Small Language Models (SLMs) are like the leaner, more efficient cousins of large language models. They have significantly fewer parameters (millions to a few billion), making them require less processing power and cost less to train. This allows them to be deployed on mobile devices and resource-constrained environments, excel in specific tasks through fine-tuning, and offer faster processing times for real-time applications like chatbots. While their capabilities are narrower, their efficiency and affordability make them a valuable tool in various fields.