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- UBS predicted that the artificial intelligence hardware and services market will hit $90 billion by 2025.
- It was worth around $36 billion in 2020, per IDC and Bloomberg Intelligence data.
- "We think the early success for chatbots could drive attract more technology talent, and drive faster adoption by enterprises and governments," UBS said.
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.
UBS Global Wealth Management forecasts that the AI hardware and services market will grow by a 20% compound annual growth rate and hit $90 billion by 2025, Solita Marcelli, the division's Chief Investment Officer Americas, wrote in a client note on Tuesday.