The global natural language processing in BFSI market revenue was around US$ 3.8 billion in 2022 and is estimated to reach US$ 20.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 20.5% during the forecast period from 2023 to 2031.

Natural language processing is a high-tech solution that allows computers to extract meaning from text. It also serves as a natural interface for machine or human communications, permitting the machine to respond and understand the natural language interactions.

Factors Influencing Market Growth

- The rise in the usage of intelligent and digital technologies in the banking industry is mostly responsible for the growth of natural language processing in BFSI market.

- The high costs for servers, systems, experts, and server maintenance are some of the major factors that hinder the growth of natural language processing in BFSI market.

- The shift toward a digital economy of the banking sector across different countries is anticipated to boost the growth of natural language processing in BFSI market.

- The surge in the adoption of natural language processing in the banking sector across rising economies is anticipated to deliver lucrative possibilities for the growth of natural language processing in BFSI market growth in the coming years.

Impact of COVID-19

The impact of the COVID-19 pandemic had a positive influence on the natural language processing in BFSI industry because of the growth in the adoption and usage of digitalized and online banking practices among consumers globally.

Regional Analysis

In 2022, North America dominated the natural language processing in BFSI market in terms of revenue. The presence of major industry players in the region boosted the growth of natural language processing in BFSI market. Also, the developed R&D sector and rise in technological support in the region expanded the growth of natural language processing in BFSI market.

Leading Companies

The leading prominent companies profiled in the global natural language processing in BFSI market are: -

- 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.
- ThirdEye Data Inc.
- Other prominent key players

Segmentation Outline

The global natural language processing in BFSI market segmentation focuses on Component, Deployment Type, Type, Organization Size, Technology, Application, and Region.

Segmentation based on Component

- Solution
- Services
- Professional Services
- Managed Services

Segmentation based on Deployment Type

- On-Premise
- Cloud
- Public Cloud
- Private Cloud
- Hybrid Cloud

Segmentation based on Type

- Rule-based NLP
- Statistical NLP
- Hybrid NLP

Segmentation based on Organization Size

- Large Enterprises
- Small and Medium-Sized Enterprises

Segmentation based on Technology

- Interactive Voice Response (IVR)
- Optical Character Recognition (OCR)
- Text Analysis
- Pattern and Image Recognition
- Others

Segmentation based on Application

- Customer Experience Management
- Virtual Assistants/Chatbots
- Social Media Monitoring
- Sentiment Analysis
- Risk and Threat Detection
- Claims Processing
- Others

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa