NLP in Finance Market

The global NLP in finance market is anticipated to grow at a compound annual growth rate (CAGR) of 27.6% over the course of the forecast period, from an estimated USD 5.5 billion in 2023 to USD 18.8 billion by 2028.Major drivers for the market include the rise in content creation and creative applications, evolution in AI & deep learning, innovation of cloud storage enabling easy access to data, and acceleration in the deployment of Large Language Models (LLMs).

Top NLP in Finance Companies 2024 include

• Microsoft Corporation (US)
• IBM Corporation (US), Google LLC (US)
• Amazon Web Services (AWS) (US)
• Baidu Inc. (China)
• Expert.ai (France) and many more

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Microsoft caters to a wide range of verticals, including finance and insurance, manufacturing and retail, media & entertainment, public sector, healthcare, and IT & telecommunications. For customized NLP workloads, Spark NLP is an efficient framework for processing a large amount of text. Spark NLP offers functionality such as spell-checking, sentiment analysis, and document classification. It also improves previous efforts by providing state-of-the-art accuracy, speed, and scalability. Microsoft exclusively licensed GPT-3, allowing it to leverage its technical innovations to deliver advanced AI solutions for its customers, as well as create new solutions that harness the power of advanced natural language generation.

IBM is a multinational technology and consulting corporation offering infrastructure, hosting, and consulting services. Within the past two years, IBM has shifted its focus from the hardware business to digital, with increased investments in data, analytics, and natural language processing. IBM Watson AI makes complex NLP technologies accessible to employees who are not data scientists. It provides flexible payment solutions, including leases, loans and deferred payments, and Red Hat products & services that help start projects sooner, achieve business goals more quickly, and increase flexibility and agility.

Google Cloud continues to build AI in numerous solutions that customers can use to develop AI-powered applications — including processing documents, images, and translation — to understand and analyze data more efficiently and to use packaged solutions for a variety of industries. Google Cloud accelerates an organization’s digital transformation through data democratization, app and infrastructure modernization, people connections, and trusted transactions. The result is an organization—and its workers who can take advantage of all the benefits of cloud computing to drive innovation. Google Cloud for financial services empowers transformation and growth and maximizes data-driven innovation, actionable insights, and exceptional customer experiences while meeting security and compliance needs.

AWS offers NLP service named Amazon Comprehend for entity extraction, sentiment analysis, tokenization, and unstructured data classification. This fully managed service allows users to pay as per their usage. Financial institutions are accelerating innovation and digital transformation by leveraging cloud software solutions and harnessing insights from data at scale.

Baidu Inc., a major player in China's technology landscape, is making significant strides in the NLP (Natural Language Processing) in Finance market. Leveraging its expertise in speech recognition, language understanding, and machine learning, Baidu offers tailored NLP solutions designed specifically for the finance sector. These solutions include sentiment analysis tools, voice-enabled financial assistants, and predictive analytics platforms, catering to the increasing demand for real-time insights and personalized financial services. With its strong presence in AI technologies and expanding global footprint, Baidu is contributing to the transformation of the finance industry by providing advanced NLP solutions that enhance decision-making, customer engagement, and operational efficiency.

Expert.ai, a prominent player headquartered in France, specializes in advanced semantic analysis and cognitive computing solutions, contributing significantly to the NLP (Natural Language Processing) in Finance market. Formerly known as Expert System, the company offers sophisticated NLP solutions tailored for financial institutions, focusing on extracting insights from unstructured textual data, automating compliance processes, and enhancing risk management. Their offerings include text analytics platforms, semantic search engines, and knowledge graph technologies, uniquely designed to unlock the value of textual data in finance. With a reputation for innovation and expertise in semantic analysis, Expert.ai is at the forefront of empowering financial organizations with actionable insights and efficient data processing capabilities.

Related Reports:

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