Market Overview:
The global natural language processing (NLP) in BFSI market is expected to grow at a CAGR of 16.5% during the forecast period from 2018 to 2030. The increasing demand for NLP in the BFSI sector for various applications such as fraud detection, automated appointments, and others is driving the growth of this market. Additionally, the growing demand for machine translation and information extraction services is also propelling the growth of this market. However, lack of awareness about NLP services among end users may restrain the growth of this market to some extent during the forecast period. On basis on type, machine translation accounted for a major share of revenue in 2017 and is expected to maintain its dominance duringthe forecast period from 2018to 2030 owing to its ability toreplace human translators with machines that can translate texts between different languages accurately and quickly.
Product Definition:
Natural language processing (NLP) is a field of computer science and linguistics concerned with the interactions between computers and human languages, and with the translation of natural language into machine-readable formats. NLP is important in BFSI because it allows humans to interact with machines in a way that is natural for them, using the same communication tools they use every day. This makes it possible for people to communicate complex information easily and efficiently, without having to learn specific commands or programming languages. Additionally, NLP can be used to automatically extract information from text data sources, making it easier for businesses to analyze customer feedback or conduct market research.
Machine Translation:
Machine translation is a computer-assisted process of converting the content from one language to another. The technology was initially developed for military intelligence in the 1960s and has been evolving ever since. Machine translation finds applications across various industry verticals such as BFSI, government, education, media & entertainment, tourism etc., owing to its ability to deliver high accuracy at low cost.
Information Extraction:
The Information Extraction (IE) is the part of Natural Language Processing (NLP) which extracts information from unstructured text. The information extracted by the process is then used in various applications such as fraud detection, risk assessment, and customer interaction. In BFSI domain, it's widely used for detecting lies or false statements in insurance claims or loan applications.
Application Insights:
Based on application, the market has been segmented into claims processing, fraud detection, automated banking and financial services (ABFS), other applications. The ABFS segment dominated the global natural language processing in BFSI market in 2017 and is expected to continue its dominance over the forecast period. This can be attributed to increasing use of NLT for automation of routine tasks such as data entry or customer communication.
Automated banking and financial services include a wide range of solutions from text message authentication to voice recognition systems that allow customers to conduct transactions through their phones or computers without havingto interact with a human operator by using Natural Language Processing techniques. Increasing adoption across various industries such as healthcare, telecom & IT companies are also driving demand globally.
Regional Analysis:
North America dominated the global market in 2017. The growth of this region can be attributed to the presence of a large number of prominent BFSI companies, which are actively engaged in implementing natural language processing solutions for various business processes. Moreover, these companies are also focusing on developing advanced NLP technologies that can process and analyze massive amounts of unstructured data found across social media and other online platforms. This has led to increased adoption across North American countries such as the U.S.
Asia Pacific is expected to emerge as a lucrative regional market over the forecast period owing to increasing investments from prominent players operating within this region along with growing awareness about advanced technologies among customers seeking improved services from banks offering financial products such as insurance policies or loans against property/vehicle etc.).
Growth Factors:
- Increasing demand for customer service through chatbots and virtual assistants
- Proliferation of digital content and the need to analyze it for business insights
- The rise of conversational AI and its impact on customer engagement
- The increasing use of NLP in fraud detection and risk management
- The growing demand for NLG-powered analytics
Scope Of The Report
Report Attributes
Report Details
Report Title
Natural Language Processing in BFSI Market Research Report
By Type
Machine Translation, Information Extraction, Automatic Summarization, Text and Voice Processing, Other
By Application
Claims Processing, Fraud Detection, Automating Appointments, Other
By Companies
IBM, Taiger, Health Fidelity, Progress Software, Wordsmith, AX Semantics, Linguamatics, Amazon AWS, SAS, Microsoft Corporation, Article Forge, Quill
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
123
Number of Tables & Figures
87
Customization Available
Yes, the report can be customized as per your need.
Global Natural Language Processing in BFSI Market Report Segments:
The global Natural Language Processing in BFSI market is segmented on the basis of:
Types
Machine Translation, Information Extraction, Automatic Summarization, Text and Voice Processing, Other
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Claims Processing, Fraud Detection, Automating Appointments, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- IBM
- Taiger
- Health Fidelity
- Progress Software
- Wordsmith
- AX Semantics
- Linguamatics
- Amazon AWS
- SAS
- Microsoft Corporation
- Article Forge
- Quill
Highlights of The Natural Language Processing in BFSI Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Machine Translation
- Information Extraction
- Automatic Summarization
- Text and Voice Processing
- Other
- By Application:
- Claims Processing
- Fraud Detection
- Automating Appointments
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Natural Language Processing in BFSI Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Natural language processing (NLP) is a field of computer science and artificial intelligence that deals with the analysis, interpretation, and generation of human-readable text. NLP can be used to process texts for information retrieval, automatic translation, machine learning, natural language understanding (NLU), and text summarization.
Some of the major players in the natural language processing in bfsi market are IBM, Taiger, Health Fidelity, Progress Software, Wordsmith, AX Semantics, Linguamatics, Amazon AWS, SAS, Microsoft Corporation, Article Forge, Quill.
The natural language processing in bfsi market is expected to grow at a compound annual growth rate of 16.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Natural Language Processing in BFSI Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Natural Language Processing in BFSI Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Natural Language Processing in BFSI Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Natural Language Processing in BFSI Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Natural Language Processing in BFSI Market Size & Forecast, 2018-2028
4.5.1 Natural Language Processing in BFSI Market Size and Y-o-Y Growth
4.5.2 Natural Language Processing in BFSI Market Absolute $ Opportunity
Chapter 5 Global Natural Language Processing in BFSI Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Natural Language Processing in BFSI Market Size Forecast by Type
5.2.1 Machine Translation
5.2.2 Information Extraction
5.2.3 Automatic Summarization
5.2.4 Text and Voice Processing
5.2.5 Other
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Natural Language Processing in BFSI Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Natural Language Processing in BFSI Market Size Forecast by Applications
6.2.1 Claims Processing
6.2.2 Fraud Detection
6.2.3 Automating Appointments
6.2.4 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Natural Language Processing in BFSI Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Natural Language Processing in BFSI Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Natural Language Processing in BFSI Analysis and Forecast
9.1 Introduction
9.2 North America Natural Language Processing in BFSI Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Natural Language Processing in BFSI Market Size Forecast by Type
9.6.1 Machine Translation
9.6.2 Information Extraction
9.6.3 Automatic Summarization
9.6.4 Text and Voice Processing
9.6.5 Other
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Natural Language Processing in BFSI Market Size Forecast by Applications
9.10.1 Claims Processing
9.10.2 Fraud Detection
9.10.3 Automating Appointments
9.10.4 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Natural Language Processing in BFSI Analysis and Forecast
10.1 Introduction
10.2 Europe Natural Language Processing in BFSI Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Natural Language Processing in BFSI Market Size Forecast by Type
10.6.1 Machine Translation
10.6.2 Information Extraction
10.6.3 Automatic Summarization
10.6.4 Text and Voice Processing
10.6.5 Other
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Natural Language Processing in BFSI Market Size Forecast by Applications
10.10.1 Claims Processing
10.10.2 Fraud Detection
10.10.3 Automating Appointments
10.10.4 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Natural Language Processing in BFSI Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Natural Language Processing in BFSI Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Natural Language Processing in BFSI Market Size Forecast by Type
11.6.1 Machine Translation
11.6.2 Information Extraction
11.6.3 Automatic Summarization
11.6.4 Text and Voice Processing
11.6.5 Other
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Natural Language Processing in BFSI Market Size Forecast by Applications
11.10.1 Claims Processing
11.10.2 Fraud Detection
11.10.3 Automating Appointments
11.10.4 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Natural Language Processing in BFSI Analysis and Forecast
12.1 Introduction
12.2 Latin America Natural Language Processing in BFSI Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Natural Language Processing in BFSI Market Size Forecast by Type
12.6.1 Machine Translation
12.6.2 Information Extraction
12.6.3 Automatic Summarization
12.6.4 Text and Voice Processing
12.6.5 Other
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Natural Language Processing in BFSI Market Size Forecast by Applications
12.10.1 Claims Processing
12.10.2 Fraud Detection
12.10.3 Automating Appointments
12.10.4 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Natural Language Processing in BFSI Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Natural Language Processing in BFSI Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Natural Language Processing in BFSI Market Size Forecast by Type
13.6.1 Machine Translation
13.6.2 Information Extraction
13.6.3 Automatic Summarization
13.6.4 Text and Voice Processing
13.6.5 Other
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Natural Language Processing in BFSI Market Size Forecast by Applications
13.10.1 Claims Processing
13.10.2 Fraud Detection
13.10.3 Automating Appointments
13.10.4 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Natural Language Processing in BFSI Market: Competitive Dashboard
14.2 Global Natural Language Processing in BFSI Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 IBM
14.3.2 Taiger
14.3.3 Health Fidelity
14.3.4 Progress Software
14.3.5 Wordsmith
14.3.6 AX Semantics
14.3.7 Linguamatics
14.3.8 Amazon AWS
14.3.9 SAS
14.3.10 Microsoft Corporation
14.3.11 Article Forge
14.3.12 Quill
