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Large Language Model (LLM) Market 2024 - By Size, Share Analysis, Growth Trends And Forecasts To 2033
Large Language Model (LLM) Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
An increasing number of internet users is expected to propel the growth of the lead generation software market going forward. An internet user is an individual who has access to and utilizes the Internet, a global network of interconnected computers and devices. The number of internet users is rising due to social media and networking, e-commerce growth, and the digitization of services. Lead management software primarily serves businesses by optimizing their lead generation and conversion processes. It can indirectly benefit internet users by enhancing their experience, providing more relevant content and offers, and ensuring their data privacy and security. For instance, in February 2024, according to the International Telecommunication Union, a Switzerland-based specialized agency, the number of individuals using the internet increased from 5.1 billion in 2022 to 5.4 billion in 2023. Therefore, the increasing number of internet users is driving the growth of the lead generation software market.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Large Language Model (LLM) Market 2024 Key Insights:
• 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 Role Of Chatbots And Virtual Assistants In Driving The Growth Of The Large Language Model (LLM) Market
• Innovative Solutions Are Transforming The LLM Market
• North America was the largest region in the large language model (LLM) market in 2023
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