What Fueled The Previous Growth In The Quantum Machine Learning Market?
The quantum machine learning market has seen considerable growth due to a variety of factors.
• The quantum machine learning market has seen rapid growth in recent years. It will increase from $1.12 billion in 2024 to $1.5 billion in 2025, at a compound annual growth rate (CAGR) of 33.8%.
The growth is driven by rising investments in quantum machine learning technologies, wider adoption, partnerships, and substantial funding.
How Does the Forecast Look for the Quantum Machine Learning Market?
The quantum machine learning market is expected to maintain its strong growth trajectory in upcoming years.
• The quantum machine learning market is projected to grow significantly, reaching $4.77 billion by 2029, at a CAGR of 33.5%.
Growth is attributed to the demand for advanced computing power, SaaS business models, progress in quantum computing hardware and software, banking and finance sector applications, and the rapid growth of emerging economies. Major trends in this period will include advancements in quantum AI, quantum algorithms, cloud-based quantum computing, and machine learning frameworks.
What Are The Leading Drivers Of Growth In The Quantum Machine Learning Market?
The quantum machine learning market's expansion is anticipated to be driven by the surge in data generation. Synthetic data mimicking real-world information is what is referred to as data generation. The burgeoning of connected devices, the rise of digital platforms and services, and the spread of Internet of Things (IoT) technologies across several sectors all contribute to an upsurge in data generation. Quantum machine learning algorithms provide a more efficient data analysis than their classical counterparts, facilitating quicker processing of voluminous datasets and unearthing significant insights. For instance, Edge Delta, a US-based software firm, disclosed in March 2024 that in 2020, 64.2 Zettabytes (ZB) of data had been produced by users. They expect that by the conclusion of 2024, this figure will escalate to 147 ZB, signaling a notable increase. Furthermore, by 2032, the anticipated data volume is expected to surge to 300 times higher than the information gathered in 2027. Thus, the quantum machine learning market is propelled forward by the increasing generation of data.
How Are The Segments Defined Within 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 Deployment: 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
Subsegments:
1) By Hardware: Quantum Processors Or chips (Superconducting, Ion Trap), Quantum Computers (Full-Stack Systems), Quantum Sensors And Detectors, Quantum Memory Systems, Cryogenic Systems (For Cooling Quantum Processors)
2) By Software: Quantum Machine Learning Algorithms, Quantum Software Development Kits (Sdks), Quantum Ai Frameworks (Tensorflow Quantum, Pennylane), Quantum Programming Languages (Qiskit, Cirq), Quantum Simulation Tools
3) By Services: Quantum Cloud Computing Services, Quantum Algorithm Development Services, Consulting And Integration Services For Quantum Ai, Training And Education Services In Quantum Machine Learning, Research And Development Services In Quantum Ai
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What New Trends Are Influencing The Quantum Machine Learning Market?
Leading corporations within the quantum machine learning (QML) market are formulating quantum machine learning projects to harness the capabilities of quantum computing in augmenting machine learning algorithms and data evaluation. Quantum machine learning projects utilize the exceptional qualities of quantum computing to boost machine learning algorithms, thereby facilitating a more effective data evaluation, pattern identification, and optimization tasks as opposed to conventional computing approaches. For example, Quantum Connect, a consortium of machine learning and quantum computing professionals based in Austria, introduced Austria's inaugural quantum machine learning group in November 2023. The intention of the initiative is to establish an active community engrossed in the study and advancement of quantum machine learning applications with potential employment in a range of Austrian sectors as well as public administration. The goal of Quantum Connect is to foster an active group focused on the investigation and progress of quantum machine learning applications to be employed across diverse Austrian industries and public administration.
Who Are the Key Players In The Quantum Machine Learning Market?
Major companies operating in the quantum machine learning market are:
• Google LLC
• Microsoft Corporation
• Alibaba Cloud
• Amazon Web Services
• Intel Corporation
• Accenture plc
• International Business Machines Corporation
• Honeywell International Inc.
• Fujitsu
• Atos SE
• PsiQuantum Corp.
• Quantinuum Ltd.
• Xanadu
• Quantum Machines
• 1QB Information Technologies Inc.
• Multiverse Computing
• Q-CTRL
• Rigetti & Co LLC
• IonQ Inc.
• QC Ware
• Alice & Bob
• D-Wave Quantum Inc.
• Zapata Computing Inc.
• Equal1 Laboratories Ireland Limited
• ProteinQure Inc.
What Is The Most Dominant 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.
