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

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

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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:

• D-Wave Systems Inc. (Canada)


• Microsoft Corporation (U.S.)


• Rigetti & Co, Inc. (U.S.)


• Xanadu (Canada)


• Quantum Xchange (U.S.)


• Seeqc (U.S.)


• QC Ware (U.S.)


• Quantum Circuits Inc. (U.S.)


• 1QB Information Technologies, Inc. (Canada)


• Anyon Systems Inc. (Canada)

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

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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