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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Scope Of Large Language Model (LLM) Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Large Language Model (LLM) Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the large language model market are developing innovative solutions, such as open and enterprise-grade LLM, to serve customers with advanced features. The open and enterprise-grade LLM is a large language model optimized for complex enterprise workloads and released under a license for ungated use. For instance, in April 2024, Snowflake, a US-based cloud-based data platform company, launched Snowflake Arctic, a state-of-the-art large language model (LLM) designed to be the most open and enterprise-grade LLM available. The Arctic features a distinctive Mixture-of-Experts (MoE) architecture, providing superior intelligence with exceptional efficiency at scale. Its standout feature is its dedication to openness, as Snowflake is making Arctic’s weights available under an Apache 2.0 license, allowing unrestricted personal, research, and commercial use. Additionally, they are sharing the research details behind its development, establishing a new benchmark for transparency and collaboration in enterprise AI technology.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Large Language Model (LLM) Market Report Structure
3. Large Language Model (LLM) Market Trends And Strategies
4. Large Language Model (LLM) Market – Macro Economic Scenario
5. Large Language Model (LLM) Market Size And Growth
…..
27. Large Language Model (LLM) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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