The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

 

Rapid Market Expansion

The large language model (LLM) market has experienced tremendous growth recently. In 2023, the market size was valued at $3.06 billion and is projected to reach $3.92 billion by 2024, with a compound annual growth rate (CAGR) of 28.0%.

 

Key Drivers:

• Expansion of NLP Applications: Increasing use of natural language processing.
• Digital Content Creation: Surge in digital content.
• Conversational AI: Rise of AI-driven conversations.
• Personalization: Focus on tailored user experiences.
• Intelligent Automation: Demand for automated intelligent solutions.

 

Future Market Projections

The LLM market is expected to grow exponentially, reaching $10.57 billion by 2028, at a CAGR of 28.1%.

Growth Factors:

• Proliferation of AI: AI integration in various sectors.
• IoT Devices: Growth in Internet of Things technology.
• Cloud Computing: Expansion of cloud services.
• Cybersecurity: Increased need for secure solutions.
• Blockchain Technology: Rising blockchain applications.

 

Major Trends:

• AI and Machine Learning Advancements: Continuous innovation.
• Low-Code/No-Code Platforms: Growing demand for easy development tools.
• Functional Programming Languages: Emphasis on new programming methods.
• Technological Advancements: Rapid tech progress.
• Strategic Collaborations: Increased partnerships and collaborations.

 

Read The Full Large Language Model (LLM) Market Report Here:

https://www.thebusinessresearchcompany.com/report/large-language-model-llm-global-market-report

 

Chatbots and Virtual Assistants: Catalysts for Growth

The growing demand for chatbots and virtual assistants significantly drives the LLM market.

Benefits:

• Streamlined Processes: Efficient operations.
• Enhanced User Experiences: Improved customer interactions.
• Business Growth: Boosted digital business expansion.

Industry Impact:

• Healthcare and Banking Savings: Significant cost reductions.
• Customer Contact Management: AI will handle 95% of interactions by 2025.

 

Major Players in the Market

• Tech Giants: Apple Inc., Google LLC, Microsoft Corporation, Alibaba Group, Meta Platforms Inc.
• Other Key Companies: 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.

 

Innovative Solutions Transforming the Market

Major companies are developing advanced LLM solutions for enterprise needs.

Case Study: Snowflake Arctic

• Launch: April 2024 by Snowflake, a US-based cloud data platform.
• Features: Mixture-of-Experts (MoE) architecture, superior efficiency.
• Openness: Apache 2.0 license, open for personal, research, and commercial use.

 

Strategic Acquisitions

Protect AI and Laiyer AI

• Acquisition: January 2024, by Protect AI.
• Objective: Strengthen LLM market presence.
• Benefit: Integration of Laiyer AI’s technologies.

 

Market Segmentation

By Model Size:

• Below 100 Billion Parameters
• 100 Billion to 500 Billion Parameters
• Above 500 Billion Parameters
• Other Parameters

By Architecture:

• Autoregressive Language Models
• Autoencoding Language Models
• Hybrid Language Models
• Other Architectures

By Deployment:

• Cloud
• On-premises

By Industry:

• Healthcare
• Finance
• Retail and E-commerce
• Media and Entertainment
• Other Industries

Regional Insights

• North America: Largest market in 2023.
• Asia-Pacific: Expected fastest-growing region during the forecast period.

 

The LLM market is poised for unprecedented growth, driven by technological advancements, strategic collaborations, and increasing demand for AI-powered solutions.

 

Get A Free Sample On The Global Large Language Model (LLM) Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=16105&type=smp

 

 The Large Language Model (LLM) Global Market Report 2024  provides an overview of the large language model (LLM) market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The large language model (LLM) market forecast analyzes large language model (LLM) market size, large language model (LLM) market share, leading competitor and their market positions.

 

Explore Similar Reports From The Business Research Company:

Natural Language Generation (NLG) Global Market Report 2024

Natural Language Processing (NLP) Global Market Report 2024

Language Services Global Market Report 2024

 

Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

 

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: