HOME Top Market Reports Artificial Intelligence Market by Technology (Deep Learning, Robotics, Digital Personal Assistant, Querying Method, Natural Language Processing, Context Aware Processing), Offering, End-User Industry, and Geography - Global Forecast to 2022

Artificial Intelligence Market by Technology (Deep Learning, Robotics, Digital Personal Assistant, Querying Method, Natural Language Processing, Context Aware Processing), Offering, End-User Industry, and Geography - Global Forecast to 2022

By: marketsandmarkets.com
Publishing Date: November 2016
Report Code: SE 4053

 

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The artificial intelligence (AI) market is expected to be worth USD 16.06 Billion by 2022, growing at a CAGR of 62.9% from 2016 to 2022. The base year used for this study is 2015 and the forecast period is from 2016 to 2022. This report provides a detailed analysis of the artificial intelligence market on the basis of technology, offering, end-user industry, and geography. Artificial intelligence is a consolidation of state-of-the-art technologies which are used to develop products which work similar to human intelligence.

Objectives of the Study

  • To define, describe, and forecast the artificial intelligence (AI) market segmented on the basis of technology, offering, end-user industry, and geography
  • To forecast the market size, in terms of value, for various segments with regard to four main regions, namely, North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW)
  • To provide detailed information regarding the major factors influencing the growth of the AI market (drivers, restraints, opportunities, and industry-specific challenges)
  • To strategically analyze the micromarkets with respect to the individual growth trends, future prospects, and contribution to the total market
  • To provide a detailed overview of the value chain of the AI market and analyze market trends through the Porter’s five forces analysis
  • To strategically profile the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders 
  • To analyze competitive developments such as partnerships and joint ventures, mergers  acquisitions, new product developments, expansions, and research and  development in the AI market

To estimate the size of the artificial intelligence market, top-down and bottom-up approaches have been followed in the study. This entire research methodology includes the study of annual and financial reports of top players, presentations, press releases; journals such as “The Zettabyte Era: Trends and Analytics” by Cisco Systems, Inc. (U.S.), Big Data (Artificial Intelligence) by EU Business Innovation Industry, The New Wave of Artificial Intelligence by Evry A/S (Norway), AI Meets Big Data by Umbel (U.S.), and Deep Learning Methods and Applications by Li Deng and Dong Yu; paid databases such as Google Finance, Factiva (By Dow Jones & Company), Yahoo Finance; and interviews with industry experts. Also, the average revenue generated by the companies according to the region was used to arrive at the overall artificial intelligence market size. This overall market size was used in the top-down procedure to estimate the sizes of other individual markets via percentage splits from secondary and primary research.

Artificial Intelligence Market

To know about the assumptions considered for the study, download the pdf brochure

The artificial intelligence ecosystem comprises hardware and platforms/services/software solutions providers such as Google Inc. (U.S.), IBM Corp. (U.S.), Microsoft Corporation (U.S.), General Vision Inc. (U.S.), Intel Corporation (U.S.), Numenta, Inc. (U.S.), Baidu, Inc. (China), Inbenta Technologies, Inc. (U.S.), and NVIDIA Corporation (U.S.).

Target Audience:

  • Artificial Intelligence module designers and manufacturers
  • Research organizations and consulting companies
  • Associations, forums, and alliances related to artificial intelligence
  • Investors
  • Startup companies
  • Raw material suppliers
  • Government and other regulatory bodies
  • Market research and consulting firms

Artificial Intelligence Market Scope:

By Technology

  • Deep Learning
  • Robotics
  • Digital Personal Assistant
  • Querying Method
  • Natural Language Processing
  • Context-Aware Processing

By Offering

  • Products
    • Hardware
    • Software
  • Services
    • Installation
    • Training
    • Support and Maintenance

By End-User Industry

  • Agriculture
    • Crop Monitoring
    • Automated Irrigation/Harvesting (GPS-Enabled) Systems
    • AI-Guided Drones
  • BFSI
    • Wealth Management
    • Fraud Detection
    • Automated Virtual Assistants
  • Manufacturing
    • Robot-Integrated CIM systems
  • Healthcare
    • Health Assistance and Medical Management
    • Drug Development
  •  Oil and Gas
    • Exploration and Production (E&P) Life Cycle
  • Media and Advertising
    • Facial Recognition Advertising
    • Customer Self-Service
  • Transportation and Automotive
    • Autonomous Guided Vehicles
    • Infotainment Human-Machine Interface
  • Retail
    • Product Recommendations
    • Autonomous In-Store Robots
  • Others (Law, Education)
    • Legal Informatics
    • Virtual Mentor

By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Rest of APAC
  • Rest of the World
    • Middle East
    • Africa
    • Latin America

Available Customizations:

With the given market data, MarketsandMarkets offers customizations according to the clients’ specific needs. The following customization options are available for the report:

Regional Analysis

Further breakdown of region/country-specific analysis

Company Information

Detailed analysis and profiling of additional market players (up to five)

Table of Contents

1 Introduction (Page No. - 16)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Scope of the Study
           1.3.1 Markets Covered
                     1.3.1.1 Geographic Scope
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology (Page No. - 20)
    2.1 Research Data
           2.1.1 Secondary Data
                     2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                     2.1.2.1 Key Data From Primary Sources
                     2.1.2.2 Key Industry Insights
                     2.1.2.3 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 28)

4 Premium Insights (Page No. - 33)
    4.1 Artificial Intelligence Market Expected to Prevail in North America
    4.2 Market, By Technology (2016–2022)
    4.3 Artificial Intelligence Market, By End-User Industry and Geography, 2016
    4.4 Market, By Geography (2016)
    4.5 Artificial Intelligence Market, By Offering (2016)

5 Market Overview (Page No. - 38)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 By Technology
           5.2.2 By Offering
           5.2.3 By End-User Industry
           5.2.4 By Geography
    5.3 Market Dynamics
           5.3.1 Drivers
                     5.3.1.1 Increasingly Large and Complex Dataset Driving the Need for AI
                     5.3.1.2 Adoption of AI for Improving Consumer Services
                     5.3.1.3 Growing Number of AI Applications
           5.3.2 Restraints
                     5.3.2.1 Lack of Availability of Cheaper Hardware to Develop AI-Enabled Products
                     5.3.2.2 Lack of Skilled Workforce
           5.3.3 Opportunities
                     5.3.3.1 Increasing Focus on Developing Human-Aware AI Systems
                     5.3.3.2 Widening Scope of AI Technologies Across R&D Sector Within High-Tech End-User Industries
           5.3.4 Challenges
                     5.3.4.1 Low Return on Investment
                     5.3.4.2 Creating Models and Mechanisms of Artificial Intelligence

6 Industry Trends (Page No. - 50)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Key Industry Developments
    6.4 Porter’s Five Forces Analysis
           6.4.1 Industry Rivalry
           6.4.2 Threat of Substitutes
           6.4.3 Threat of New Entrants
           6.4.4 Bargaining Power of Suppliers
           6.4.5 Bargaining Power of Buyers

7 Artificial Intelligence Market, By Technology (Page No. - 59)
    7.1 Introduction
    7.2 Deep Learning
    7.3 Robotics
    7.4 Digital Personal Assistant
    7.5 Querying Method
    7.6 Natural Language Processing
    7.7 Context-Aware Processing

8 Artificial Intelligence Market, By Offering (Page No. - 72)
    8.1 Introduction
    8.2 By Product
           8.2.1 Hardware
           8.2.2 Software
    8.3 Services
           8.3.1 Installation
           8.3.2 Training
           8.3.3 Support & Maintenance

9 Artificial Intelligence Market, By End-User Industry (Page No. - 79)
    9.1 Introduction
    9.2 Agriculture
           9.2.1 Crop Monitoring
           9.2.2 Automated Irrigation/Harvesting (GPS-Enabled) Systems
           9.2.3 AI-Guided Drone
    9.3 BFSI
           9.3.1 Wealth Management
           9.3.2 Fraud Detection
           9.3.3 Automated Virtual Assistants
    9.4 Manufacturing
           9.4.1 Robot Integrated Cim Systems
    9.5 Healthcare
           9.5.1 Health Assistance and Medical Management
           9.5.2 Drug Development
    9.6 Oil & Gas
           9.6.1 Exploration and Production (E&P) Life Cycle
    9.7 Media & Advertising
           9.7.1 Facial Recognition Advertising
           9.7.2 Customer Self-Service
    9.8 Transportation & Automotive
           9.8.1 Autonomous Guided Vehicles
           9.8.2 Infotainment Human-Machine Interface
    9.9 Retail
           9.9.1 Product Recommendations
           9.9.2 Autonomous In-Store Robots
    9.1 Others (Law and Education)
               9.10.1 Legal Informatics
               9.10.2 Virtual Mentor

10 Geographic Analysis (Page No. - 118)
     10.1 Introduction
     10.2 North America
               10.2.1 U.S.
               10.2.2 Canada
               10.2.3 Mexico
     10.3 Europe
               10.3.1 U.K.
               10.3.2 Germany
               10.3.3 France
               10.3.4 Rest of Europe
     10.4 APAC
               10.4.1 China
               10.4.2 Japan
               10.4.3 South Korea
               10.4.4 India
               10.4.5 Rest of APAC
     10.5 Rest of the World

11 Competitive Landscape (Page No. - 134)
     11.1 Overview
     11.2 Market Rank Analysis: Artificial Intelligence Market
     11.3 Competitive Situation and Trends
               11.3.1 New Product Developments and Launches
               11.3.2 Acquisitions
               11.3.3 Collaborations & Partnerships

12 Company Profiles (Page No. - 143)
     12.1 Introduction
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, Ratio Analysis, MnM View)*
     12.2 Google Inc.
     12.3 IBM Corporation
     12.4 Microsoft Corporation
     12.5 Nvidia Corporation
     12.6 Intel Corporation
     12.7 General Vision, Inc.
     12.8 Numenta, Inc.
     12.9 Sentient Technologies Holdings Ltd.
     12.10 Fingenius Limited
     12.11 Inbenta Technologies, Inc.

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

13 Appendix (Page No. - 171)
     13.1 Insights From Industry Experts
     13.2 Discussion Guide
     13.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     13.4 Introducing RT: Real Time Market Intelligence
     13.5 Available Customizations
     13.6 Related Reports
     13.7 Author Details


List of Tables (73 Tables)

Table 1 Currency Table
Table 2 AI Market, By Technology
Table 3 AI Market, By Offering
Table 4 AI Market, By End-User Industry
Table 5 Price Comparison: AI Hardware (Leading Players)
Table 6 Some of the Prominent Investments in AI Market in the Past Three Years
Table 7 Key Industry Trends: Development of New AI Algorithms and AI-Enabled Hardware Devices
Table 8 Artificial Intelligence Market, By Technology, 2013–2022 (USD Million)
Table 9 Artificial Intelligence Market for Deep Learning, By Offering, 2013–2022(USD Million)
Table 10 Artificial Intelligence Market for Deep Learning, By End-User Industry, 2013–2022(USD Million)
Table 11 Artificial Intelligence Market for Robotics, By End-User Industry, 2013–2022 (USD Million)
Table 12 Artificial Intelligence Market for Digital Personal Assistant, By End-User Industry, 2013–2022 (USD Million)
Table 13 Market for Querying Method, By End-User Industry, 2013–2022 (USD Million)
Table 14 Market for Natural Language Processing, By End-User Industry, 2013–2022 (USD Million)
Table 15 Artificial Intelligence Market for Context-Aware Processing, By End-User Industry, 2013–2022 (USD Million)
Table 16 Market, By Offering, 2013–2022 (USD Million)
Table 17 Market for Product, By Type, 2013–2022 (USD Million)
Table 18 Some of the Ongoing AI Software Development Projects
Table 19 Artificial Intelligence Market, By End-User Industry, 2013–2022 (USD Million)
Table 20 Artificial Intelligence Market for Agriculture, By Technology, 2013–2022 (USD Million)
Table 21 Market for Agriculture in North America, By Country, 2013–2022 (USD Million)
Table 22 Artificial Intelligence Market for Agriculture in Europe, By Country, 2013–2022 (USD Million)
Table 23 Market for Agriculture in APAC, By Country, 2013–2022 (USD Million)
Table 24 Artificial Intelligence Market for Agriculture in RoW, By Region, 2013–2022 (USD Million)
Table 25 Market for BFSI, By Technology, 2013–2022 (USD Million)
Table 26 Market for BFSI in North America, By Country, 2013–2022 (USD Million)
Table 27 Artificial Intelligence Market for BFSI in Europe, By Country, 2013–2022 (USD Million)
Table 28 Market for BFSI in APAC, By Country, 2013–2022 (USD Million)
Table 29 Artificial Intelligence Market for BFSI in RoW, By Region, 2013–2022 (USD Million)
Table 30 Market for Manufacturing, By Technology, 2013–2022 (USD Million)
Table 31 Artificial Intelligence Market for Manufacturing in North America, By Country, 2013–2022 (USD Million)
Table 32 Market for Manufacturing in Europe, By Country, 2013–2022 (USD Million)
Table 33 Market for Manufacturing in APAC, By Country, 2013–2022 (USD Million)
Table 34 Artificial Intelligence Market for Manufacturing in RoW, By Region, 2013–2022 (USD Million)
Table 35 Market for Healthcare, By Technology, 2013–2022 (USD Million)
Table 36 Market for Healthcare in North America, By Country, 2013–2022 (USD Million)
Table 37 Market for Healthcare in Europe, By Country, 2013–2022 (USD Million)
Table 38 Artificial Intelligence Market for Healthcare in APAC, By Country, 2013–2022 (USD Million)
Table 39 Market for Healthcare in RoW, By Region, 2013–2022 (USD Million)
Table 40 Artificial Intelligence Market for Oil & Gas, By Technology, 2013–2022 (USD Million)
Table 41 Market for Oil & Gas in North America, By Country, 2013–2022 (USD Million)
Table 42 Market for Oil & Gas in Europe, By Country, 2013–2022 (USD Million)
Table 43 Market for Oil & Gas in APAC, By Country, 2013–2022 (USD Million)
Table 44 Market for Oil & Gas in RoW, By Region, 2013–2022 (USD Million)
Table 45 Artificial Intelligence Market for Media & Advertising, By Technology, 2013–2022 (USD Million)
Table 46 Market for Media & Advertising in North America, By Country, 2013–2022 (USD Million)
Table 47 Artificial Intelligence Market for Media & Advertising in Europe, By Country, 2013–2022 (USD Million)
Table 48 Artificial Intelligence Market for Media & Advertising in APAC, By Country, 2013–2022 (USD Million)
Table 49 Market for Media & Advertising in RoW, By Region, 2013–2022 (USD Million)
Table 50 Market for Transportation & Automotive, By Technology, 2013–2022 (USD Million)
Table 51 Artificial Intelligence Market for Transportation & Automotive in North America, By Country, 2013–2022 (USD Million)
Table 52 Market for Transportation & Automotive in Europe, By Country, 2013–2022 (USD Million)
Table 53 Market for Transportation & Automotive in APAC, By Country, 2013–2022 (USD Million)
Table 54 Artificial Intelligence Market for Transportation & Automotive in RoW, By Region, 2013–2022 (USD Million)
Table 55 Artificial Intelligence Market for Retail, By Technology, 2013–2022 (USD Million)
Table 56 Market for Retail in North America, By Country, 2013–2022 (USD Million)
Table 57 Market for Retail in Europe, By Country, 2013–2022 (USD Million)
Table 58 Market for Retail in APAC, By Country, 2013–2022 (USD Million)
Table 59 Market for Retail in RoW, By Region, 2013–2022 (USD Million)
Table 60 Artificial Intelligence Market for Other Industries, By Technology, 2013–2022 (USD Million)
Table 61 Market for Other Industries in North America, By Country, 2013–2022 (USD Million)
Table 62 Market for Other Industries in Europe, By Country, 2013–2022 (USD Million)
Table 63 Market for Other Industries in APAC, By Country, 2013–2022 (USD Million)
Table 64 Market for Other Industries in RoW, By Region, 2013–2022 (USD Million)
Table 65 Artificial Intelligence Market, By Region, 2013–2022 (USD Million)
Table 66 Market in North America, By Country, 2013–2022 (USD Million)
Table 67 Market in Europe, By Country, 2013–2020 (USD Million)
Table 68 Market in APAC, By Country, 2013–2020 (USD Million)
Table 69 Market in RoW, By Region, 2013–2022 (USD Million)
Table 70 Ranking of the Key Players in the Artificial Intelligence Market, 2015
Table 71 New Product Launches and Developments, 2013–2016
Table 72 Acquisitions, 2013–2016
Table 73 Collaborations & Partnerships, 2013–2016
 
 
List of Figures (64 Figures)
 
Figure 1 Market Segmentation
Figure 2 AI Market: Research Design
Figure 3 Data Triangulation
Figure 4 Process Flow of Market Size Estimation
Figure 5 Artificial Intelligence Market Segmentation
Figure 6 Natural Language Processing Expected to Dominate the Artificial Intelligence Market During the Forecast Period
Figure 7 Services Segment Expected to Grow at the Highest Rate During the Forecast Period
Figure 8 Market, By End-User Industry (2016 vs 2022): Transportation & Automotive Expected to Hold the Largest Market Size During the Forecast Period
Figure 9 Market, By Geography, 2015
Figure 10 Attractive Growth Opportunities in the Artificial Intelligence Market
Figure 11 Natural Language Processor Expected to Hold the Largest Market Share During the Forecast Period
Figure 12 North America Expected to Hold the Largest Share of the Artificial Intelligence Market in 2016
Figure 13 The U.S. Holds the Largest Share of the Global Market (2016)
Figure 14 Market Segmentation, By Geography
Figure 15 Growing Number of Applications of AI Technologies in Various Industry Verticals Driving the Growth of the Market
Figure 16 IP Traffic Growth Projections Till 2020
Figure 17 Value Chain Analysis: Major Value Added During Component Development and Device Integrator Phase in 2015
Figure 18 Porter’s Five Forces Analysis, 2015
Figure 19 AI Market: Porter’s Five Forces Analysis, 2015
Figure 20 Industry Rivalry Had A High Impact on AI Market in 2015
Figure 21 Threat of New Entrants Had High Impact on AI Market in 2015
Figure 22 Bargaining Power of Suppliers Had Low Impact on AI Market in 2015
Figure 23 Bargaining Power of Buyers Had Low Impact on AI Market in 2015
Figure 24 Artificial Intelligence Market, By Technology
Figure 25 Market for Natural Language Processing Technology Expected to Grow at the Highest Rate From 2016 to 2022
Figure 26 Manufacturing Industry Expected to Lead the Market for Robotics Between 2016 and 2022
Figure 27 Transportation and Automotive Would Lead the Querying Method Technology Market During 2016-2022
Figure 28 Media & Advertising Industry to Hold A Major Share of the Natural Language Processing Technology Market By 2022
Figure 29 Market for Services Segment to Grow at the Highest Rate From 2016 to 2022
Figure 30 Software Segment Held the Largest Market Share Throughout the Forecast Period
Figure 31 Artificial Intelligence Market Segmentation, By Service
Figure 32 Healthcare Industry Expected to Exhibit the Highest Growth From 2016 to 2022
Figure 33 China to Dominate the Agriculture Industry in APAC During the Forecast Period
Figure 34 Germany Expected to Lead the AI Market for BFSI From 2016 to 2022
Figure 35 The U.S. Led the Market for AI Technology in Manufacturing in 2015
Figure 36 China to Witness the Highest Growth Rate in the AI Market for Healthcare in APAC
Figure 37 Latin America Expected to Lead the Market for Oil & Gas Industry From 2016 to 2022
Figure 38 Germany Expected to Hold A Major Market Share From 2016 to 2022
Figure 39 U.S. to Hold A Major Share of the Market From 2016 to 2022
Figure 40 Germany to Hold A Major Share of the European Market Share From 2016 to 2022
Figure 41 The U.S. to Witness Significant Growth for the Other Industries From 2016 to 2022
Figure 42 Rapidly Growing Markets Such as the U.S., China, and India are Emerging as the New Hot Spots in the AI Market
Figure 43 Market in North America Expected to Grow at the Highest CAGR From 2016 to 2022
Figure 44 Demand Expected to Be Driven By the Media & Advertising Sector in North America
Figure 45 U.S. Led the North American Artificial Intelligence Market in 2016
Figure 46 Demand Expected to Be Driven By the Transportation & Automotive Sector in Europe
Figure 47 AI Market in Rest of Europe to Expected to Grow at the Highest Rate From 2016 to 2022
Figure 48 Demand Expected to Be Driven By Transportation & Automotive Sector in APAC
Figure 49 China to Hold the Major Market Share From 2016 to 2022
Figure 50 Demand to Be Driven By Transportation & Automotive Sector in Rest of the World
Figure 51 Latin America Expected to Lead the AI Market in RoW During the Forecast Period
Figure 52 Companies Adopted New Product Development as the Key Growth Strategy Between 2013 and 2016
Figure 53 Battle for Market Share: New Product Development Was the Key Strategy Between 2013 and 2015
Figure 54 Geographic Revenue Mix of Top 5 Players in 2015
Figure 55 Google, Inc.: Company Snapshot
Figure 56 Google, Inc.: SWOT Analysis
Figure 57 IBM Corporation: Company Snapshot
Figure 58 IBM Corporation: SWOT Analysis
Figure 59 Microsoft Corporation: Company Snapshot
Figure 60 Microsoft Corporation: SWOT Analysis
Figure 61 Nvidia Corporation: Company Snapshot
Figure 62 Nvidia Corporation: SWOT Analysis
Figure 63 Intel Corporation: Company Snapshot
Figure 64 Intel Corporation: SWOT Analysis

The artificial intelligence (AI) market is expected to be worth USD 16.06 Billion by 2022, at a CAGR of 62.9% between 2016 and 2022. The major drivers for the growth are increasingly large and complex datasets and Growing number of AI applications in various end-user industries. Moreover, the increasing adoption of AI-enabled products and software tools to improve consumer services further accelerate its market growth.

Of all the major end-user industries, transportation and automotive holds the largest share of the artificial intelligence market. The market for the healthcare end-user industry is expected to grow at the highest rate in the artificial intelligence market from 2016 to 2022, followed by the agriculture and media and advertising industry.

Among the various AI technologies covered in this report, natural language processing and robotics are the largest contributors to the overall artificial intelligence market. The increasing adoption of natural language processing for the improvement of consumer services in the retail sector is one of the major factors contributing to its growth in the AI market. Moreover, the use of natural language processing in several AI applications such as car infotainment system, AI robots, and AI-enabled smartphones, among others further drives its growth in the global AI market. Moreover, the adoption of robotics for the development of factory robots for industry automation and various government initiatives such as Industry 4.0 and smart manufacturing further boost the growth of the market for robotics.

On the basis of offering, the AI market has been segmented into products (software and hardware) and services. The products segment held the major market share and is expected to hold its position till 2022. The significant recent developments of new AI-enabled software and hardware products are the key factors leading to the dominance of this segment.

Artificial Intelligence Market

Of all the regions, North America held the largest market share and is expected to grow at the highest CAGR from 2016 to 2022. The widening applications of AI in various end-user verticals such as media and advertising, agriculture, BFSI, retail, transportation and automotive, and consumer electronics majorly drive the growth of this market. Alongside this, the strong presence of multinational and domestic AI products and software development companies in the region has given further traction to the growth of the AI market in the region.

One of the key restraining factors for this market is the lack of low-cost and energy-efficient hardware, which restrains its adoption among small and medium businesses and impedes the growth of the artificial intelligence market. Google Inc. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), NVIDIA Corporation (U.S.), and Intel Corporation (U.S.) are some of the leading players in the market as of 2015. These companies are investing significantly in their respective research and development (R&D) divisions and focus on organic strategies for development. NVIDIA Corporation (U.S.) and IBM Corporation (U.S.) are particularly aiming to develop AI hardware with better computational efficiency. On the other hand, Google Inc. (U.S.) is focusing on new product development to drive its market growth. For instance, Google launched a new smartphone “Pixel”, which is equipped with indigenously developed hardware and software. Along with various other state-of-the-art features, this is Google’s first phone which includes Google Assistant, a natural language processing tool which can help the users to find answers and assist them in their day to day activities.

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