Natural Language Processing in BFSI Market was valued at $3.2 billion in 2021, and is estimated to reach $20.3 billion by 2031, growing at a CAGR of 20.5% from 2022 to 2031.
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Rise in penetration of internet is increasingly encouraging the creation and usage of innovative technologies, as well as the development of new technologies in PC and computing devices, which drives the growth of natural language processing in BFSI market. These developments have resulted in the rapid development of natural language processing services in BFSI market. Furthermore, the availability of advanced and robust IT infrastructure opens up numerous possibilities for NLP AI, which is expected to provide lucrative opportunities for the market growth. However, lack of skilled workforce and reliability issue can hamper the natural language processing in BFSI market growth.
Furthermore, key players in the global natural language processing in BFSI market are improving their services and trying to provide better products to assist the organizations. For instance, in January 2022, Intel Corporation launched the “OpenVINO toolkit” to accelerate artificial intelligence (AI) across almost all use cases, including automatic speech recognition, emulation of human vision, NLP, recommendation systems, and among others.
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On the basis of organization size, the large enterprises segment acquired a major share in the natural language processing in BFSI market in 2021. This is attributed to the fact that large enterprises are integrating their large volume of data through natural language generation to augment their speed, accuracy, and value chain scalability, which provides lucrative opportunities for the market.
Region-wise, North America dominated the natural language processing in BFSI market trends in 2021. This is attributed to the rising need for enhanced customer experience in BFSI sector in the region owing to greater awareness of customer about digital banking. Moreover, the increasing focus on providing advanced technological financial services to the customers by the BFSI industry is propelling the growth of the market in the region.
The demand for natural language processing in BFSI industry has increased considerably during the COVID-19 pandemic. This is attributed to increase in adoption of cloud-based digital platforms by the banking sector, which has aided customers to know digital banking. Moreover, natural language processing in banking trends, such as online banking and digital payments experienced growth during the pandemic period, and is anticipated to remain high during the forecast period. Thus, these factors promoted the growth of the natural language processing in BFSI industry during the pandemic situation.
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KEY FINDINGS OF THE STUDY
- By technology, the text analysis segment led the highest natural language processing in BFSI market share in terms of revenue in 2021.
- By application, the claims processing segment is expected to exhibit the fastest growth rate during the forecast period.
- Region-wise, North America generated the highest revenue in natural language processing in BFSI market size in 2021.
The key players operating in the natural language processing in BFSI market analysis include, Accenture, ACCERN CORPORATION, Alphabet Inc., Amazon.com, Inc., Artificial Solutions, CSS Corp., eGain Corporation, Gnani Innovations Private Limited, IBM, InData Labs, Microsoft, MindMeld, Inc., Nexocode, Oracle, Verint Systems Inc., Infinia ML, Inc., and ThirdEye Data Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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