NLP In Finance Global Market Report 2024 – Market Size, Trends, And Market Forecast 2024-2033
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LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ -- The application of Natural Language Processing (NLP) in Finance has seen significant growth in recent years, revolutionizing the way textual data is analyzed and interpreted within the financial sector. Computational algorithms are used to extract insights from vast amounts of textual data, driving the market forward.
Market Size and Growth
The NLP in Finance market is projected to grow from $5.34 billion in 2023 to $6.65 billion in 2024, representing a compound annual growth rate (CAGR) of 24.3%. This growth can be attributed to the evolution of content creation in AI and deep learning, as well as the accelerated deployment of Large Language Models (LLMs), leading to enhanced customer experiences and the application of sentiment analysis in finance.Looking ahead, the market is expected to experience exponential growth, reaching $16.14 billion by 2028, with a CAGR of 24.8%. This growth will be driven by the increasing adoption of AI, growing demand for automated and efficient financial services, and the emergence of AI and ML models for data extraction, analysis, fraud detection, and security.
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Driver: Increasing Adoption of AIThe adoption of Artificial Intelligence (AI) is a key driver for the growth of NLP in the finance market. AI-powered NLP enables financial institutions to extract valuable insights from textual data sources, such as news articles and financial reports, facilitating informed decision-making. For example, the adoption rate of AI rose to 22.7% in 2025 from 15.1% in 2020, with 267,000 more companies implementing AI in their operations.
Major Players and Market TrendsMajor companies such as Google LLC, Microsoft Corporation, and Amazon Web Services Inc. are focusing on developing innovative technologies to enhance customer experiences and improve services. For instance, HSBC launched the AI market, a digital service offering that uses purpose-built NLP to improve institutional investors' engagement with international markets, transforming how investors navigate financial markets.
SegmentsThe nlp in finance market covered in this report is segmented –1) By Offering: Services, Software2) By Technology: Machine learning, Deep learning, Natural language generation, Text classification, Topic modeling, Emotion detection, Other Technologies3) By Vertical: Banking, Insurance, Financial services, Other Enterprise Verticals
Geographical InsightsNorth America was the largest region in the NLP in Finance market in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period.
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NLP In Finance Global Market Report 2024 from TBRC covers the following information:• Market size date for the forecast period: Historical and Future• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The NLP In Finance Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on nlp in finance market size, nlp in finance market drivers and trends, nlp in finance market major players, competitors' revenues, market positioning, and market growth across geographies. The nlp in finance market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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June 21, 2024, 14:44 GMT
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