As per our research report, the global cloud-based quantum machine learning market size is estimated to be growing at a CAGR of 25% from 2023 to 2030.
The outbreak of the virus had a positive impact on the market. With the immense need for vaccines, an upsurge in R&D activities was seen especially in the healthcare sector. Despite the economic slowdown, Governmental bodies and top personalities were investing to advance in this technology. With data, being the new oil, protection and security became very important. Quantum-safe encryption solutions were vital for this reason. A shift was observed by going digital. Remote working helped in advancements of cloud-based quantum machine learning applications such as epidemiological modeling and drug science. Virtual workshops, meetings, and conferences helped many scientists and enthusiasts to participate and come up with innovative ideas for progress in this field. Due to an increased interest during the pandemic, experts have estimated that quantum computing could exceed USD 1 billion by 2025.
The rising adoption of cloud-based quantum machine learning technology is fueling the market expansion. CQML usage is extremely beneficial for many reasons. They are used for testing algorithms. The results obtained are very accurate and efficient. Secondly, they offer solutions to solve complex problems as well as derivations in subjects like mathematics, physics, and computer science. This is not possible with a normal computer. They reduce the time taken by significant amounts. They are extremely beneficial for data analysis, simulation problems, optimization problems, and other machine learning-related tasks. This makes them a very popular choice to be used in various end-user industries which include information technology, banking & finance, pharmaceutical, retail, and for research purposes. Companies are ready to invest in new technology to aid human life and accelerate the time process. Secondly, advancements in technology help in boosting the market growth. More than 40% of the population is interested in pursuing a career in the computer science field. With so many plethora of options and diversity, the 21st century has seen some remarkable milestones in this field. Extensive research is carried out to broaden human facts and make lives easier. Google said in 2019 that its 53-qubit quantum computer could do a computation that would take traditional computers 10,000 years. The researchers reported in the journal Nature that they solved a random number sampling challenge by performing a predetermined sequence of procedures that entangles 53 qubits into a quantum state. Top multinational companies like IBM and Amazon are in the process of building quantum computers and cloud-based quantum machine learning software to increase computational power. Moreover, there have been tremendous improvements in error correction building reliable and precise cloud-based quantum machine learning systems.
Technical complexity is one of the biggest barriers in this market. Algorithms errors, limited qubit counts, maintaining the quantum state, and qubit stability are the top concerns. Secondly, the investments are very expensive since this is an emerging technology. Along with the initial costs, maintenance and repair require a lot of funding which can be a hindrance for companies. Thirdly, data security can be mishandled and misused causing a lot of threats to the organization and the country. Furthermore, cooling systems consume a lot of energy creating deficits and therefore an environmental issue.
Based on deployment mode, the public cloud was the largest and fastest-growing segment in this market. This is due to a broader reach, accessibility, cost-effectiveness, security, reliability, scalability, and availability of software development kits, algorithms, and other development tools essential for functioning. These reasons make it a popular choice to be used amongst large companies and firms. They hold a total share of around 65% in this market.
Based on organization size, large-scale enterprises were the largest growing in this market. This is due to their development, enormous investments, contacts, dedicated teams, technology, space, strategies, and partnerships. They hold a total share of around 65%. However, small and medium-scale enterprises are the fastest growing with a share of approximately 35%. This is due to the rising involvement of the Government, cost-effective options, easier accessibility, niche applications, flexibility, rapid development, and tie-ups or collaborations with well-known organizations.
Based on end-users, Banking, Financial Services and Insurance (BFSI) is the largest growing segment in this market. This is because Quantum computers will allow banks to enhance their loan underwriting models, quantify loan prepayment and default risks more precisely, and analyze more data inputs in their marketing models. applications of data and risk analysis, fraud detection, portfolio optimization, etc. Furthermore, it is used for market research purposes as well. They hold a share of around 27%. The healthcare sector is the fastest growing with a share of around 18%. Cloud-based quantum machine learning applications include drug discovery, medical research, and healthcare analytics. Quantum computing technology is beneficial in healthcare to detect the early onset of cancer, improve surgical accuracy, and diagnose certain illnesses.
Based on region, North America is the largest growing. They control almost 40% of the market. The United States and Canada are the two most powerful countries. Interest, the existence of key players, R&D expertise, a developed economy, funds, and an advanced quantum ecosystem are some of the factors contributing to the market success. Asia Pacific region is one of the fastest growing, accounting for around 21% of the total market share. This is because of the developing economy, technical improvements, the presence of major companies, increased research activities, investments, and Governmental schemes. China, Japan, Australia, and India are at the forefront of this trend.
Companies playing a leading role in the global cloud-based quantum machine learning market profiled in this report are IBM, Google, Amazon Web Services (AWS), Microsoft, Honeywell, Rigetti Computing, IonQ, D-Wave Systems, Alibaba Cloud, and Intel.
Public Cloud
Private Cloud
Hybrid Cloud
Large scale enterprise
Small and Medium-scale enterprises (SMEs)
Banking, Financial Services and Insurance (BFSI)
Healthcare
Energy
Information Technology
Academic and Research Institutes
Defence
Aerospace
Others
North America
Asia-Pacific
Europe
South America
Middle East and Africa
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