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.