Compact LLMs Challenge Giants in Real-World Applications

April 17, 2024
Compact LLMs Challenge Giants in Real-World Applications
  • The global Large Language Model (LLM) market is expected to grow from USD 6.5 billion in 2024 to USD 140.8 billion by 2033, with a CAGR of 40.7%.

  • AI21 Labs, Open AI, Meta, Tencent, and others are anticipated to lead the LLM market, with particular growth in zero-shot, multimodal models, chatbots, and virtual assistants.

  • The retail & e-commerce sector is predicted to be the leading adopter of LLMs in 2024, followed by the media and entertainment industries.

  • Research indicates that LLMs can significantly improve personalized recommendations in recommender systems, yet there are concerns regarding domain adaptation, privacy, and ethical issues.

  • Studies call for further research to enhance LLMs' performance in summarizing long content and to establish robust safeguards against misuse.

  • Smaller LLMs, exemplified by the FLAN-T5 model, show promise in providing cost-effective, competitive performance for tasks like meeting summarization, signaling a potential shift towards more efficient LLMs in industrial applications.

Summary based on 15 sources

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