Fort Collins, Colorado, May 12, 2024 (GLOBE NEWSWIRE) --
The rise in demand for AI and machine learning techniques drives the large language model market.
The market for large language models is witnessing significant growth, driven by the growing demand for advanced natural language processing (NLP) solutions across diverse industries. Organizations increasingly acknowledge NLP's potential to automate tasks, elevate customer experiences, and glean valuable insights from unstructured text data. The proliferation of chatbots, virtual assistants, and sentiment analysis tools has further spurred the adoption of large language models, given their crucial role in comprehending and generating human-like text.
The development and deployment of large language models have been facilitated by strides in computing power and the accessibility of cloud-based infrastructure. Training these models necessitates substantial computational resources, traditionally accessible only to significant tech conglomerates. However, the widespread availability of cloud computing and the declining costs of high-performance hardware have democratized access, enabling smaller entities to harness large language models. Initiatives like the U.S. Department of Energy's Exascale Computing Project, aimed at developing supercomputers capable of executing a quintillion calculations per second by 2021, are poised further to expedite the expansion of the large language model market.
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Segmentation Overview:
The large language model market has been segmented into offering, deployment, modality, application, and region.
Software is the leading segment offering and is projected to attain a significant share in the forecast period.
- Based on the market segmentation by offering, the software segment held a significant market share in 2023. The general-purpose LLMs segment accounted for the largest share in the large language model market by software type. These models, such as GPT-3 and BERT, have been widely adopted across various industries due to their versatility and ability to perform various NLP tasks.
Customer service automation is the leading application for the LLM market.
- Based on the market segmentation by application, customer service automation was the largest segment in the large language model market in 2023. The increasing adoption of chatbots and virtual assistants powered by large language models has revolutionized how businesses interact with customers.
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Large Language Model Market Report Highlights:
- The large language model market growth is anticipated at a CAGR of 33.1% by 2032.
- The growing demand for NLP and automation drives the LLM industry.
- North America, has been the largest regional market for large language models in 2023 with the United States being the leading country in this sector. The region's dominance can be attributed to the presence of major technology companies, such as OpenAI, Google, Microsoft, and NVIDIA, which have been at the forefront of developing and deploying advanced language models.
- Some prominent players in the large language model market report include OpenAI, Google, Microsoft, NVIDIA, IBM, Amazon, Facebook, Huawei, Anthropic, DeepMind (Alphabet), Cohere, AI21 Labs, Baidu, Alibaba, and Apple.
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