By better capitalizing on dataartificial intelligence (AI) could boost the global economy by up to $15.7 trillion by 2030according to a report first published in Israel by Bank of America.
The “Thematic Investing” report, written and prepared by Israeli Haim Israel, Bank of America’s head of Global Thematic Investing Research, was first sent to banking stakeholders last month. This week, Israel provided a copy of the report to The Jerusalem Post.
According to Israel’s predictions, the global AI market, which includes software, hardware and services, could reach 900,000 million dollars by the end of 2026.
Although AI has been around for some 70 years, according to Israel, the world is only now about to experience the AI revolution. The country compares the situation with the “iPhone moment” of the early 2000s or the internet boom of the 1990s.
“We are at a decisive moment”
Haim Israel conversion with the aforementioned medium and said that “We are at a decisive moment” and that AI “is not about technology, it is a revolution”.
In his report, he highlights how more data is created in an hour today than in an entire year just two decades ago and the rate of global data production is expected to double every two years.
Furthermore, as generative AI, which enables machines to understand natural language and produce human-like dialogue and content, is adopted by the masses, society will be able to better and more fully capitalize on the data produced.
“It took ChatGPT just five days to reach 1 million users, a cumulative 1 billion views in three months, and an adoption rate that is three times that of TikTok and 10 times that of Instagram.Israel mused.
“Technology is developing exponentially. Over the past decade, the computing power to train AI data sets has doubled every three months, exceeding Moore’s Law by six times. In the last four years, the number of parameters for large language models has grown 1900 times. And within a decade, AI models could be 1 million times more powerful than current ChatGPT.”.