AI is expanding at the speed of thought. Headlines breathlessly announce updates in this realm every week. The large language model (LLM) market size is projected to reach $259,817.73 million by 2030 from $1,590.93 million in 2023, with a CAGR 79.80% during 2024-2030. Since ChatGPT-3 sprang into the market just over one year ago, its use has exploded, and top technology companies have introduced their own large language models (LLMs) in rapid succession, each platform jockeying for the top position as the technology skyrockets further. Each claims to have the best AI tools for business. Here, we’ll look at who’s in front of the race, and which LLM platforms are best for your business.
What Can a Large Language Model Do?
While each LLM has its strengths and limitations, the market is fluid, as updates regularly leapfrog each other and capabilities keep improving. Humans are using these models to make communications and operations more effective and efficient. Today’s marketers leverage AI to run customer service chatbots, generate copious lines of code, manage big data, and expedite a number of specific business functions including content generation, audio transcription summaries and paraphrasing, as well as translations.
This is just the start. While not recommended as the final authority for these functions, AI can produce first drafts that can be thoroughly reviewed by a real person to add a much-needed personal touch, update information, tie to past experiences, and correct for inaccuracies.
Since they exploded on the scene, they’ve transformed almost all industries. So which LLM is winning the race for best AI tools for business? They’re neck and neck in some cases, and the race changes every day. But at this moment, here’s how they stack up:
ChatGPT-4 is currently the top LLM platform, boasting the ability to create code and functions, and offers a library of plugins. With the correct prompts, it does an excellent job of text summarizing and even generating copy. Its multilingual translation is also very good, and the image generator function is popular. Open AI is currently adding “memory” for ChatGPT, a feature that enables its chatbot to remember your interactions and other information about you. Whether you tell it to remember directly or not, it will store this information and use it, making it easier than ever to use.
Related: Chat GPT Knows Enough to Be Dangerous.
Anthropic itself is also a strong competitor to Google, as it is attracting large amounts of funding. Its architecture is more advanced than most LLMs, so it can process more and make better predictions.
Related: What is Claude.AI and How Does it Differ from ChatGPT?
Related: Chat GPT Vs. Bard: Battle of the AI Chatbots.
The potential for LLMs is endless. They can create quality content, including articles, product descriptions, website copy, and more. It can also power chatbots to help improve the user experience and increase website traffic. Further, AI makes transcription easier, saving time and resources. It can also translate websites into different languages. It has the ability to recommend products or content to users based on past preferences, further personalizing their experience and building loyalty and engagement.
However, be careful. LLMs still hallucinate, often making up facts. Many times their database only reaches up through 2023 or earlier, so information is not completely up-to-date. Finally, their content always needs the touch of a human to assure connection and accuracy.
As with so many questions, it depends. For a free LLM solution that is dependable and easy to use, try ChatGPT-3.5, which will reliably generate content, transcribe, and translate information. Gemini and claude.ai’s free service are also great free options. For an LLM that provides better, more updated content, you can subscribe to ChatGPT-4. It is clearly the overall winner right now in terms of subscribers. It started with a million users in five days, expanded to 100 million in two months, and now counts about 180 million every month.
However, Falcon, Llama, and Cohere are also hot on their heels and offer substantial benefits, including excellent multilingual support and predictions. They also offer some of the best AI tools for business. If you’re having trouble deciding, register for our upcoming webinar "AI for Small Marketing Teams: Implementing Smart Tools for Smart People" to discover how to revolutionize your marketing efforts with tips from our experts. It’s a win-win.