What Is The Scope Of The Global Quantum Machine Learning Market?
Quantum machine learning refers to the intersection of quantum computing and machine learning. It involves using quantum algorithms and quantum computing techniques to enhance machine learning algorithms and solve complex computational problems more efficiently than classical computers. Quantum machine learning aims to leverage the principles of quantum mechanics to process and analyze large datasets and improve the performance of machine learning models.
Quantum Machine Learning Global Market Report 2024 provides data on the global quantum machine learning market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Quantum Machine Learning market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Quantum Machine Learning Market Expected To Grow In Size And Annual Rates?
The quantum machine learning market has expanded significantly, growing from $0.84 billion in 2023 to $1.12 billion in 2024, with a compound annual growth rate (CAGR) of 33.5%. This historic growth is driven by increased investments in quantum machine learning technologies, adoption of these technologies, partnerships and collaborations, and general investment and funding. Looking forward, the market is expected to experience continued exponential growth, reaching $3.58 billion by 2028 at a CAGR of 33.6%. This forecasted growth is attributed to the rising need for advanced computing power, growing demand for software-as-a-service (SaaS) business models, advancements in quantum computing hardware and software, potential applications in the banking and finance sectors, and the rapid growth of expanding economies. Major trends anticipated in the forecast period include advancements in quantum AI technologies, technological progress, enhanced quantum algorithms, cloud-based quantum computing, and development of quantum machine learning frameworks.
What Main Forces Are Fueling Expansion In The Quantum Machine Learning Market?
The increase in data generation is expected to propel the growth of the quantum machine learning market. Data generation refers to creating synthetic data that mimics real-world data, fueled by the proliferation of connected devices, the expansion of digital platforms and services, and the growth of IoT technologies across industries. Quantum machine learning algorithms can process large datasets more efficiently than classical algorithms, allowing for quicker analysis and extraction of valuable insights. For example, in March 2024, Edge Delta revealed that 64.2 Zettabytes (ZB) of data were generated in 2020, with projections indicating this figure will reach 147 ZB by the end of 2024. By 2032, data generation is expected to be 300 times higher than in 2027. Therefore, the increase in data generation is driving the growth of the quantum machine learning market.
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What Are The Primary Segments In The Global Quantum Machine Learning Market?
The quantum machine learning market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Depolyment: On-Premise, Cloud-Based
3) By End-User: Healthcare, Banking, Financial Services And Insurance (BFSI), Automotive, Researchers, Energy And Utilities, Chemical, Manufacturing, Other End-Users
Which Key Trends Are Driving Changes In The Quantum Machine Learning Market?
In the quantum machine learning (QML) market, companies are pursuing quantum machine learning initiatives to leverage quantum computing for enhancing machine learning algorithms and data analysis. These initiatives aim to utilize quantum computing’s unique capabilities to improve machine learning efficiency, pattern recognition, and data analysis. For example, in November 2023, Quantum Connect, an Austrian consortium, launched Austria’s first quantum machine learning community. This initiative is focused on researching and developing quantum machine learning applications for various Austrian industries and public administration, fostering an active research and development community in quantum machine learning.
What Is The Leading Region In The Quantum Machine Learning Market?
North America was the largest region in the quantum machine learning market in 2023. The regions covered in the quantum machine learning market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
