Natural Language Processing (NLP) in Finance Market - Size, Growth, Report & Ana

1. Deep Learning's Role in the Future of NLP for Financial Services 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. Growth Dynamics Drivers: •Demand for Automation: Increasing demand for automated and efficient financial services is driving NLP adoption. •Improved Customer Service: NLP-powered chatbots enhance customer service, exemplified by Bank of America's Erica, which assisted over 15 million customers. Restraints: •Managing Unstructured Data: The challenge of handling large volumes of unstructured data due to lack of standardization and sophisticated tools hampers growth. Opportunities: •Customized Solutions: There's potential for developing tailored NLP solutions for specific financial services, enhancing decision-making through data analysis. Challenges: •High Implementation Costs: Smaller institutions face barriers due to high costs associated with implementing NLP solutions, potentially widening the gap with larger firms. According to Market Research Download PDF for Game Changing Business Opportunities Market Segments •Software Dominance: The software segment is expected to hold a significant share, with growing demand for machine learning-based NLP tools. •Deep Learning Growth: The deep learning segment is projected to register the highest CAGR, enhancing NLP capabilities in the finance sector. Competitive Landscape List of top NLP in Finance Market: Major companies in the market include •Microsoft •IBM •Google

2. •AWS •Oracle •SAS Institute 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. About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes. 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 molded 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. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC.

3. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA : 1-888-600-6441 sales@marketsandmarkets.com