Dublin, April 10, 2024 (GLOBE NEWSWIRE) -- The "Global Large Language Model (LLM) Market by Offering (Software (Domain-specific LLMs, General-purpose LLMs), Services), Modality (Code, Video, Text, Image), Application (Information Retrieval, Code Generation), End User and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The Large Language Model (LLM) market is projected to grow from USD 6.4 billion in 2024 to USD 36.1 billion by 2030, at a compound annual growth rate (CAGR) of 33.2%
The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the large language model market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent developments associated with the large language model market. Competitive analysis of upcoming startups in the large language model market ecosystem is covered in this report.
The Asia Pacific region is witnessing a rapid digital transformation across various sectors, including finance, healthcare, and manufacturing, driving the demand for advanced language technologies like LLMs to streamline operations and enhance productivity. North America's advanced infrastructure and substantial funding for research and development provide a fertile ground for the growth of LLM technologies. Additionally, the region's diverse industries, including finance, healthcare, and e-commerce, are increasingly recognizing the benefits of LLMs for tasks such as data analysis, customer service, and text generation.
The growth of the large language model market is primarily driven by increasing accessibility of extensive datasets, progressions in deep learning algorithms, and the necessity for improved human-machine interaction.
By model size, 100 billion to 200 billion parameter segment is expected to register the fastest market growth rate during the forecast period
Models within this parameter range strike a balance between complexity and practicality, offering substantial capabilities while remaining computationally feasible. Language models such as LaMDA 2, GPT-3, BLOOMZ, Jurassic-2, and Falcon 180B exemplify this trend, showcasing the potential of models within this size bracket to deliver impressive language understanding and generation capabilities.
Additionally, advancements in hardware infrastructure, including specialized accelerators and distributed computing systems, are enhancing the efficiency and scalability of training and deploying such models. Furthermore, as demand grows for applications such as conversational AI, natural language understanding, and content generation, there is increasing interest in models of this size range that can meet diverse requirements across various industries, thereby driving their rapid adoption and market expansion.
By modality, text segment is expected to account for the largest market share during the forecast period
Text-based applications are ubiquitous across various industries, including customer service chatbots, sentiment analysis tools, and language translation services. As LLMs continue to improve in understanding and generating textual content, the demand for such applications is expected to surge.
Moreover, text data is abundant and easily accessible, making it a primary focus for LLM development and deployment. Additionally, the proliferation of online platforms and social media has generated massive volumes of textual data that can be leveraged for insights and decision-making. Furthermore, text-based communication remains one of the most prevalent forms of human interaction, driving the need for LLMs to facilitate more natural and effective communication between humans and machines.Key Attributes:
| Report Attribute | Details |
| No. of Pages | 432 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $6.4 Billion |
| Forecasted Market Value (USD) by 2030 | $36.1 Billion |
| Compound Annual Growth Rate | 33.2% |
| Regions Covered | Global |
Premium Insights
- Increasing Demand for Sophisticated Nlp Applications Across Diverse Industries to be Pivotal Growth Driver
- Information Retrieval Application Segment to Account for Highest Growth Rate During Forecast Period
- Software and Media & Entertainment to be Largest Shareholders in North America in 2024
- North America to Hold Largest Market Share in 2024
Case Study Analysis
- Bfsi: Accelerated Collection and Analysis of Investment Information for Edger Finance with Generative AI
- Media & Entertainment: Revolutionized Decentralized Digital World of Media & Entertainment Industry for Ben Group
- Healthcare & Life Sciences:Summer Health Reimagined Pediatric Doctor's Visits with Openai
- Law Firms: Manz Leveraged Deepset Cloud to Significantly Reduce Legal Research Efforts Through Semantic Search
Market Overview and Industry Trends
Drivers
- Growth in Availability of Large Datasets
- Advancements in Deep Learning Algorithms
- Need for Enhanced Human-Machine Communication
- Rise in Demand for Automated Content Creation and Curation
Restraints
- High Cost of Model Training & Inference Optimization
- Data Biases and Quality Concerns
- Lack of Transparency in Explainability and Interpretability
Opportunities
- Enhanced Language Translation and Localization with Use of Llms
- Emotion Recognition and Sentiment Analysis Using Llms
- Pressing Demand for Llms in Knowledge Discovery and Management
Challenges
- High Inference Latency
- Computational Inefficiency due to Large Memory Requirements
- Maintaining Model Performance and Integrity
Evolution of Large Language Model Market
- Large Language Models: Software Layers
- Embedding Layer
- Feedforward Layer
- Recurrent Layer
- Attention Layer
Ecosystem Analysis/Market Map
Large Language Model Software Providers
- Llm API Providers
- Vector Database Providers
- Llm Framework Providers
- Text-To-Speech Providers
- Llm Monitoring Tools Providers
Large Language Model Service Providers
- Compute Platform Providers
- Model Hubs
- Fine Tuning/Custom Model Training Frameworks
- Monitoring/Observability Platform Providers
- Hosting Service Providers
Technology Analysis
Key Technologies
- Natural Language Processing (Nlp)
- Deep Learning
- Transformer Architecture
- Attention Mechanisms
- Transfer Learning
- Adjacent Technologies
- Speech Recognition
- Computer Vision
- Reinforcement Learning
- Knowledge Graphs
- Complementary Technologies
- Quantum Computing
- Explainable AI
- Edge Computing
- Blockchain
Company Profiles
Key Players
- Openai
- Microsoft
- Anthropic
- Meta
- Nvidia
- IBM
- Hpe
- Oracle
- Aws
- Tencent
- Yandex
- Naver
- Ai21 Labs
- Hugging Face
- Baidu
- Sensetime
- Huawei
Startup/SME Profiles
- Fedml
- Dynamofl
- Together AI
- Upstage
- Mistral AI
- Adept
- Neuralfinity
- Mosaic ML
- Stability AI
- Lighton
- Cohere
- Turing
- Lightning AI
- Whylabs
For more information about this report visit https://www.researchandmarkets.com/r/vzka35
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