"Smart Strategies, Giving Speed to your Growth Trajectory"

North America Quantum Computing Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Service), By Deployment (On-Premise and Cloud), By Application (Machine Learning, Optimization, Biomedical Simulations, Financial Services, Electronic Material Discovery, and Others), By End User (Healthcare, Banking, Financial Services and Insurance (BFSI), Automotive, Energy and Utilities, Chemical, Manufacturing, and Others), and Regional Forecast, 2023-2030

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI107726

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

North America is the second largest growing region in the global quantum computing market. It is projected to grow at a CAGR of 32.6% during the forecast period. The global quantum computing market size is projected to grow from USD 717.3 million in 2022 to USD 6,528.8 million by 2030.


The American economy and society have already been altered by quantum-based technologies. With new, more potent approaches to computing, networking, and sensing, Quantum Information Science (QIS) holds promise for another technological revolution. The goal of the government's National Quantum Initiative (NQI) is to keep the U.S. at the forefront of QIS research and technology applications.


Our report on the North America quantum computing market covers the following countries – U.S., Canada, and Mexico.


LATEST TRENDS


Rapid Adoption of Quantum Technology in Financial Sector to Aid the North America Quantum Computing Market Growth


In the banking and financial industry, which is focusing on expanding trade activities, transactions, and data processing manifolds, quantum technology is gaining traction. Using next-generation cryptography, quantum technology could help financial services by providing relevant and necessary cybersecurity solutions to protect customers' financial data. Additionally, proactive fraud risk management is made possible by recognizing consumer behavior patterns and using quantum algorithms to identify fraudulent activities.


For instance, in April 2022, IBM and HSBC collaborated for three years to investigate the application of quantum computing to the banking sector. HSBC plans to analyze how quantum figuring can be utilized to find and stop misrepresentation, streamline estimating and portfolios, and progress its net zero objectives.


DRIVING FACTORS


Integration of Quantum Computers with Machine Learning Algorithms to Surge Product Demand


New algorithms and methods to take advantage of the unique properties of quantum computing are being developed, with the expansion of quantum computers' capabilities. Quantum error correction, quantum optimization algorithms, and quantum machine learning are examples of these. New machine learning and AI algorithms that can take advantage of the unique properties of quantum systems are being developed by researchers using quantum algorithms.


As the technology matures and becomes more accessible, it is likely to be used in industries such as finance and healthcare, for analyzing large amounts of data and making accurate predictions. This is, in turn, estimated to further propel the North America quantum computing market share.


RESTRAINING FACTORS


Request a Free sample to learn more about this report.


Quantum Risk to Digital Communication and Public Key Cryptography to Impede Market Growth


Quantum computers' capabilities are being actively pursued by nation-states and private businesses. The possibilities presented by quantum technology are exciting; however, there are risks to the existing cryptographic standards as a result of this new technology.


A shift from present cryptographic technologies to a post-quantum algorithm could take years to complete as asymmetric cryptography is widely used across numerous systems that are interconnected. Changing systems to the new cryptographic standard at such a rapid rate over time could result in the emergence of new vulnerabilities and a vicious cycle.


KEY INDUSTRY PLAYERS


The North America market consists of a significant number of established players. Amazon Inc., Google LLC, Intel, Microsoft, IBM Corporation, and others are considered among the prominent and high performers players in the market. The key players are adopting partnership strategies to support and enhance their quantum computing services.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • September 2022: IBM developed a super-fridge, Goldeneye, capable of cooling future generations of quantum experiments. Along with this, the project transcends the issues found in existing dilution refrigerators.

  • June 2021: An IBM Quantum System One computer was the focus of a joint effort between the Fraunhofer Institute and IBM. Using IBM's Quantum System One, the company is expected to conduct optimization, chemistry, and ML research and development.


REPORT COVERAGE


To gain extensive insights into the market, Request for Customization


The market research report provides qualitative and quantitative insights on the market and a detailed analysis of the North America market size & growth rate for all possible segments in the market. Along with the North America market forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are overview of the number of procedures, an overview of price analysis of types of products, overview of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships and the impact of COVID-19 on the market.


Report Scope & Segmentation






























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 32.6% from 2023 to 2030



Unit



Value (USD million)



Segmentation



By Component, Deployment, Application, End User, and Country/Sub-Region



By Component




  • Hardware

  • Software

  • Services



By Deployment




  • On-Premise

  • Cloud



By Application




  • Machine Learning

  • Optimization

  • Biomedical Simulations

  • Financial Services

  • Electronic Material Discovery

  • Others (Traffic Optimization, Weather Forecasting, and Others)



By End User




  • Healthcare

  • Banking, Financial Services and Insurance (BFSI)

  • Automotive

  • Energy and Utilities

  • Chemical

  • Manufacturing

  • Others (Transportation, Logistics, and Others)



By Country/Sub-Region




  • U.S. (By Component)

  • Canada (By Component)

  • Mexico (By Component)






Frequently Asked Questions

Growing at a CAGR of 32.6%, the market will exhibit healthy growth in the forecast period (2023-2030).

Integration of quantum computers with machine learning algorithms is the major factor driving the growth of the market.

D-Wave Systems Inc., Microsoft Corporation, Rigetti & Co, Inc., Xanadu, and Quantum Xchange are the major market players in the North America market.

U.S. dominated the market in 2022.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2030
  • 2022
  • 2019-2021
  • 110

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X