Chicago, Feb. 28, 2024 (GLOBE NEWSWIRE) -- The global NLP in Finance Market size 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%., during the forecast period 2023 to 2028, according to a new report by MarketsandMarkets™.
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The rise in content creation and creative application, evolution in AI and deep learning, innovation of cloud storage enabling easy access to data, and acceleration in the deployment of Large Language Models (LLMs).
IBM defines natural language processing (NLP) as the branch of computer science—specifically, artificial intelligence or AI—concerned with giving computers the ability to understand the text and spoken words the same way human beings can. In finance, NLP can perform tasks such as sentiment analysis, topic modeling, entity recognition, and summarization. These tasks can help analysts and traders gain insights in market trends, investor sentiments, and the company’s or sector’s performance. NLP can automate tasks such as news monitoring, regulatory compliance, and customer service.
NLP in Finance Market Dynamics:
Drivers:
- Increasing demand for automated and efficient financial services worldwide
- Rising need for accurate and real-time analysis of complex financial data
- Emergence of AI and ML models
Opportunities:
- Development of customized NLP solutions for specific financial services and use cases
- Integration of NLP with blockchain and big data to enhance accuracy and efficiency of financial operations
- Growing adoption of NLP-powered chatbots and virtual assistants
Restraints:
- Lack of standardization in NLP-based financial applications and services
- Difficulty in managing large volumes of unstructured data
- Complexity in developing and training sophisticated NLP models
List of key players in NLP in Finance Market:
- 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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Based on offering, the NLP in finance market is segmented into software and services. The software segment is projected to garner a high revenue during the forecast period, attributed to the growing importance of NLP in finance software among creative professionals due to the increasing demand for NLP tools in the finance industry. The adoption of NLP solutions is expected to grow due to the increasing demand for accurate and personalized insights in the finance industry. The services segment is projected to witness a high growth rate during the forecast period.
Based on technology, the segment has been bifurcated into machine learning, deep learning, natural language generation, text classification, topic modeling, emotion detection, and others (named entity recognition and event extraction). The machine learning segment is expected to garner a higher revenue during the forecast period and is playing a crucial role in enhancing NLP in finance. Machine learning algorithms can be trained on large volumes of textual data to recognize patterns and identify sentiment in financial news, social media, and other sources. This enables analysts to quickly gain insights in market trends and make more informed investment decisions.
The NLP in finance market has been segmented into five regions: North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America. North America is estimated to account for the largest market share during the forecast period, while Asia Pacific is estimated to grow at the highest rate. North America has a lot of technological research centers, human capital, and strong infrastructure. Moreover, the rise in technical support and the developed R&D sector in the region fuels the market’s growth. NLP has been widely adopted in the finance industry in North America for various applications, including sentiment analysis, fraud detection, risk management, and customer service. In Asia Pacific, the need for greater customer service and engagement and the increasing use of virtual assistants and chatbots in the banking and financial service industry is driving the need for NLP solutions.
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