Chicago, Feb. 28, 2024 (GLOBE NEWSWIRE) — The global NLP in Finance Market size 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%., during the forecast period 2023 to 2028, according to a new report by MarketsandMarkets™.
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The rise in content creation and creative application, evolution in AI and deep learning, innovation of cloud storage enabling easy access to data, and acceleration in the deployment of Large Language Models (LLMs).
IBM defines natural language processing (NLP) as the branch of computer science—specifically, artificial intelligence or AI—concerned with giving computers the ability to understand the text and spoken words the same way human beings can. In finance, NLP can perform tasks such as sentiment analysis, topic modeling, entity recognition, and summarization. These tasks can help analysts and traders gain insights in market trends, investor sentiments, and the company’s or sector’s performance. NLP can automate tasks such as news monitoring, regulatory compliance, and customer service.
NLP in Finance Market Dynamics:
Drivers:
Increasing demand for automated and efficient financial services worldwide
Rising need for accurate and real-time analysis of complex financial data
Emergence of AI and ML models
Opportunities:
Development of customized NLP solutions for specific financial services and use cases
Integration of NLP with blockchain and big data to enhance accuracy and efficiency of financial operations
Growing adoption of NLP-powered chatbots and virtual assistants
Restraints:
Lack of standardization in NLP-based financial applications and services
Difficulty in managing large volumes of unstructured data
Complexity in developing and training sophisticated NLP models
List of key players in …