Large Language Model (LLM) Market Projected to reach $36.1 billion by 2030

(I-SoftwareNews.Com, March 21, 2024 ) According to a research report "Large Language Model 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 - Global Forecast to 2030" published by MarketsandMarkets, the large language model market is set to experience rapid growth, projected to surge from USD 6.4 billion in 2024 to USD 36.1 billion by 2030, at a CAGR of 33.2% during the forecast period of 2024–2030. The growing imperative for improved communication between humans and machines and escalating demand for automated content creation and curation, increasing accessibility of extensive datasets are driving forces propelling the large language model market forward.

Browse 393 market data Tables and 101 Figures spread through 448 Pages and in-depth TOC on "Large Language Model (LLM) Market - Global Forecast to 2030"

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By software, general-purpose LLMs segment to register the largest market share during the forecast period

General-purpose LLMs versatility enables applications across various industries, from customer service chatbots to content generation in marketing. Their adaptability to different tasks without significant retraining makes them highly attractive to businesses seeking cost-effective solutions. Additionally, advancements in model architecture and training techniques enhance their performance, allowing them to handle complex language tasks with greater accuracy and efficiency. Moreover, the increasing demand for AI-driven automation and natural language understanding further drives the adoption of general-purpose LLMs. With their ability to comprehend and generate human-like text, these models are becoming indispensable in automating repetitive tasks and enhancing user experiences across digital platforms. The convergence of these factors positions general-purpose LLMs as the frontrunners in capturing the largest market share in large language model market.

By modality, video segment is poised for the fastest growth rate during the forecast period

The proliferation of online video content across platforms like YouTube, TikTok, and streaming services has created an immense demand for LLM-powered video analysis and recommendation systems. Additionally, the advent of deep learning techniques such as few-shot learning, zero-shot learning and transfer learning, particularly in natural language processing (NLP) and computer vision, enables more sophisticated understanding and generation of video content. Furthermore, the integration of LLMs into video editing software facilitates advanced editing functionalities, such as automatic captioning and scene segmentation. As businesses increasingly recognize the value of video content for marketing and communication, the need for LLMs to analyze and generate such content grows exponentially.

By region, North America to account for the largest market during forecast period

North America is home to leading tech giants like Google, Microsoft, and OpenAI, which are at the forefront of developing and deploying LLMs. Their substantial investments in research and development, coupled with a robust ecosystem of skilled professionals, contribute to the region's dominance. Additionally, North America boasts a significant concentration of industries that heavily rely on LLMs, such as finance, healthcare, and e-commerce, driving the demand for these technologies. Moreover, the region's proactive approach toward adopting advanced technologies and its favorable regulatory environment further fuel market growth. As LLMs continue to evolve and penetrate various sectors, North America's market share is expected to expand, solidifying its position as the primary hub for LLM development and adoption.

Some major players in the large language model market include Google (US), OpenAI (US), Anthropic (US), Meta (US), Microsoft (US), NVIDIA (US), AWS (US), IBM (US), Oracle (US), HPE (US), Tencent (China), Yandex (Russia), Naver (South Korea), AI21 Labs (Israel), Hugging Face (US), Baidu (China), SenseTime (Hong Kong), Huawei (China).

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Large Language Model (LLM) Market Projected to reach $36.1 billion by 2030