Tech giants are hungry for artificial intelligence.
In a race to create the best AI solutions in an increasingly hot sector, U.S. tech behemoths like Alphabet's Google and iPhone maker Apple have been quietly snapping up dozens of artificial intelligence companies over the last five years, according to a recent report from analysis firm CB Insights.
The firm's data sheds new light on a trend that's been evolving for years. Nearly 140 private companies working to advance AI technology have been acquired since 2011, including 40 buyouts just this year, CB noted.
From Google's Assistant to Apple's Siri; Microsoft's Cortana to Facebook chatbots, tech companies appear to be locked in a fierce competition to create autonomous technology that can understand users' needs, and provide information quickly and reliably, CB Insights noted. In addition, companies like AOL, IBM and Yahoo were also among the acquirers, CB said.
The report comes as Silicon Valley makes increasingly aggressive inroads into AI, and last week, Microsoft created an artificial intelligence unit of its own. It's a hot market that research firm Tractica estimates will balloon from $643.7 million in 2016 revenues to $38.8 billion by 2025.