Home Press Releases NLP in Finance Market worth $18.8 billion by 2028

NLP in Finance Market worth $18.8 billion by 2028

by Press Room


(EMAILWIRE.COM, May 22, 2023 ) The global NLP in Finance Market is estimated at USD 5.5 billion in 2023 and is projected to reach USD 18.8 billion by 2028 at a CAGR of 27.6%, according to a new report by MarketsandMarkets™. 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.

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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.

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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.

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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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are moulded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/nlp-in-finance-market.asp
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