Natural language processing is one of the most popular topics in data science right now. NLP has revolutionized various sectors like education, data science, healthcare, banking, finance, and business. A number of companies are investing a lot of money in this field. Natural language processing aids financial sectors in making data-driven, informed decisions in real time. In this blog, we will explore the top 10 firms operating in NLP in the finance market.
What is NLP?
Natural language processing is a branch of artificial intelligence that uses machine learning algorithms that enables machines to interpret, generate, and manipulate human language.
The global NLP in finance market was valued at USD 4.25 billion in 2022 and is expected to obtain USD 47.92 billion with a CAGR of 27.4% during the forecast period.
Top Benefits of NLP in Finance:
- Accuracy
- Consistency
- Scaling
- Efficiency
- Process Automation
Some of The Major Players Operating in the NLP in finance market Include:
IBM
Headquarters: Armonk, New York
The International Business Machines Corporation (IBM) is an American multinational technology corporation that specializes in providing infrastructure, software, and consulting services in areas in areas like mainframe computers to nanotechnology. IBM is the largest industrial research organization in the world, with 19 research sites located in a dozen different nations.
Google:
Headquarters: Mountain View, California, United States
Google LLC is an American multinational technology company that emphasizes artificial intelligence, online advertising, cloud computing, computer software, search engine technology, quantum computing, e-commerce, and consumer electronics.
Microsoft
Headquarters: Redmond, Washington, United States
Microsoft Corporation is a leading provider of personal computer software systems and applications. In July 2023, the company launched an AI-powered chatbot called Bing Chat for businesses that provides an efficient customer experience.
Intel
Headquarters: Santa Clara, California, United States
Intel Corp., the world’s largest manufacturer of central processing units and semiconductors, is best known for CPUs based on its x86 architecture, which has been continuously modified and modernized. The company also Intel also manufactures motherboard chipsets, network interface controllers and ICs, flash memory, graphics chips, embedded processors, and other devices related to communications and computing.
Amazon
Headquarters: Seattle, Washington, USA
Amazon is the world’s largest online retailer and marketplace, focusing on e-commerce, cloud computing, digital streaming, online advertising, and artificial intelligence. While talking about NLP, in September 2022, Amazon Alexa AI researchers launched Alexa Teacher Models (AlexaTM 20B) that beat GPT-3 on NLP benchmarks.
NVIDIA
Headquarters: Santa Clara, California
NVIDIA is a major manufacturer of high-end graphics processing units (GPUs). Also, the company is known as a leading supplier of artificial intelligence hardware and software. The company has expanded its presence in Nvidia expanded its presence in the gaming industry and mobile computing market.
Apple
Headquarters: Cupertino, California
It is an American computer and consumer electronics company that manufactures personal computers, smartphones, and tablet computers. iPhone, iPad, and Macintosh computers are some of the famous products manufactured by Apple.
SAP
Headquarters: Walldorf, Baden-Württemberg
SAP SE is a German multinational software company known as the world’s leading enterprise resource planning (ERP) software vendor. The company develops enterprise software to manage business operations and customer relations.
Nuance Communications
Headquarters: Burlington, Massachusetts
Nuance Communications, Inc. is a technology pioneer that provides conversational artificial intelligence solutions and speech recognition software. The company provides products that comprehend, examine, and react to boost human intellect in order to boost security and productivity.
Digital Reasoning Systems
Headquarters: Franklin, Tennessee
Digital Reasoning is an American company that provides relevant computing services to intelligence organizations, financial institutions, and healthcare enterprises in the United States. The company specializes in artificial intelligence (AI) and natural language processing (NLP) solutions.
Summary
These top 10 companies and more mentioned in our report will continue to push boundaries, unveiling new opportunities and applications for NLP in finance. The continuous partnership and product launches among finance professionals, data scientists, and NLP specialists enable companies to navigate the financial landscape’s complexity with unmatched accuracy and insight. Rising adoption of AI-based anti-fraud technologies in the finance sector is majorly driving the NLP in finance market growth.