According to a new report, published by KBV research, The Global Large Language Model Market size is expected to reach $33.1 billion by 2030, rising at a market growth of 34.3% CAGR during the forecast period.
The collaborative nature of federated learning allows large language models to learn from diverse datasets distributed across many devices. This is especially advantageous in scenarios where a centralized dataset may not adequately capture the richness and diversity of language usage across different regions, cultures, or industries.
The Cloud segment is experiencing a CAGR of 35.6% during (2023 - 2030). Cloud platforms provide scalable infrastructure, allowing organizations to easily scale their computational resources based on the demands of training and deploying large language models. This flexibility is crucial for handling varying workloads and accommodating the resource-intensive nature of training sophisticated models. Thus, the segment will expand rapidly in the upcoming years.
The Retail & E-commerce segment is leading the Global Large Language Model Market by Vertical in 2022; thereby, achieving a market value of $9.7 billion by 2030. Large language models enable more sophisticated natural language processing capabilities, allowing retailers to implement advanced search functionalities. Customers can now use conversational language to search for products, and the models can provide more accurate and context-aware search results. Hence, these factors will lead to increased demand in the segment.
The Customer Service segment is registering a CAGR of 34% during (2023 - 2030). Large language models enable customer service systems to operate round the clock, responding instantly to user inquiries. This real-time engagement enhances customer satisfaction by addressing queries promptly and catering to a global audience across different time zones. Thus, the segment will expand rapidly in the upcoming years.
Full Report: https://www.kbvresearch.com/large-language-model-market/
The North America region dominated the Global Large Language Model Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $11.6 billion by 2030. The Europe region is anticipating a CAGR of 33.8% during (2023 - 2030). Additionally, The Asia Pacific region would exhibit a CAGR of 35.2% during (2023 - 2030).
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