Artificial intelligence is on the brink of a revolutionary “iPhone moment” whereby it will boost the world economy by $15.7 trillion by 2030, Bank of America strategists predict.

In a Tuesday note to clients, BofA list four reasons why AI will transform industries, as Business Insider reports.

The four driving factors driving the AI revolution:

• Democratization of data
• Unprecedented mass adoption
• Warp-speed technological development
• Abundant commercial uses

With no high barrier to entry, large language models like ChatGPT make massive amounts of data available to everyone, BofA said.

Within a decade, AI could be one million times more powerful than it is today, fueling an ever-increasing rate of technological development, BofA said.

“Every sector will be impacted — but the immediate beneficiaries include tech hardware (semis, GPUs, data centers), software (cloud, analytics) and cyber (phising),” the Bank of America strategists wrote.

“We are at a defining moment — like the Internet in the 90s — where artificial intelligence is moving towards mass adoption, with large language models like ChatGPT finally enabling us to fully capitalize on the data revolution,” they said.

AI today has already progressed beyond merely being able to read and write, to being capable of understanding content and natural language, according to BofA.

The strategists point out: “It took ChatGPT just 5 days to reach 1 million users, 1 billion cumulative visits in 3 months, and an adoption rate which is 3x TikTok’s and 10x Instagram’s. The technology is developing exponentially.”

UBS, in its own client note Tuesday, pointed to nearer-term financial upsides of AI technology and investments, predicting that the AI market will reach $90 billion by 2025, up from $36 billion in 2020, according to IDC and Bloomberg data.

“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,” wrote Solita Marcelli, lead analyst in UBS Global’s wealth management unit.