Recent advances in cold atom interferometry have cleared the path for space applications of quantum inertial sensors, whose level of stability is expected to increase dramatically with the longer interrogation times accessible in space. In this study, an in-orbit model is developed for a Mach–Zehnder-type cold-atom accelerometer. Performance tests are realized under different assumptions about the positioning and rotation compensation method, and the impact of various sources of errors on instrument stability is evaluated. Current and future advances for space-based atom interferometry are discussed, and their impact on the performance of quantum sensors on-board satellite gravity missions is investigated in three different scenarios: state-of-the-art scenario (expected to be ready to launch in 5 years), near-future (expected to be launched in the next 10 to 15 years) and far-future scenarios (expected for the next 20 to 25 years). Our results indicate that the highest sensitivity is achievable by positioning the electrostatic accelerometer at the center of mass of the satellite and the quantum accelerometer aside, on the cross-track axis of the satellite. We show that one can achieve a sensitivity level close to 5 × 10−10 m/s2/Hz with the current state-of-the-art technology. We also estimate that in the near and far-future, atom interferometry in space is expected to achieve sensitivity levels of 1 × 10−11 m/s2/Hz and 1 × 10−12 m/s2/Hz, respectively. A roadmap for improvements in atom interferometry is provided that would maximize the performance of future quantum accelerometers, considering their technical capabilities. Finally, the possibility and challenges of having ultra-sensitive atom interferometry in space for future space missions are discussed.