According to a new report, published by KBV research, The Global Quantum AI Market size is expected to reach $2.1 billion by 2031, rising at a market growth of 35.1% CAGR during the forecast period.
Supportive government measures have a ripple effect across the quantum technology landscape. As governments provide the necessary financial and regulatory backing, more companies are encouraged to invest in quantum AI, increasing research activity, innovation, and market growth. For instance, the Canadian government’s investments in quantum technologies have led to a vibrant quantum AI sector in Canada, with companies like D-Wave and Xanadu leading the way in quantum computing and AI integration. This has positioned Canada as a global hub for quantum AI innovation, attracting talent and investment worldwide.
The on-premises segment is registering a CAGR of 34.7 % during the forecast period. Cloud-based Quantum AI solutions are gaining traction due to their flexibility, scalability, and accessibility. They enable organizations to capitalize on quantum computing capabilities without making considerable initial investments in hardware and infrastructure.
The Machine learning & Optimization segment led the Global Quantum AI Market by Application in 2023; thereby, achieving a market value of $919.8 million by 2031. The segment's dominant position can be attributed to the growing demand for sophisticated AI algorithms that are capable of efficiently solving optimization problems and managing complex data sets, in contrast to classical computing.
The hardware segment is growing at a CAGR of 34.5 % during the forecast period. This segment's dominance is driven by the significant investment required to develop and manufacture quantum computers and related infrastructure. Quantum computing hardware, including qubits, quantum processors, cryogenic systems, and control electronics, forms the foundation of Quantum AI systems.
Full Report: https://www.kbvresearch.com/quantum-ai-market/
The North America region dominated the Global Quantum AI Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $873.2 million by 2031. The Europe region is anticipated to grow at a CAGR of 34.6% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 36% during (2024 - 2031).
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