The global NLP in finance market size is expected to reach USD 47.92 billion by 2032, according to a new study by Polaris Market Research. The report “NLP in Finance Market Share, Size, Trends, Industry Analysis Report, By Offering (Software, Services); By Application; By Technology (Machine Learning, Rule-Based, Hybrid); By Vertical; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The significant rise in payment frauds, amounting to over Rs 800 crore, during the fourth quarter ended March 2023, as reported by the Reserve Bank of India, is a compelling driving factor fueling the growth of NLP in the finance market. Financial institutions are increasingly recognizing the urgent need to combat such fraudulent activities and are turning to NLP technology for effective solutions. By leveraging NLP algorithms, these institutions can analyze and interpret vast volumes of textual data, including fraud reports and transaction records, to detect patterns, anomalies, and suspicious behaviors. This proactive approach facilitated by NLP empowers financial organizations to enhance their fraud detection capabilities, mitigate risks, and protect their customers' financial assets.
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According to International Data Corporation (IDC), From 2022 to 2026, the size of the Global DataSphere is anticipated too more than double. This expansion signifies the increasing volume of data being generated worldwide, leading to a demand for NLP technology to efficiently process, analyze, and extract insights from this vast amount of data. The growth of the Global DataSphere fuels the adoption of NLP in finance, enabling data-driven decision-making, customer understanding and personalization, and enhanced risk management and compliance. This will further fuel the growth of the market in coming years.
NLP in Finance Market Report Highlights
Polaris Market Research has segmented the NLP in finance market report based on offering, application, technology, vertical and region:
NLP in Finance, Offering Outlook (Revenue - USD Billion, 2019 - 2032)
NLP in Finance, Application Outlook (Revenue - USD Billion, 2019 - 2032)
NLP in Finance, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
NLP in Finance, Vertical Outlook (Revenue - USD Billion, 2019 - 2032)
NLP in Finance, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
Report Attributes |
Details |
Market size value in 2024 |
USD 6.87 billion |
Revenue forecast in 2032 |
USD 47.92 billion |
CAGR |
27.50% from 2024 - 2032 |
Base year |
2023 |
Historical data |
2019 - 2022 |
Forecast period |
2024 - 2032 |
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
Segments covered |
By offering, By Application, By Technology, By Vertical, By Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
Key companies |
IBM, Google, Microsoft, Intel, Amazon, NVIDIA, Facebook, Apple, SAP, Nuance Communications, Digital Reasoning Systems, Ayasdi, Lexalytics, 3DiVi, Yseop, Verint Systems, Numenta, IPsoft, Mindbreeze, Expert System, Pragmatic Works, RapidMiner, Trooclick, Luminoso Technologies, Veritone, Algoworks Technologies, Bitext Innovations, Meya.ai, OpenText, KAI, Textkernel, Attivio, Squirro,SparkCognition, Idibon, NLP Logix, Megvii Technologies, DigitalGenius, Smartlogic Semaphore & Basis Technology. |
For Specific Research Requirements |