Quantum Artificial Intelligence (AI) Global Market Report 2024

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 during the historic period can be attributed to several factors, the global adoption of quantum-safe security measures, collaboration between quantum computing and AI research communities, exploration of quantum machine learning algorithms, government initiatives and funding, and the 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 several factors, the increasing need for quantum-safe AI security, integration of quantum computing in cloud services, advancements in quantum hardware and qubit stability, the rise of quantum cloud services and quantum as a service (QaaS), and improvements in quantum hardware components. Major trends in the forecast period include advancements in quantum computing technology, the development of quantum AI technologies, collaborative initiatives, the initiation of cloud-based deployment, and the development of quantum neural networks.

The rise in data breaches is expected to drive the growth of the quantum AI market in the future. Data breaches involve unauthorized access, theft, or use of sensitive or confidential data, and the proliferation of connected devices through the Internet of Things (IoT) has expanded potential entry points for cyber attacks, posing challenges to effective endpoint security. Quantum AI plays a vital role in mitigating data breaches by enhancing encryption, enabling secure communication, improving threat detection, strengthening authentication, and ensuring data integrity. For instance, the Information Commissioner's Office reported that cyber-related incidents accounted for 25.9% of personal data breaches from 2022 to 2023, reflecting a 32.5% increase, highlighting the need for advanced security measures such as quantum AI.

Key players in the quantum AI market are focused on developing quantum processors to enhance the capabilities of quantum AI systems. Quantum processors are essential for advancing quantum AI as they provide the computational power needed for complex calculations and simulations. For example, International Business Machines Corporation launched IBM Quantum Eagle in November 2021, a 127-qubit quantum processor designed to drive quantum computing research and support powerful AI algorithms. IBM Quantum Eagle offers improved qubit coherence, connectivity, and error correction capabilities, making it suitable for complex AI tasks such as optimization, machine learning, and simulation, marking a significant milestone in quantum computing development.

In January 2024, SandboxAQ acquired Good Chemistry for $75 million, strengthening its position in computational chemistry and simulations and enhancing its ability to deliver advanced solutions to clients. Good Chemistry, a Canada-based company, integrates quantum computing and AI technologies to tackle complex challenges in materials science, drug discovery, and other fields, furthering the impact of quantum AI in diverse applications.

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.

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.

The countries covered in the quantum artificial intelligence (AI) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Quantum artificial intelligence (AI) is the fusion of quantum computing and artificial intelligence (AI), harnessing the principles of quantum mechanics to enhance AI capabilities. Quantum computers operate at the quantum level, enabling them to process complex computations exponentially faster than classical computers. Quantum AI applications aim to address challenges currently beyond the reach of classical AI systems, leading to significant advancements across various industries.

The primary components of quantum artificial intelligence (AI) include software, hardware, and services. Software encompasses programs and algorithms specifically tailored for quantum computers, utilizing quantum physics principles such as superposition and entanglement. These software solutions are deployed via cloud-based and on-premises platforms for tasks such as machine learning and optimization, cryptography and security, simulation and modeling, and other applications.

The quantum AI market research report is one of a series of new reports that provides quantum AI market statistics, including the quantum AI industry global market size, regional shares, competitors with quantum AI market share, detailed quantum AI market segments, market trends, and opportunities, and any further data you may need to thrive in the quantum AI industry. These quantum AI market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The quantum AI market includes revenues earned by entities by providing services such as quantum computing as a service (QCaaS), optimization, consulting, training, and support services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The quantum AI market also includes sales of quantum processors, quantum sensors, and quantum communication devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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