| Source: Research and Markets
Dublin, June 03, 2025 (GLOBE NEWSWIRE) — The “Large Language Model (LLM) Market Opportunities and Strategies to 2034” report has been added to ResearchAndMarkets.com’s offering.
This report describes and explains the large language model (LLM) market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global large language model (LLM) market reached a value of nearly $6.33 billion in 2024, having grown at a compound annual growth rate (CAGR) of 29.85% since 2019. The market is expected to grow from $6.33 billion in 2024 to $25.22 billion in 2029 at a rate of 31.83%. The market is then expected to grow at a CAGR of 30.49% from 2029 and reach $95.45 billion in 2034.
The global large language model (LLM) markets are fragmented, with a large number of players operating in the market. The top 3 competitors in the market made up 8.92% of the total market in 2023. OpenAI was the largest competitor with a 1.56% share of the market, followed by Google LLC with 1.42%, Microsoft Corporation with 1.36%, Meta Platforms Inc. with 1.05%, Amazon.com Inc. with 0.89%, International Business Machines (IBM) Corporation with 0.82%, Baidu Inc. with 0.59%, Alibaba Group Holding Limited with 0.59%, Databricks Inc. with 0.33% and DataRobot Inc. with 0.31%.
North America was the largest region in the large language model (LLM) market, accounting for 36.79% or $2.33 billion of the total in 2024. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the large language model (LLM) market will be Asia-Pacific and South America where growth will be at CAGRs of 35.82% and 32.65% respectively. These will be followed by North America and Eastern Europe where the markets are expected to grow at CAGRs of 30.78% and 30.35% respectively.
The large language model (LLM) market is segmented by model size into below 100 billion parameters, 100 billion to 500 billion parameters and above 500 billion parameters. The below 100 billion parameters market was the largest segment of the large language model (LLM) market segmented by model size, accounting for 59.08% or $3.74 billion of the total in 2024. Going forward, the above 500 billion parameters segment is expected to be the fastest growing segment in the large language model (LLM) market segmented by model size, at a CAGR of 33.62% during 2024-2029.
The large language model (LLM) market is segmented by architecture into autoregressive language models, autoencoding language models, hybrid language models and other architectures. The autoregressive language models market was the largest segment of the large language model (LLM) market segmented by architecture, accounting for 53.32% or $3.37 billion of the total in 2024. Going forward, the hybrid language model segment is expected to be the fastest growing segment in the large language model (LLM) market segmented by architecture, at a CAGR of 33.48% during 2024-2029.
The large language model (LLM) market is segmented by deployment into cloud and on-premises. The on-premises market was the largest segment of the large language model (LLM) market segmented by deployment, accounting for 57.87% or $3.66 billion of the total in 2024. Going forward, the cloud segment is expected to be the fastest growing segment in the large language model (LLM) market segmented by deployment, at a CAGR of 32.44% during 2024-2029.
The large language model (LLM) market is segmented by industry into healthcare, finance, retail and e-commerce, media and entertainment and other industries. The retail and e-commerce market was the largest segment of the large language model (LLM) market segmented by industry, accounting for 27.16% or $1.72 billion of the total in 2024. Going forward, the media and entertainment segment is expected to be the fastest growing segment in the large language model (LLM) market segmented by industry, at a CAGR of 35.21% during 2024-2029.
The top opportunities in the large language model (LLM) markets segmented by model size will arise in the below 100 billion parameters segment, which will gain $11.86 billion of global annual sales by 2029. The top opportunities in the large language model (LLM) markets segmented by architecture will arise in the autoregressive language models segment, which will gain $10.21 billion of global annual sales by 2029. The top opportunities in the large language model (LLM) markets segmented by deployment will arise in the on-premises segment, which will gain $10.68 billion of global annual sales by 2029. The top opportunities in the large language model (LLM) markets segmented by industry will arise in the retail and e-commerce segment, which will gain $5.21 billion of global annual sales by 2029. The large language model (LLM) market size will gain the most in the USA at $5.61 billion.
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