Global Quantum Artificial Intelligence (AI) Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Quantum artificial intelligence (AI) is the integration of quantum computing and artificial intelligence (AI), leveraging the principles of quantum mechanics to enhance AI capabilities. Quantum computers process information at the quantum level, enabling them to handle complex computations exponentially faster than classical computers. These applications aim to tackle challenges that are currently infeasible for classical AI systems, offering unprecedented advancements across various industries.

Sizing and Forecast
The quantum AI market size has grown exponentially in recent years. It will grow from $0.21 billion in 2023 to $0.29 billion in 2024 at a compound annual growth rate (CAGR) of 38.7%. The growth in the historic period can be attributed to the global embrace of quantum-safe security measures, collaboration between quantum computing and AI research communities, exploration of quantum machine learning algorithms, government initiatives and funding, and increasing demand for advanced computing solutions.

The quantum AI market size is expected to see exponential growth in the next few years. It will grow to $1.07 billion in 2028 at a compound annual growth rate (CAGR) of 38.8%. The growth in the forecast period can be attributed to increasing need for quantum-safe AI security, integration of quantum computing in cloud services, advancements in quantum hardware and qubit stability, rise in quantum cloud services and quantum as a service (QaaS), and advancements in quantum hardware components. Major trends in the forecast period include advancements in quantum computing technology, advancement of quantum AI technologies, collaborative initiatives, initiation of cloud-based deployment, and development of quantum neural networks.

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Segmentation & Regional Insights
The quantum artificial intelligence (AI) market covered in this report is segmented –
1) By Component: Software, Hardware, Services
2) By Deployment Model: Cloud-Based, On-Premises
3) By Application: Machine Learning And Optimization, Cryptography And Security, Simulation And Modeling, Other Applications

North America was the largest region in the quantum AI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum artificial intelligence (AI) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing number of data breaches is expected to propel the growth of the quantum AI market going forward. Data breaches refer to incidents where sensitive, protected, or confidential data is accessed, stolen, or used by unauthorized individuals or entities. The Internet of Things (IoT) and the rise of connected devices in various industries have increased the number of potential entry points for cyber attacks, making it more challenging to secure all endpoints effectively. Quantum AI can help reduce data breaches by improving encryption, enabling secure communication, enhancing threat detection, strengthening authentication, and verifying data integrity. For instance, in May 2024, the Information Commissioner’s Office, a UK-based independent regulatory office, reported that cyber-related incidents accounted for 25.9% of personal data breaches from 2022 to 2023, an increase of 32.5%. Therefore, the growing number of data breaches is driving the growth of the quantum AI market.

Key Industry Players
Major companies operating in the quantum artificial intelligence (AI) market are  Google LLC, Microsoft Corporation, Alibaba Cloud, AT&T Inc., Amazon Web Services Inc. , Accenture plc, International Business Machines Corp., Honeywell International Inc., Fujitsu Limited, Atos SE, Baidu Research, Quantinuum Ltd., Xanadu, Terra Quantum, Quantum Machines, 1QB Information Technologies Inc., Q-CTRL, Rigetti & Co LLC, IonQ Inc., QC Ware, Alice & Bob, D-Wave Quantum Inc., Zapata Computing Inc., Strangeworks Inc. , Qulabs, Menten AI

The quantum artificial intelligence (ai) market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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