PUBLISHER: Polaris Market Research | PRODUCT CODE: 1339183
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1339183
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, 2023 - 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.
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.
Service segment is anticipated to witness faster growth in the coming years due to the increasing demand for system integration.
Fraud Detection & Prevention segment accounted for the larger market share owing to the growing fraudulent activities.
Machine learning segment is expected to have higher growth due to increasing availability of unstructured data and the need for real-time insights.
Banking segment is projected to experience a larger revenue share due to the increasing need to extract meaningful insights from unstructured data.
Asia Pacific is projected to register a higher growth rate in the study period owing to increasing adoption of digital banking.
North America is expected to grow larger revenue share owing to the growing investments by the fintech companies.
The global players include: IBM, Google, Microsoft, Intel, Amazon, NVIDIA, Facebook, Apple, SAP, Nuance Communications, Megvii Technologies, DigitalGenius, Smartlogic Semaphore & Basis Technology.
Polaris Market Research has segmented the NLP in finance market report based on offering, application, technology, vertical and region: