UBS Global Wealth Management expects AI to become a $90 billion industry by 2025
Per Business Insider
UBS Global Wealth Management shares its bullish sentiments on AI amid the popularity of ChatGPT. It estimates that the artificial intelligence industry will reach $90 billion by 2025.
The group estimates that there will be a 20% compound annual growth rate for AI hardware and services. The division's Chief Investment Officer Americas, Solita Marcelli, estimates the market could reach $90 billion by 2025.
Marcelli: "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,"
IDC and Bloomberg Intelligence data revealed the estimated market worth of artificial intelligence in 2020. During that time, it was estimated that the market was worth $36 billion.
Marcelli: "We think the early success for chatbots could drive attract more technology talent, and drive faster adoption by enterprises and governments,"
This comes as ChatGPT took just two months to get 100 million monthly active users, per Reuters. Artificial intelligence has been venturing past chatbot technology into media, healthcare, and even aviation, among others.
An example of a business that saw a massive surge was BuzzFeed, which saw a 200% increase in just a day after announcing that it would use AI to boost its editorial content.
Marcelli: "We view ChatGPT and other large language models as engines that will eventually power human interactions with computer systems in a familiar, natural, and intuitive way, and see strong interest from enterprises to integrate conversational AI into their existing ecosystem,"
A list of jobs that could be replaced with ChatGPT has been revealed, with some of them being journalism, software engineering, financial analysts, and even customer service agents among others.
While other companies are adopting ChatGPT, Walmart has decided to block it from employees, saying staff shouldn't share customer info with the AI tool among its new guidelines.
See flow at unusualwhales.com/flow.
Other News:
- OpenAI could replace numerous jobs
- Walmart blocked ChatGPT with new guidelines barring employees from sharing customer info with the AI tool
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