Wilmington, Delaware, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Quantum AI Market Size, Share, Competitive Landscape and Trend Analysis Report by Component (Hardware, Software, and Services), Deployment Mode, (On-Premises, and Cloud Based), Application (Broadband IoT, Massive IoT, Industrial Automation, and Others), and End User (Machine Learning and Optimization, Cryptography and Security, and Simulation and Modeling): Global Opportunity Analysis and Industry Forecast, 2024-2032:” The global quantum AI market was valued at $0.2 billion in 2023, and is projected to reach $3.9 billion by 2032, growing at a CAGR of 36.6% from 2024 to 2032.
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- 153 – Tables
- 58 – Charts
- 250 – Pages
Prime determinants of growth
The quantum AI market is experiencing growth due to advancements in quantum computing technology, and growing demand for advanced AI solutions. However, high initial costs serve as a significant restraint factor for market growth, to some extent. Moreover, the artificial intelligence enhancement presents significant growth opportunities for the expansion of the quantum AI market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size In 2023 | $0.2 Billion |
| Market Size In 2032 | $3.9 Billion |
| CAGR | 36.6% |
| No. Of Pages In Report | 250 |
| Segments Covered | Component, Deployment Mode, Application, And Region. |
| Drivers | Advancements In Quantum Computing Technology Growing Demand For Advanced AI Solutions |
| Opportunities | Artificial Intelligence Enhancement |
| Restraint | High Initial Costs |
Segment Highlights
Based on component, the hardware segment held the highest market share in 2023, accounting for more than half of the market share and is projected to have the highest CAGR during the forecast period, owing to quantum hardware constitutes the physical infrastructure essential for quantum computing, encompassing quantum processors, qubits, quantum gates, and associated components. The dominance of hardware is primarily attributed to the foundational nature of quantum processors and their critical role in executing quantum computations. Companies like IBM, Google, and Rigetti Computing have made substantial investments and breakthroughs in developing powerful quantum processors, pushing the boundaries of qubit stability, coherence, and scalability. These advancements in hardware have enabled the execution of more complex quantum algorithms, significantly influencing the overall performance and capabilities of Quantum Al systems.
Based on deployment mode, the on-premises segment held the highest market share in 2023, accounting for nearly half of the Quantum AI market share due to several key factors that emphasize the strategic advantages of implementing quantum computing capabilities within an organization's physical infrastructure. On-premises deployment involves establishing and operating quantum computing resources directly within the organization's facilities, providing a level of control, security, and customization that appeals to many enterprises. The dominance of the on-premises segment is the heightened sensitivity of certain industries, such as finance, healthcare, and government, to data security and privacy concerns. By having quantum computing resources on-premises, organizations can exert greater control over their data, ensuring that sensitive information does not traverse external networks.
Based on application, the machine learning and optimization segment held the highest market share in 2023, accounting for nearly half of the Quantum AI market share due to several factors. Machine learning algorithms play a crucial role in various industries, including finance, healthcare, and manufacturing, driving the demand for Quantum AI solutions to enhance computational power and efficiency. Moreover, optimization tasks, such as portfolio optimization in finance or supply chain optimization in logistics, benefit significantly from Quantum AI's ability to solve complex problems more efficiently than classical computing methods.
On the basis of region, the Quantum AI market is analyzed across North America, Europe, Asia Pacific, and LAMEA. North America dominated the Quantum AI market share due to a confluence of factors that position the region at the forefront of advancements in quantum computing and artificial intelligence. The United States is home to some of the world's leading technology companies and research institutions that are spearheading innovation in quantum computing. Quantum Al's dominance in North America is underscored by the significant investments made by major technology players like IBM, Google, and Microsoft in developing and commercializing quantum computing technologies. These companies have established quantum computing research labs, collaborated with academia, and rolled out cloud-based quantum computing services, fostering an environment of innovation and experimentation.
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Players: -
- IBM
- Rigetti Computing
- D-Wave Quantum Inc
- Microsoft
- Amazon Web Services
- Fujitsu
- Hitachi
- Toshiba
- Intel Corporation
The report provides a detailed analysis of these key players in the Quantum AI market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Key Strategies and Developments
In June 2023, Beyond Limits, an enterprise Al software company, entered into an industry-first Memorandum of Understanding (MOU) with IQM Quantum Computers, a leading European quantum computing builder. The collaboration aims to advance quantum Al technology in the Asia Pacific (APAC) region. Focusing on breakthroughs, the partnership will develop hybrid quantum Al algorithms, recognized as a top-five future technology by the Infocomm Media Development Authority of Singapore (IMDA).
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the quantum AI market analysis from 2024 to 2032 to identify the prevailing quantum AI industry report.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the quantum AI market segmentation assists to determine the prevailing Hybrid Quantum AI market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global quantum AI market trends, Quantum AI for U.S. Market, quantum AI manufacturer, quantum AI company List, quantum AI market share by companies, Quantum AI Sector Analysis, Quantum AI Market Data, market segments, Quantum AI Market Insights, application areas, and market growth strategies.
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Quantum AI Market Key Segments:
By Component
- Hardware
- Software
- Services
By Application
- Machine learning and Optimization
- Cryptography and Security
- Simulation and Modeling
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, Rest of Latin America)
- Middle East and Africa (UAE, Saudi Arabia, Rest of Middle East And Africa)
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