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Global NLP in Finance Market Size Projected to Reach USD 47.92 Billion By 2032, With a CAGR of 27.4%: Polaris Market Research Analysis

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New York, NY, July 18, 2023 (GLOBE NEWSWIRE) — Polaris Market Research has published a new research report titled “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” in its research database.

“As per the latest research analysis, the global NLP in finance market size/share will be valued at roughly USD 4.25 Billion in 2022, and its revenue is projected to reach about USD 47.92 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 27.4% between 2023 and 2032.”

What is NLP in Finance? How Big is NLP in Finance Market Size & Share?

Natural Language Processing is a branch of artificial intelligence (AI) that helps computers understand human language. NLP finds different applications across different sectors. NLP is well suited for the insurance and financial services sectors. It enables financial analysts to obtain significant information through information filtering. NLP serves the purpose of helping banks, insurers, and other financial institutions automate processes and enhance customer service.

NLP and ML have become the technologies of choice for retail banking and hedge fund investing. Some of the common applications of NLP in finance industry include loan risk assessments, auditing and accounting, sentiment analysis and portfolio selection, normalization and data augmentation, and financial document splitting. Rising demand for automated and efficient financial services is the prominent factor driving the NLP in finance market growth.

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Request Sample Copy of NLP in Finance Market Research Report @ https://polarismarketresearch.com/industry-analysis/nlp-in-finance-market/request-for-sample

(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)

Our Sample Report Covers:

  • 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
  • 110+ Pages Research Report (Inclusion of Updated Research).
  • Provide Chapter-wise guidance on Requests.
  • 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
  • Includes Updated List of tables & figures.
  • Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Leaders Are:

  • 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

To Know an Additional List of Key Players, Request Here to Download a Free Report PDF Brochure: https://polarismarketresearch.com/industry-analysis/nlp-in-finance-market/request-for-sample    

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Key Growth Driving Factors

  • Adoption of AI-based anti-fraud technologies: Growing adoption of artificial intelligence in the finance industry is propelling the NLP in finance market growth. According to NVIDIA research, 10% of financial service providers stated that they were using AI-based anti-fraud technology in 2021. This rate increased to 31% by 2022, exceeding threefold growth over time.
  • Enhanced capabilities: AI-based NLP has the ability to analyze immense amounts of textual data and recognize patterns related to fraudulent activities. This is expected to create growth opportunities for NLP in finance market demand during the forecast period.
  • Demand for automated and efficient financial services: The NLP is increasingly being used among financial institutions as they offer cost-effective, efficient, and easily accessible financial solutions to customers. This is another factor fueling the market growth.
  • Enhanced customer experiences: NLP offers better customer experiences by analyzing customer interactions, social media data, and surveys that enable companies to assess customer preferences, pain points, and satisfaction levels. Improved customer experiences promote client acquisition, retention, and loyalty, which eventually promotes business expansion. These factors are majorly boosting the NLP in finance market expansion.

Top Findings of the Report:

  • The increased number of financial fraud incidents has led financial service companies to seek more effective fraud detection solutions which is augmenting the market demand. Also, NLP offers a better customer experience which fuels the overall market growth.
  • The market is primarily segmented based on offering, application, technology, vertical, and region.
  • Asia Pacific accounted for the highest growth in the forecast period.

Request for a Discount on this Report Before Purchase @ https://polarismarketresearch.com/industry-analysis/nlp-in-finance-market/request-for-discount-pricing

Top Trends Influencing the Market

Application of sentiment analysis: One of the factors propelling the NLP (Natural Language Processing) market in finance is the use of sentiment analysis in the financial sector. As per Credgenics, sentiment analysis has enabled them to regain their bad debts between 70 and 95 percent and raise their debt collection amount by 15 to 20 percent. Financial institutions can gain a detailed understanding of client sentiment and feedback through sentiment analysis.

Segmental Analysis

  • Service segment witnessed the fastest growth during the foreseen period

By offering NLP in finance market segmentation, the service category accounted for the largest market share owing to the rising demand for professional services, implementation services, and system integration. For financial organizations to effectively utilize the capabilities of NLP technology, professional services such as training and consultation are required. Financial institutions need expert advice while integrating NLP technology to make sure they are using technology effectively and efficiently. These factors are driving the segment demand.

  • Fraud Detection & Prevention segment held the major revenue share in 2022

By application, the fraud detection and prevention category accounted for the highest NLP in finance market share owing to the rising requirement for financial institutions to identify and avoid fraudulent activities. Fraud is a primary concern for financial organizations and is anticipated that companies drop billions of dollars each year due to illicit activities. Large volumes of data from numerous sources, including transactional data, social media, emails, chat logs, and other text data, are analyzed using NLP technology to detect patterns and abnormalities that could illustrate fraudulent activity.

  • Machine Learning segment is expected to dominate the market

In terms of technology, the machine learning category is anticipated to lead the market throughout the predicted period. There is a huge amount of unstructured data in the financial industry in the form of customer feedback, news articles, social media posts, and other text-based data sources. NLP helps to manage such unstructured data and derive relevant insights from it.

NLP in Finance Market: Report Scope & Segmentation

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Report Attribute Details
Revenue Forecast in 2032 USD 47.92 Billion
Market size value in 2023 USD 5.40 Billion
Expected CAGR Growth 27.4% from 2023 – 2032
Base Year 2022
Forecast Year 2023 – 2032
Top Market Players 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.
Segments Covered By offering, By Application, By Technology, By Vertical, By Region
Customization Options Customized purchase options are available to meet any research needs. Explore customized purchase options

Geographic Overview

North America: NLP in the finance market in North America is predicted to capture the major revenue share in the coming years because the region includes a well-formed financial industry with financial organizations, insurance companies, and many banks that are majorly adopting NLP technology to improve their operations. As per KPMG, in 2021, fintech investment in Canada surged to $6.4 billion with 162 agreements, setting both deal count and deal value records. NLP technology has a crucial role in different fintech applications such as data analysis, automation, customer support, and risk management. Rising investments by Canadian fintech firms into NLP technology further propel the market growth.

Browse the Detail 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” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/nlp-in-finance-market    

For Additional Information OR Media Enquiry, Please Mail At: [email protected]

Recent Developments

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  • In April 2023, NLP Logix unveiled an innovative service. This service empowers companies and organizations to construct extensive language models using their proprietary data and engage with them in a manner akin to ChatGPT.
  • In November 2022, Babel Street announced its acquisition of Rosette. This will combine with Rosette’s natural language processing capabilities, resulting in the development of an advanced platform for risk mitigation, & threat intelligence.

Some of The Key Questions Answered in This Report

  • What are the key factors driving the market?
  • Who are the key manufacturers in the market space?
  • How the competition goes in the future related to the industry?
  • What are the key trends impacting the growth of the market?
  • Which is the leading country in the world?
  • Where will the strategic developments take the industry in the mid to long term?

Polaris Market Research has segmented the NLP in finance market report based on offering, application, technology, vertical, and region:

By Offering Outlook

  • Software
  • Services

By Application Outlook

  • Sentiment Analysis
  • Customer Service & Support
  • Fraud Detection & Prevention
  • Risk Management
  • Others (e.g., Trading, Compliance)

By Technology Outlook

  • Machine Learning
  • Rule-Based
  • Hybrid (Combination of Machine Learning and Rule-Based)

By Vertical Outlook

  • Banking
  • Insurance
  • Investment & Wealth Management
  • Others (e.g., Accounting, Financial Planning)

By Region Outlook

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Browse More Research Reports:

About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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Artificial Intelligence

Basware Makes Waves as a Leader in Accounts Payable Invoice Automation

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New analyst report recognizes Basware capabilities with the highest scores possible in the Exception Handling, Fraud and Risk Management, and Tax Compliance and Operations criteria.
CHARLOTTE, N.C., July 8, 2024 /PRNewswire/ — Basware, a global leader in AP automation and invoice processing, has been recognized as ‘a Leader’ in The Forrester Wave™: Accounts Payable Invoice Automation, Q3 2024.

CFOs, business leaders and AP (accounts payable) professionals have long sought automated invoice processes. But only recently, with the advent of AI, has there been a significant shift in the space. Companies must offer superior AI capabilities, greater automation, and more comprehensive insights into financial and cash data to attract new customers and retain existing ones.
According to the Forrester report, Basware was named as a leader in its 31-criterion evaluation. The company received the highest scores possible across 16 criteria, including Exception Handling, Fraud and Risk Management, and Tax Compliance and Operations.
The Forrester Wave™ report states:
“Basware heads the pack with a laser focus on automating the last mile of AP processes. As the largest specialist provider of APIA [Accounts Payable Invoice Automation] software, Basware has established itself as an APIA powerhouse with customer obsession, practical innovation, and solid execution. Its pragmatic product roadmap addresses critical client pain points related to compliance and fraud management.”
AP teams have been battling against external forces in recent years, such as macro-economic headwinds, the supply chain crunch, labor market shortages and expanding regulations, putting the squeeze on resources. To alleviate pressures, AP professionals need access to cost and time effective technologies that can manage increasingly complex business operations, support customers and always remain compliant with global regulations.
Nish Makwana, Finance Manager at Specsavers (customer of Basware), commented:  
“Being recognized as a leader in the Forrester report confirms the outstanding performance we’ve experienced as a customer of Basware’s AP automation and Statement Matching solutions.”
In recent months, Basware has furthered its commitment to innovation and delivering value to customers and the industry by:
Partnering with Deloitte to remove manual invoice processing and accelerate finance transformationAcquiring UK-based AP Matching to boost statement reconciliationLaunching AP Protect to help protect organizations from the threat of invoice errors and fraud using AIJason Kurtz, CEO at Basware, commented:
“AP teams are tasked with managing thousands of invoices and payments every week, often putting a strain on resources and pushing them to balance speed with compliance. The answer to this challenge? Unified end-to-end APIA solutions. The industry has been calling for enhanced automated solutions to support AP departments, and we’re helping our customers save time and money, while remaining compliant with ever-changing global regulations. We believe that being named a leader sets us apart from our competitors. But we’re just getting started, and the best is yet to come.”
In 2023, Basware experienced one of its most successful financial years in its almost 40-year history. It expanded its market presence and added over 300 customers to its global portfolio of over 1000+ AP customers. During that period, Basware handled over 200 million invoices and $900 billion in invoice spend through its platform.
About Basware
Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That’s why the world’s most efficient AP departments at thousands of companies rely on Basware to handle over 220 million invoices per year. Basware. Now it all just happens.™
For more information visit: https://www.basware.com/en/
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Artificial Intelligence

Cato Networks Named a Leader in the 2024 Gartner Magic Quadrant for Single-Vendor SASE

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Cato SASE Cloud Platform continues to shape the enterprise security market
TEL AVIV, Israel, July 8, 2024 /PRNewswire/ — Cato Networks, the SASE leader, today announced that Gartner, Inc. has recognized the company as a Leader in the 2024 Gartner® Magic Quadrant™ for Single-Vendor SASE.

“Cato’s true SASE platform is the antidote to IT complexity that persists in the face of ongoing so-called ‘platformization’ efforts,” said Shlomo Kramer, co-founder and CEO at Cato Networks. “Cato pioneered the SASE market and is shaping its future with best-in-class customer experience and a train of innovations that deliver on SASE’s promise.”
Built from its inception to be a platform, the Cato SASE Cloud combines operational excellence and an elegant customer experience. Cato’s autonomous cloud service offloads IT from the grunt work of extending, upgrading, patching, and scaling security infrastructure while sustaining resiliency and availability. “Platformization” is a portfolio approach to SASE and attempts to integrate multiple acquired products with differing code bases, form factors, policy engines, and data lakes into a single platform – an impossible task that is apparent to anyone familiar with the two approaches.
“We believe this Gartner recognition reflects what our customers experience with Cato every day,” continued Kramer.
As of July 3, 2024, on Gartner Peer Insights™, the Cato SASE Cloud Platform had an overall rating of 4.7 out of 5 for single-vendor SASE and 183 verified reviews – more than 10x of any Leader in the single-vendor SASE Magic Quadrant.
Cato Expands the Scope of Single-Vendor SASE
Gartner defines single-vendor secure access service edge (SASE) offerings as those that deliver multiple converged-network and security-as-a-service capabilities, such as software-defined WAN, secure web gateway, cloud access security broker, network firewalling and zero trust network access. These offerings use a cloud-centric architecture and are delivered by one vendor.1
The Cato SASE Cloud Platform extends beyond the original definition of SASE to deliver world-class performance and empower IT teams to eliminate threats and troubleshoot network incidents faster. Cato owns and manages the global cloud network, delivering an exceptional SASE experience to any enterprise worldwide. Functionally, Cato extends beyond threat prevention of the original SASE scope with SASE-managed endpoint protection (EPP/EDR) and SASE-based extended detection and response (XDR), the first AI-driven networking and security incident detection and response platform.
To experience Cato yourself, visit us at https://www.catonetworks.com.
1Gartner, Magic Quadrant for Single-Vendor SASE, Andrew Lerner, Jonathan Forest, Neil McDonald, Charlie Winckless, 3 July 2024
GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant and PEER INSIGHTS are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.
Resources
Read the Cato blog, “With Great Leadership Comes Great Responsibility”Picture of Shlomo KramerCato Networks’ LogoAbout Cato NetworksCato Networks is the SASE leader, delivering enterprise security and networking in a single cloud platform. With Cato, organizations replace costly and rigid legacy infrastructure with an open and modular SASE architecture based on SD-WAN, a purpose-built global cloud network, and an embedded cloud-native security stack.
Want to learn why thousands of organizations secure their future with Cato? Visit us at www.catonetworks.com.

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Artificial Intelligence

Sinch Launches Omnichannel Connector on Salesforce AppExchange

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Expanding Messaging Capabilities for Businesses
SAN FRANCISCO and STOCKHOLM, July 8, 2024 /PRNewswire/ — Sinch (Sinch AB (publ) – XSTO: SINCH), which is pioneering the way the world communicates through its Customer Communications Cloud, today introduced the Sinch Omnichannel Connector on Salesforce AppExchange.  This innovative solution enhances conversational marketing opportunities and customer experiences by offering Salesforce Marketing Cloud customers advanced one-way and two-way messaging capabilities.  The solution is now available on Salesforce AppExchange.

The Sinch Omnichannel Connector seamlessly integrates with the Salesforce ecosystem, empowering businesses to elevate their marketing strategies by reaching and engaging customers across their preferred channels. This new offering expands the reach of Salesforce Marketing Cloud platform features, providing a comprehensive suite of omnichannel messaging capabilities. Businesses can now connect with customers through one-way and two-way messaging across 13 diverse channels, including platforms like RCS, Kakao Talk, Viper, and Instagram.  This expands Salesforce’s native channels of SMS, MMS, Email, WhatsApp, and LINE, providing a comprehensive communication solution. 
“With the Sinch Omnichannel Connector, businesses can enhance their customer communications, personalize engagements, and maximize the return on their marketing investments,” said Jonathan Campbell, Senior Director, Messaging Products at Sinch.  “Salesforce Marketing Cloud users can now leverage a broader spectrum of messaging channels through Sinch, beyond those directly supported by Salesforce, to optimize their marketing strategies and elevate customer engagement.”
 To get started, Salesforce Marketing Cloud users simply need to have an existing account and onboard the Conversation API through the Sinch Dashboard. From there, they can easily activate the channels of their choice, tailoring their messaging strategy to suit their unique business needs.
Sinch has partnered with Salesforce since 2014 when Salesforce expanded its SMS offering into international markets. Sinch is a strategic supplier for Salesforce’s global SMS delivery and provides enterprise-grade messaging solutions that support Salesforce and its global customer base.
For more information visit Sinch Omnichannel Connector
Salesforce, AppExchange, Marketing Cloud and others are among the trademarks of Salesforce, Inc.
CONTACT:
For further information, please contact:
Janet LennonDirector of Global Communications [email protected]
This information was brought to you by Cision http://news.cision.com
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