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Quantum Artificial Intelligence (AI) Market Segments 2024-2033 | Size, Share And Insights
Quantum Artificial Intelligence (AI) Market Segments
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the quantum AI market are developing quantum processors to advance the capabilities of quantum AI systems. Quantum processors are crucial in advancing quantum AI by providing the computational power to perform complex calculations and simulations. For instance, in November 2021, International Business Machines Corporation, a US-based technology company, launched IBM Quantum Eagle, a 127-qubit quantum processor designed to advance quantum computing research and enable more powerful AI algorithms. IBM Quantum Eagle offers improved qubit coherence and connectivity and enhanced error correction capabilities, making it suitable for complex AI tasks such as optimization, machine learning, and simulation. This processor is a significant milestone in the development of quantum computing, as it marks the first time a quantum processor has been developed with more than 100 operational and connected qubits.
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Major Key Players of the Market:
Google LLC, Microsoft Corporation, Alibaba Cloud, AT&T Inc., Amazon Web Services Inc., 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
Quantum Artificial Intelligence (AI) Market 2024 Key Insights:
• 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%.
• Role of Quantum AI in Mitigating Data Breaches
• Quantum Processor Development for Enhanced Quantum AI Capabilities
• North America was the largest region in the quantum AI market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
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LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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