Just recently, in 2023, Yahoo Finance released a report claiming that the global quantum AI market had already surpassed the $0.2 billion mark. As if that’s not enough, the institution added that it could continue growing by a CAGR of about 36.6% to reach $3.9 billion in the next few years. Why do you think such institutions expect this market to grow exponentially in the coming years?
Well, if you are interested in quantum AI and have been captured by its ongoing buzz, you will do well reading this article. Humans, being innovative as they are, are always seeking new ways of making life better. And in this article, we will explore what this technology is all about and why it has been intriguing many audiences.
So, what is quantum artificial intelligence?
Just as the name suggests, this technology aims to combine the principles of quantum mechanics with AI to develop algorithms and models that help take advantage of the abilities of quantum computers. Have you heard about Google’s quantum computer, which was rumored to be 100 million times faster than any traditional computer? Imagine combining all these capabilities with AI.
Now, artificial intelligence itself is already mind-blowing. Who would have imagined that we could get to a time when analyzing large volumes of data in real time could be possible? Well, if we were to go back, say, a century ago, thinking this way would seem illogical. But, thankfully, AI innovations have made that possible.
However, like any other infrastructure, this technology can be limited, and that’s why experts have been trying all they can to develop systems that are more effective. Quantum AI promises a great future for artificial intelligence as it is set to improve scalability and even reasoning abilities.
Advantages of quantum artificial intelligence
We have already hinted at how, although AI is beneficial, it can be limited by various factors. By the way, do you actually know that, according to Goldman Sachs, this technology alone could raise the global GDP by over 7% within a 10-year period? So, seeing research institutions like Statista expecting the AI market to increase significantly shouldn’t surprise you at all.
However, as more organizations turn to it, it might actually need a production boost to meet its growing demand. And, agreeably, quantum computing may be just the right tool to facilitate this. Classical computers can sometimes take weeks or even months to complete training tasks that can otherwise be completed within hours using quantum AI. At a time when speed and energy consumption have become critical aspects of doing business, this technology can really be handy.
And have we even mentioned how this contemporary technology could lead to better data security? Remember, cybercriminals are always advancing and seeking new ways of compromising customer data. In fact, studies show that close to 150 attacks happen per hour, which might increase in the future. Besides that, the cost of recovering from attacks is also proving to be unbearable, especially for small businesses. A recent IBM report valued it at $4.88 million dollars.
However, we are not without hope. Studies on quantum-resistant or post-quantum crypto algorithms are already ongoing, with organizations like the National Institute of Standards and Technology working on standardizing new cryptographic methods that will help strengthen data security. Quantum AI is also expected to strengthen threat detection abilities. Its unusual computational ability ensures that we can detect millions of patterns and anomalies within a matter of seconds.
Industries are positive about quantum AI
Just that biotech companies like Roche are already using quantum computing in drug recovery, quantum AI seems to have a bright future in the pharma industry. Recently, ZapataAI, the University of Toronto, Insilico Medicine and Foxconn confirmed combining AI and quantum computing for small molecule discovery. The molecules generated by this method were way more superior than those created by purely classical infrastructures.
Another sector that’s set to be hit with this revolution is finance. A good example is portfolio optimization where financial institutions are using AI to replicate high-performing portfolios. But data from this process can actually be quite complex, needing more advanced technologies to be effective. And, of course, QAI could be the answer. This is without mention other aspects, like risk mitigation and fraud detection, where the technology will be very helpful.
And as conversations about autonomous vehicles continue to soar, this technology might really help ensure safety. Plus, since data from these cars can be enormous, QAI could be adopted to ensure a seamless transition into this new future.
What is our final word?
As you can actually see from this discussion, quantum artificial intelligence seems to have a bright future. Given that computers can be 100 million times more than traditional ones, more industries might continue opening up to this magical technology. AI is already making its waves, but it can be limited, especially when dealing with extremely large data files.
However, combined with quantum computing, this technology can accomplish much within a matter of seconds. This already provides good grounds for the further adoption of QAI. Expectedly, some industries like healthcare have opened up to quantum artificial intelligence. Others, including finance and supply chain, will continue to pave the way for it as institutions seek ways of improving their operations.
