Natural language processing (NLP) is a branch of artificial intelligence that contributes to the understanding, interpreting, and manipulating of human language. NLP technology draws on a variety of disciplines to bridge the gap between human communication and computer understanding, such as computer science and computational linguistics.
According to the market database, computers can communicate with humans using this technology and scale other language-related tasks. Computers, for instance, use NLP technology to read text, understand speech, measure sentiment, and determine which parts are necessary.
Unlike humans, machines can analyze language-based data without fatigue and biasedness. In light of the tremendous amount of unorganized data generated every day, automation is crucial for analyzing speech data and text.
The human language is astonishingly complex and diverse. Both verbally and in writing, we can express ourselves in an infinite number of ways. In addition to hundreds of languages and dialects, each language has unique grammar, syntax rules, terms, and slang. Most of the time, we misspell or omit punctuation when we write. Whenever we articulate, we have regional accents and borrow terms from other languages. While both supervised, unsupervised, and deep learning are now widely used to model human language. The use of machine learning does not necessarily require syntactic and semantic knowledge. Market database states that the importance of this technology lies in its ability to help resolve ambiguity in language and add convenient numeric structure to the data for downstream applications, such as speech recognition and text analytics.
Italian-based company: Wonderflow to expand
Toronto-based Klass Capital led a €16.5 million growth round of funding at AI-driven customer feedback data startup Wonderflow. In addition to P101, ITALIA 500 (Azimut Group), and Dutch top manager Jan Bennink, existing investors participated in the round.
According to the market database, today, enterprises that generate a large amount of unsolicited feedback are unable to utilize the data they have collected.
Wonderflow’s proprietary AI, can evaluate unstructured feedback, from a variety of sources, and assist businesses to improve customer experience. The analytics sector of Wonderflow focuses on Voice of Customer (VoC). According to Gartner, this market is growing approximately 20% to 25% per year. The company was founded in 2014 by Italian entrepreneurs Riccardo Osti, Giovanni Gaglione, and Michele Ruini. It has grown more than 100% in the last 12 months despite the pandemic. It already helps brands like Philips, Uber, Colgate-Palmolive, DHL, Delonghi, Beiersdorf, Reckitt Benckiser, Beko, Samsung, GSK, Grundig, Lavazza, Kantar, and many more. Some of the company’s customers achieved growth in consumer satisfaction of up to 100% in their first year of using the platform.
The company employs over ten nationalities. Additionally, the team includes senior executives and serial entrepreneurs with extensive experience in the Customer Experience (CX) industry, particularly when it comes to driving customer insights through AI and Big Data. The company is recognized by Aragon Research, Ovum, and OMDIA as the only HOT Vendor in the feedback analytics category in Europe.
Klass’ partnership with them represents a significant step forward in global expansion plans. To maintain their leadership in Natural Language Processing, Prediction, and Narrative Insights, they will continue to invest in Artificial Intelligence.
Italian Natural Language Processing Lab
Researchers, postdocs, and students at the ItaliaNLP Lab at the National Institute of Computational Linguistics pursue research on developing resources and algorithms for processing and understanding human languages, with attention to the Italian language.
According to the market database, the prime focus of the research is to design, develop, and test models, methods, and technologies for NLP technology spanning from probabilistic tagging and parsing, domain-specific information extraction, and adjustment to application-oriented responsibilities such as readability evaluation or native language description. They combine linguistically aware data modeling with novel machine learning approaches to the NLP technology. The workroom builds on the expertise attained within the Institute of Computational Linguistics in collaboration with the Laboratory of Computational Linguistics of the Department of Philology and Department of Computer Science and Linguistics.
Various international and national projects are being implemented through partnership agreements and participating in national and international initiatives focusing on different Natural Language Processing challenges.
In line with technological advancements of computational linguistics, the Italia NLP Lab offers advanced technology solutions in areas such as text mining, knowledge extraction, and management within essential applications in fields such as eGovernment, eLearning, and eHealth. The Natural Language Processing market and its 10-year business outlook can be understood using Global Market Database.