One financial expert is predicting the artificial intelligence industry will grow by leaps and bounds and is forecasting $1 trillion in revenues for the industry over the next 30-plus years.

In a recent Morgan Stanley wealth management blog, senior market strategist Scott Helfstein says developments in AI are sure to have an impact on business so it's important to know how to invest in this area. 

"The emergence of intelligent machines, sometimes known as 'the fourth industrial revolution,' has the power to disrupt many aspects of the business world," Helfstein writes in his piece. "While investment in AI and machine learning has come in and out of vogue since first discussed in the 1950s, the current mix of economic forces could unleash a wave of spending."

In his article, Helfstein explains that automation is expected to replace the projected shortfall of U.S. workers along with other countries such as Japan and China. He suggests looking into companies that use the basic technology of automation services. 

"While many investors might begin their search among the companies that provide the actual automation services, they may find greater opportunities in firms that supply raw inputs required by AI algorithms or in the companies that use the core technologies to improve their primary business," Helfstein writes. "My advice for investors: Gain exposure to the technology across the AI ecosystem — upstream, core and downstream," he writes. 

Helfstein defines "upstream" as those companies that supply the raw materials for AI technology and "core" as those companies developing the applications for the AI.