AI is set to boom into a $90 billion industry by 2025 as ChatGPT generates investment frenzy, UBS Wealth Management CIO says
Buzzy artificial intelligence tools like ChatGPT have caused a renewed interest in the industry, with Wall Street giants predicting that the AI market will grow by several multiples in the next few years.
"Our estimate may prove to be conservative as growth in [large language models] and other generative AI technologies could be even faster than we expect given advancements in machine learning and deep learning capabilities," the note reads.ChatGPT is the fastest-growing consumer application in history,just two months after its public launch in late November, per analytics firm Similarweb.
The market forecast predicates itself on AI being a"horizontal technology," meaning that it has important use cases across various industries. So far, AI has been integrated into businesses, spanning across media, healthcare, and aviation, to name a few. Investors are taking advantage of the frenzy, with a boost in share price for certain companies that integrate or use AI.
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