Compact LLMs Challenge Giants in Real-World Applications
April 16, 2024
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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Sources

Forbes • Apr 16, 2024
Why Applications Built On Top Of GenAI Will Deliver AI's Value
DEV Community • Apr 16, 2024
BooookScore: A systematic exploration of book-length summarization in the era of LLMs