The Rise of NLP Startups

The Rise of NLP Startups

Time Stamp: September 13, 2023 11:24 AM

The Rise of NLP Startups PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Artificial intelligence has been the king of recent tech advancements. Breakthrough after breakthrough, individuals, small and medium-sized businesses, and enterprises have been the lucky beneficiaries of the current wave of AI madness – from automation to generative AI. 

Today’s AI high is just the beginning. In fact, experts are anticipating an annual growth rate of

37% from 2023 through 2030, signaling a promising era of innovation, disruption, and transformative possibilities in the years ahead.

One of the most notable AI subfields is Natural Language Processing (NLP). Coined as linguistic AI, NLP focuses on the interaction between computers and human language. Since its emergence, a remarkable number of NLP startups have taken over the scene, overhauling how people communicate, and making technology more accessible, intuitive, and responsive to human needs.

A Brief History of NLP

While NLP has only seemingly emerged in recent years, its history roots back to the 1950s when Alan Turing introduced the concept of the “Turing test” in an article titled “Intelligence.” This test has since become widely recognized as a benchmark for assessing AI’s capacity for human-like intelligence, including linguistic capabilities.

During the 1980s, IBM emerged as a prominent player in advancing NLP through the development of several intricate and successful statistical models. This shift towards statistical models represented a departure from rigid rule-based systems and paved the way for more flexible, data-driven approaches in the field of NLP.

Welcoming Siri

In 2011, Apple introduced Siri, marking a significant milestone as the world’s first NLP/AI assistants. Siri’s innovative system was among the earliest to achieve widespread success. Its functionality revolves around a sophisticated automated speech recognition module that translates the user’s spoken words into digital concepts. Subsequently, its voice-command system matches these concepts with predefined commands, thereby initiating specific actions. This capability heralded a new era in human-computer interaction, making technology more accessible and user-friendly for a broader audience. 

This breakthrough became one of the catalysts that spearheaded a multitude of NLP startups that are currently revolutionizing the current global business ecosystem.

Disrupting Global Industries

The worldwide market for NLP is anticipated to undergo substantial expansion, with a projected increase from

$24.10 billion in 2023 to a significant $112.28 billion by the year 2030. This growth trajectory reflects a robust CAGR of 24.6%, signifying the increasing significance and adoption of NLP technologies across various industries and applications.

Today, NLP startups are underway to overhaul business processes, streamline workflows, and optimize organizational revenue generation. One of today’s key players is
Novacy, a behavioral intelligence platform that utilizes NLP to help B2B revenue teams close more deals by understanding their prospects’ underlying perceptions. The company aims to turn psychology into technology and empower humans to understand humans. Moreover, Novacy cuts 85% of the call analysis time through AI-powered summaries, transcripts, call snippets, and seller insights. 

Another NLP capacity is to convert speech to text with unmatched accuracy.
Deepgram is leveraging this power to make voice intelligence available to all with faster, more accurate, and more scalable speech recognition made through end-to-end deep learning.

The healthcare industry has seen unprecedented improvements in patient care and treatment plans with the rise of NLP. One startup that leads this movement is
Marigold Health, which employs innovative NLP techniques to seamlessly merge text-based peer support groups with substance use and behavioral health care services. This groundbreaking approach provides individuals facing stigmatization with round-the-clock access to tailored care. Simultaneously, it empowers existing care managers and peer coaches, enabling them to effectively handle a tenfold increase in patient capacity.

Conclusion

The momentum that NLP startups have created these past several years is just the tip of the iceberg. With the pace of these breakthroughs, progressive founders are poised to continue reshaping human interaction with technology – from streamlining processes to addressing long-standing challenges – promising a future marked by sustained innovation and transformative possibilities.

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