According to a research report "NLP in Finance Market by Offering (Software, Services), Application (Customer Service and Support, Risk Management and Fraud Detection, Sentiment Analysis), Technology (Machine Learning, Deep Learning), Vertical and Region – Global Forecast to 2028" published by MarketsandMarkets, the NLP in Finance market is projected to grow from USD 5.5 billion in 2023 to USD 18.8 billion by 2028 at a compound annual growth rate (CAGR) of 27.6%. The NLP in Finance market is estimated to grow at a significant rate during the forecast period, owing to various business drivers like rise in content creation and creative applications, evolution in AI and Deep Learning, and innovation of cloud storage enabling easy access to data. Furthermore, the acceleration in the deployment of Large Language Models (LLMs) drives the market growth.

Market Dynamics Overview:

Drivers:

• Increased Demand: Automated and efficient financial services are driving adoption.
• Enhanced Customer Service: NLP-powered chatbots like Bank of America’s Erica improve customer interaction and reduce costs.

Restraints:

• Unstructured Data Management: Challenges in handling and extracting insights from diverse data formats.
• Implementation Costs: High costs associated with deploying NLP solutions can be prohibitive, particularly for smaller institutions.

Opportunities:

• Customized Solutions: Development of tailored NLP applications for specific financial services, such as sentiment analysis and risk management.
• Advanced NLP Capabilities: Emerging technologies in NLP present opportunities for more precise and actionable financial insights.

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By offering, Services to register for the highest CAGR during the forecast period

The scope of the services segment comprises professional and managed services. Services are essential to the NLP in finance software life cycle, including product upgradation, maintenance, training, and consulting. In the era of the digital economy, enterprises are evolving and demanding new ways to improve their  Return on Investment and business optimization. Vendors offer various services in the NLP in finance market, such as support, maintenance, and consulting, to execute and manage the life cycle.

By application, Risk Management and Fraud Detection to register for the highest market size during the forecast period

The use of NLP in risk management and fraud detection has been increasing due to its benefits, such as improved speed and accuracy of risk identification and more effective fraud detection. By analyzing large volumes of data, NLP algorithms can identify emerging risks that could impact financial markets. For example, NLP can analyze news articles, social media posts, and other data sources to identify emerging risks that could affect the industry.

By region, Asia Pacific to account for highest growth rate during forecast period

The market in Asia Pacific is expected to experience strong growth as its organizations are rapidly adopting NLP solutions to meet the demands of their customers. The competition in this region is fragmented, and market vendors are looking to expand their presence in the region, which would result in infrastructure improvement and business-strategic benefits. The market’s main growth drivers are expanding the use of digital payments, the requirement to enhance customer interaction and service, and the accessibility of cutting-edge NLP technology.

List of Top Companies:

Some major players in the NLP in Finance market include Microsoft (US), IBM (US), Google (US), AWS (US), Oracle (US), SAS Institute (US), Qualtrics (US), Baidu (China), Inbenta (US), Basis Technology (US), Nuance Communications (US), Expert.ai (Italy).

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