What's Natural Language Processing?
Natural Language Processing (NLP) is a subset within the larger world of artificial intelligence (AI), deep learning and machine learning that helps computers understand, interpret and manipulate human language. NLP attempts to fill the gap between machines and people by enabling a computer to analyze what a user said via text input or speech recognition, and process what the user meant. More about NLP on this link.
The Natural Language Processing Market
According to Statista, the NLP market is predicted to be almost 14 times larger in 2025 than it was in 2017, increasing from around three billion U.S. dollars in 2017 to over 43 billion in 2025.
As reported by MarketsandMarkets, the global NLP market is estimated to grow from USD 10.2 billion in 2019 and is projected to reach USD 26.4 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period.
Discover the NLP solution from reciTAL
To understand the big hype around NLP, Kromnix personally interviews Gilles Moyse, Founder and CEO of reciTAL:
What's the main activity of your company?
ReciTAL is a software editor dedicated to Natural Language Processing (NLP). We have developed a platform which allows to SEARCH, EXTRACT and AUTOMATE the processing of unstructured documents.
Your innovative solution is optimal for which market sector?
Currently, we’re mostly working with financial services, insurance and banking sectors.
The AUTOMATE module is the first feature of the platform which allows the Customer Relationship Centers to automatically filter and process incoming emails. For instance, CNP Insurance has been using our solution for more than two years, each employee has saved 2 hours per day of work.
"Each employee has saved
2 hours per day of work."
The SEARCH module is the second feature of the platform which is currently deployed at CrƩdit Agricole. It allows everyone in the company to quickly find information in product documentations, contracts, any kind of Word, PowerPoint, Excel and PDF files they have. CrƩdit Agricole claims that each employee has saved 1.5 hours per week of search work. Multiplying 1.5 hours with 40,000 employees is a saving of 60,000 hours per week!
"1.5 hours times 40K employees
is a saving of 60K hours
per week of search work!"
The EXTRACT module is the third feature of the platform which allows companies to save time. A large Corporate and Investment Banking (CIB) corporation in France uses our solution to automatically extract “LIBOR”** clauses in more than 16,000 contracts.
"A large CIB extracted "LIBOR" clauses
in more than 16K contracts,
automatically."
Aside from Financial Services, are there other market sectors that can use your solution?
Our platform can be used everywhere since it’s a neural-network based. It’s not based on a long list of business words. It’s based on very large and versatile networks which can address any kind of market.
At the moment, we’re working with financial services but we’re also signing a contract with a large company in the industrial sector.
Can all departments within the company use your solution?
Yes of course. For the SEARCH module, it’s obvious that everyone in every company has search problems. Everyone loses tons of time looking for the right information. reciTAL’s SEARCH module is a time-saving solution.
The EXTRACT module is dedicated for Procurement and Legal teams.
The AUTOMATE module is very useful for the Customer Relationship Centers.
What tools do you provide?
We provide our platform in SaaS or On-premises. The SaaS version is very convenient for smaller companies that do not host the IT server internally. While the on-premises solution is appropriate for large groups that want to keep their data internally.
Why are you UNIQUE on the market?
We’re unique on the market because first we have a very strong research team. Likewise, we work with Berkeley and Facebook AI research teams.
Second, we’re unique because the technology we have developed allows us to address 3 pain points – SEARCH, EXTRACT and AUTOMATE within a single platform, both available in SaaS and On-premises.
Is your solution easy to use?
Of course. We have designed the platform to make it as easy to use as possible. For instance, the AUTOMATE module processes Microsoft Outlook emails automatically, so you don’t need a training to do that.
For the SEARCH module, we have developed a search bar which is very common to everyone, just like the Google bar, so there’s no need for a training.
Obviously, we do provide trainings for administrators of the platform.
Do you have competitors on the market?
We do have some competitors, but we’re the only one who have really gathered all the features into one single platform. Customers usually complain that they have to sign 50 contracts with 50 startups to have what they really need. We try to go over that and propose a unified platform to address their pain points.
"reciTAL has the unified platform to
address the pain points of customers."
reciTAL sounds unique, what does it mean?
Indeed, reciTAL is a unique name! In reciTAL, there’s T-A-L which means “Traitement Automatique duĀ Langage” in French, an acronym equivalent for Natural Language Processing” (NLP) in English. Also, reciTAL obviously makes us think about music, and we all love music at reciTAL. (See the music albums behind Gilles Moyse: NTM, MC Solaar, Xoyma, …).
About reciTAL: Based in Paris, reciTAL is an Artificial Intelligence software editor specialized in Natural Language Processing and Document Intelligence. reciTAL offers two products: GENIUS, to extract answer in unformatted textual documents, and QUIETO to automate email processing. For more info: https://recital.ai.
About Kromnix: Based in Paris, Kromnix, a One-Stop Platform of Tech Providers, is reinventing the way Tech Providers communicate on their technological solutions. Kromnix enhances their visibility on the market, and promote their unique innovations in Europe. For more info: https://kromnix.com.
P.S. **LIBOR is the acronym for London Inter-bank Offered Rate, which is widely used as a reference rate for many financial instruments in both financial markets and commercial fields.