Quantum Machine Learning Market Report 2024 - Quantum Machine Learning Market Size And Growth

"The Business Research Company recently released a comprehensive report on the Global Quantum Machine Learning Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The quantum machine learning market size has grown exponentially in recent years. It will grow from $0.84 billion in 2023 to $1.12 billion in 2024 at a compound annual growth rate (CAGR) of 33.5%. The growth in the historic period can be attributed to increased investments in quantum machine learning technologies, adoption of quantum machine learning technologies, partnerships and collaborations, and investment and funding.

The quantum machine learning market size is expected to see exponential growth in the next few years. It will grow to $3.58 billion in 2028 at a compound annual growth rate (CAGR) of 33.6%. The growth in the forecast period can be attributed to rising need for advanced computing power, growing demand for software-as-a-service (SaaS) business models, advancements in quantum computing hardware and software, potential application in the banking and finance services sector and rapid growth of expanding economies. Major trends in the forecast period include advancement of quantum AI technologies, technological advancements, enhanced quantum algorithms, cloud-based quantum computing, and quantum machine learning frameworks.

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Market Drivers and Trends:
The increased data generation is expected to propel the growth of the quantum machine learning market going forward. Data generation refers to creating synthetic data that mimics real-world data. The proliferation of connected devices fuels increased data generation, the growth of digital platforms and services, and the expansion of IoT (Internet of Things) technologies in various industries. Quantum machine learning algorithms can analyze data more efficiently than classical algorithms, allowing for faster processing of large datasets and extracting valuable insights. For instance, in March 2024, Edge Delta, a US-based software company, revealed that users had generated 64.2 Zettabytes (ZB) of data in 2020. They projected this number to reach 147 ZB by the end of 2024, indicating a substantial increase. Furthermore, by 2032, this volume is forecasted to skyrocket to 300 times higher than the data collected in 2027. Therefore, the increased data generation is driving the growth of the quantum machine learning market.

Major companies operating in the quantum machine learning (QML) market are developing quantum machine learning initiatives to capitalize on the potential of quantum computing in enhancing machine learning algorithms and data analysis. Quantum machine learning initiatives help to leverage the unique capabilities of quantum computing to enhance machine learning algorithms, enabling more efficient data analysis, pattern recognition, and optimization tasks compared to classical computing methods. For instance, in November 2023, Quantum Connect, an Austria-based consortium of machine learning and quantum computing experts, launched Austria's first quantum machine learning community. The initiative aims to build an active community dedicated to the research and development of quantum machine learning applications for future use in various Austrian industries and public administration. Quantum Connect aims to build an active community dedicated to researching and developing quantum machine learning applications for use in various Austrian industries and public administration.

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Major Key Players of the Market:
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.

Quantum Machine Learning Market 2024 Key Insights:
• The quantum machine learning market size is expected to see exponential growth in the next few years. It will grow to $3.58 billion in 2028 at a compound annual growth rate (CAGR) of 33.6%.
• Role Of Data Generation In Fueling The Quantum Machine Learning Market
• Quantum Machine Learning Initiatives Driving Innovation and Collaboration
• North America was the largest region in the quantum machine learning market in 2023

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This release was published on openPR.