
NLP in Finance Technology Outlook
- Machine Learning
- Deep Learning
- Natural Language Generation
- Text Classification
- Topic Modeling
- Emotion Detection
- Other Technologies (Named Entity Recognition, Event Extraction)
NLP in Finance Technology Outlook
- Sentiment Analysis
- Risk Management and Fraud Detection
- Compliance Monitoring
- Investment Analysis
- Financial News and Market Analysis
- Customer Service and Support
- Document and Contract Analysis
- Speech Recognition and Transcription
- Language Translation
- Other Applications (CRM optimization, Underwriting Assistance)
NLP in Finance Vertical Outlook
- Banking
- Insurance
- Fiancial Services
- Other Enterprise Verticals
- Retail and E-Commerce
- Manufacturing
- Healthcare and Life Sciences
- Energy and Utilities
- Transportation and Logistics
Market Segment Insights
NLP in Finance: Offering Insights
The global NLP in Finance market segmentation, based on Offering, includes managed software and services. Software segment dominated the global market in 2022. The industry is expected to continue growing significantly due to the increased need for NLP technologies in the banking sector. The use of machine learning algorithms has substantially improved the precision and efficacy of NLP solutions in the banking industry.
NLP in Finance Technology Insights
The global NLP in Finance market segmentation, based on Technology, includes machine learning, deep learning, natural language generation, text classification, topic modeling, emotion detection, and other technologies (named entity recognition, event extraction). Deep learning segment dominated the global market in 2022. Deep learning has substantially boosted NLP technologies in the finance sector. Due to the amount of data in the banking sector, deep learning's ability to learn from large, complex datasets is one of its primary advantages.
NLP in Finance Application Insights
The global NLP in Finance market segmentation, based on Application, includes sentiment analysis, risk management and fraud detection, compliance monitoring, investment analysis, financial news and market analysis, customer service and support, document and contract analysis, speech recognition and transcription, language translation, and other applications (CRM optimization, underwriting assistance). Investment analysis segment dominated the global market in 2022. Machine learning-based NLP tools are driving the market because they can analyze massive volumes of data and provide more granular and customized insights for investment analysis.
NLP in Finance Vertical Insights
The global NLP in Finance market segmentation, based on Vertical, includes banking, insurance, financial services, other enterprise verticals, retail and e-commerce, manufacturing, healthcare and life sciences, energy and utilities, and transportation and logistics. Financial services segment dominated the global NLP in Finance market in 2022. This is due to the fact that an increasing number of businesses are connecting digital revolutions with AI and its supporting infrastructure. As interest in the potential of these technologies continues to grow, technology companies have increased their investment in utilizing the benefits of AI and machine learning.
NLP in Finance Regional Insights
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America NLP in Finance Market dominated this market in 2022 (45.80%). One of the main factors influencing this is the enormous, well-established customer and provider databases in the US and Canada regions. The former is home to some of the most well-known businesses working on the multiregional scale of the global market, continuously improving connected systems, and innovating the technology itself. Further, In the North American area, the U.S. NLP in Finance market had the biggest market share, while the Canada NLP in Finance market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
In 2022, Europe held a sizable portion of the NLP in Finance market. It is anticipated that utilization of machine learning and AI technologies would increase across all industrial sectors, especially the local marketing and advertising sector. Further, In the European region, the German NLP in Finance market had the biggest market share, and the U.K. NLP in Finance market had the quickest rate of growth.
From 2023 to 2032, the Asia Pacific NLP in Finance market is anticipated to experience rapid expansion. The number of small and medium-sized enterprises using NLP, such as those creating chatbots and autocorrect software, is rising, which is fueling regional growth. Moreover, In the Asia-Pacific region, the Indian NLP in Finance market had the quickest rate of growth while China's NLP in Finance market had the greatest market share.
NLP In Finance Market Report is also available for below Regions and Country Please Ask for that
North America
Europe
- Switzerland
- Belgium
- Germany
- France
- U.K.
- Italy
- Spain
- Sweden
- Netherland
- Turkey
- Rest of Europe
Asia-Pacific
- India
- Australia
- Philippines
- Singapore
- South Korea
- Japan
- China
- Malaysia
- Thailand
- Indonesia
- Rest Of APAC
Latin America
- Mexico
- Argentina
- Peru
- Colombia
- Brazil
- Rest of South America
Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest Of MEA
Points Covered in the Report
- The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
- The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
- The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
- Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
- The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Key Questions
- How much the global NLP In Finance Market valued?
- Which region has the largest share in 2023 for the global NLP In Finance Market?
- What are the driving factors for the market?
- Which is the leading segment in the global market?
- What are the major players in the market?
Research Scope of the Market
- Historic year: 2018- 2021
- Base year: 2022
- Forecast: 2023 to 2032
- Representation of Market revenue in USD Million
NLP In Finance Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:
