Overview and Scope
A large language model (LLM) is an artificial intelligence algorithm that uses deep learning techniques and neural networks with many parameters to process and understand human language or text. They are utilized for a variety of natural language processing (NLP) tasks and applications due to their capacity to produce, comprehend, and modify human language.
Sizing and Forecast
The large language model (LLM) market size has grown exponentially in recent years. It will grow from $3.06 billion in 2023 to $3.92 billion in 2024 at a compound annual growth rate (CAGR) of 28.0%. The growth in the historic period can be attributed to the expansion of natural language processing (NLP) applications, growth in digital content creation, the rise of conversational AI, increased focus on personalization, and demand for intelligent automation.
The large language model (LLM) market size is expected to see exponential growth in the next few years. It will grow to $10.57 billion in 2028 at a compound annual growth rate (CAGR) of 28.1%. The growth in the forecast period can be attributed to the proliferation of artificial intelligence, growth in Internet of Things (IoT) devices, expansion of cloud computing services, demand for cybersecurity solutions, and rise of blockchain technology. Major trends in the forecast period include advancements in artificial intelligence (AI) and machine learning, the surge in demand for low-code and no-code platforms, emphasis on functional programming languages, technological advancement, and strategic collaborations.
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Segmentation & Regional Insights
The large language model (LLM) market covered in this report is segmented –
1) By Model Size: Below 100 Billion Parameters, 100 Billion To 500 Billion Parameters, Above 500 Billion Parameters, Other Parameters
2) By Architecture: Autoregressive Language Models, Autoencoding Language Models, Hybrid Language Models, Other Architectures
3) By Deployment: Cloud, On-premises
4) By Industry: Healthcare, Finance, Retail And E-commerce, Media And Entertainment, Other Industries
North America was the largest region in the large language model (LLM) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the large language model (LLM) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for chatbots and virtual assistants is expected to propel the growth of the large language model (LLM) market going forward. Chatbots and virtual assistants are AI-powered software programs designed to interact with humans, but they have distinct differences in their functionality, purpose, and level of user interaction. Chatbots and virtual assistants are increasingly being adopted due to their ability to streamline processes, enhance user experiences, and drive business growth in the digital world. Large language models (LLMs) have transformed chatbot capabilities, enabling them to comprehend and produce human-like text with remarkable precision through extensive training on vast quantities of unlabeled data. For instance, in May 2024, according to WorldMetrics.org, a US-based platform presenting current world data and trends, businesses used chatbots to save over $8 billion annually in 2022, with the healthcare and banking industries benefiting most from these savings, with the worldwide banking sector expected to save $7.3 billion by 2023 as a result of chatbot adoption. Additionally, chatbots and artificial intelligence (AI) are predicted to handle 95% of customer contacts by 2025. Therefore, the growing demand for chatbots and virtual assistants is expected to propel the growth of the large language model (LLM) market.
Key Industry Players
Major companies operating in the large language model (LLM) market are Apple Inc., Google LLC, Microsoft Corporation, Alibaba Group, Meta Platforms Inc., Huawei Technologies Co. Ltd., Tencent Holdings Ltd., Amazon Web Services, Intel Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Salesforce.com Inc., Baidu, Inc., NIIT Ltd., OpenAI, Mozilla Foundation, The Apache Software Foundation, Nokia Bell Labs, JetBrains s.r.o., Linux Foundation, edX Inc., Udacity Inc., Julia Computing Inc., Zig Software Foundation, Haxe Foundation
The large language model (llm) market report table of contents includes:
1. Executive Summary
2. Large Language Model (LLM) Market Characteristics
3. Large Language Model (LLM) Market Trends And Strategies
4. Large Language Model (LLM) Market – Macro Economic Scenario
5. Global Large Language Model (LLM) Market Size and Growth
……………….
32. Global Large Language Model (LLM) Market Competitive Benchmarking
33. Global Large Language Model (LLM) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Large Language Model (LLM) Market
35. Large Language Model (LLM) Market Future Outlook and Potential Analysis
36. Appendix
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