Text Classification in the LLM Era -- Where do we stand?

Large Language Models revolutionized NLP and showed dramatic performance improvements across several tasks. In this paper, we investigated the role of such language models in text classification and how they compare with other approaches relying on smaller pre-trained language models. Considering 32 datasets spanning 8 languages, we compared zero-shot classification, few-shot fine-tuning and synthetic data based classifiers with classifiers built using the complete human labeled dataset. Our results show that zero-shot approaches do well for sentiment classification, but are outperformed by other approaches for the rest of the tasks, and synthetic data sourced from multiple LLMs can build better classifiers than zero-shot open LLMs. We also see wide performance disparities across languages in all the classification scenarios. We expect that these findings would guide practitioners working on developing text classification systems across languages.