Alphabet& # 39; S (NASDAQ: GOOG) (NASDAQ: GOOGL) Google gets a lot of attention for its artificial intelligence (AI) activities, mainly because the company is so good at applying artificial intelligence to a variety of companies. Consider that Google's main advertising activity uses artificial intelligence to determine which ads to offer users online and the AI assistant of the company, the Google Assistant, is one of the best voice search services available. Or that Waymo, already a self-produced Google project, has driven 11 billion autonomous miles on public roads and even has its own trucking service for autonomous commercial vehicles.
But aside from Google's impressive artificial intelligence movements, many other players are applying artificial intelligence to key parts of their businesses and should benefit from what is expected to be a $ 15.7 billion market in 2030. If you are in the market for an artificial intelligence title that is not Alphabet, then take a look Microsoft (NASDAQ: MSFT), Baidu (NASDAQ: BIDU), is Amazon (NASDAQ: AMZN).
The technology giant is one of the largest cloud computing companies in the world right now, but it also has its goals on AI. At the beginning of 2018, Microsoft CEO Satya Nadella stated that "IA is the execution time that is shaping everything we do".
One of the most important ways Microsoft benefits from IA is the cloud computing business. This is because the lines between AI and cloud computing are beginning to get confused. The cloud computing market is expanding as developers and companies try to automate most of their software and find more efficient ways to collect data.
Microsoft is the second public cloud computing company, behind Amazon, which means that as IA grows, Microsoft's business is likely to grow along with it. The company has already integrated many IA services into its Azure cloud computing platform, including object recognition and voice translation.
AI's integration with Azure is important because Microsoft's Azure revenues have risen by 73% in the most recent quarter and the broader cloud computing market will be worth $ 278 billion by 2021.
It can be easy to assume that most AI companies worth investing in the United States are based in the United States, but investors should not overlook what some companies based in China, particularly Baidu, are doing.
Baidu uses artificial intelligence to improve its massive online search tool, but it also uses artificial intelligence to make cars drive by themselves a reality. The company's autonomous vehicle project, Apollo, is an open source software platform that Baidu says will help drive autonomous cars on China's roads by 2021.
While the completely autonomous cars are still far away, Baidu has already conducted tests on autonomous vehicles in the United States and China, driving over 1 million autonomous miles in 13 Chinese cities. Baidu has also recently partnered with Toyota to bring Apollo to some of the automaker's future autonomous buses and to study self-driving vehicles together.
Why is autonomous driving so important for Baidu? First, because China is the largest automotive market in the world, so whatever happens in transport is a big problem. Secondly, the Chinese driverless car market is set to become a $ 500 billion industry within a decade from now.
Last but certainly not least is Amazon, which has a growing list of ways to benefit from AI. First, Amazon CEO Jeff Bezos stated in a letter from an investor two years ago that machine learning, a type of artificial intelligence, directs everything from forecasting product demand to product search ranks and to the recommendations on his website. This means that Amazon considers the IA an integral part of the operation of almost all its e-commerce activities.
Second, the company benefits from AI in the same way as Microsoft, through cloud computing. Amazon Web Services (AWS) is the dominant cloud computing platform and continuously integrates AI services. For example, developers can use facial recognition, voice translation and a number of other AI services via AWS. AI's integration is important to Amazon because AWS is now the main profit generator of the company.
Third, Amazon has integrated its smart assistant Alexa into a plethora of devices and services over the past few years and has made strategic partnerships to bring Alexa to third-party devices. These moves have helped the company become one of the leaders in the connected home market, allowing it to use artificial intelligence to learn even more about the things its customers buy and when they buy them.
IA services will slowly take control of industries and influence many companies, so if you're trying to take advantage of this growing trend, there is no shortage of companies that bet on that. The important thing to remember is that artificial intelligence cannot always take the form of digital assistants and self-driving cars.
If you look at how companies like Microsoft, Baidu and Amazon are integrating artificial intelligence to boost their business, you'll see that the growing artificial intelligence market is more than just a hoax.
This article was originally published in Fool.com.
All figures shown in US dollars, unless otherwise specified.
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Chris Neiger has no position in any of the stocks mentioned. John Mackey, CEO of Whole Foods Market, a subsidiary of Amazon, is a member of the board of directors of The Motley Fool. Suzanne Frey, director of Alphabet, is a member of the board of directors of The Motley Fool. Teresa Kersten, an employee of LinkedIn, a subsidiary of Microsoft, is a member of the board of directors of The Motley Fool. The Motley Fool The Australian parent company Motley Fool Holdings Inc. owns shares and recommends Alphabet (A shares), Alphabet (C shares), Amazon, Baidu and Microsoft. Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares) and Amazon. We Fools may not all have the same opinions, but we are all convinced that, considering a wide range of insights, we have become better investors. The Motley Fool has a disclosure policy. This article contains only general investment recommendations (with AFSL 400691). Authorized by Scott Phillips.
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