Small language models (SLMs) are compact AI systems designed for efficient processing of text data, suitable for various applications such as chatbots, text generation, and language understanding in constrained environments. They are distinguished from large language models (LLMs) by their smaller size, less complex architecture, and lower computational requirements. Key differences between SLMs and LLMs: Criteria Large Language Models (LLMs) Small Language Models (SLMs) Expansive architectures with billions of parameters Streamlined architectures with fewer parameters Complexity Intricate and deep neural networks More straightforward architecture, less intricate Training requirements Massive, diverse datasets for comprehensive understanding Limited datasets, tailored for specific tasks Computational requirements Significant resources, advanced hardware required Tailored for low-resource settings, suitable for standard hardware Applications Ideal for advanced NLP tasks, creative text generation Suited for mobile apps, IoT devices, resource-limited settings Accessibility Less accessible due to resource demands and specialized hardware/cloud computing More accessible, deployable on standard hardware and devices Size To leverage small language models effectively, fine-tuning is crucial to align their capabilities with specific business needs or niche tasks. Fine-tuning smaller models can be considerably less expensive regarding computational resources and data volume required. Examples of small language models include: OpenELM Model by Apple: Efficient language model family designed for efficiency and scalability, varying from 270 million to 3 billion parameters. Microsoft's Phi-3: Smallest model in the family is Phi-3-mini with 3.8 billion parameters, achieving performance comparable to larger models. Experimenting with small language models for hyper-specific tasks that can run locally is an active area of interest. Researchers believe there is room for many small models trained to perform well-defined tasks, such as code adjustments from one framework version to another