The North America Quantum Computing Market is expected to witness market growth of 19.4% CAGR during the forecast period (2024-2031).
The US market dominated the North America Quantum Computing Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $1.03 billion by 2031. The Canada market is experiencing a CAGR of 21.8% during 2024-2031. Additionally, the Mexico market is expected to witness a CAGR of 20.9% during 2024-2031.
Quantum computing represents a revolutionary shift in computational technology, with the potential to drastically alter industries and redefine what is possible in the world of computation. Unlike classical computers, which process data using bits representing 0 or 1, quantum computers use quantum bits or qubits. These qubits exploit the principles of quantum mechanics - such as superposition and entanglement - which allow them to represent and process multiple states simultaneously.
Additionally, this unique ability enables quantum computers to solve problems that would be infeasible for classical computers, even with immense processing power. The quantum computing market, therefore, holds tremendous promise, with applications in various fields, including cryptography, artificial intelligence, materials science, and healthcare.
Canada is strengthening its position in the market through key government initiatives like the 2021 Canada Digital Government Strategy and the 2022 Digital Ambition Plan. These strategies aim to modernize public services and enhance digital capabilities, creating a strong foundation for quantum technologies. With Canada’s digital economy projected to grow at 9% annually through 2025, the demand for advanced computational solutions is expected to increase, further promoting the adoption of quantum computing across sectors. The government’s focus on digital transformation aligns with quantum computing’s potential to solve complex problems, optimize operations, and ensure data security. As Canada’s digital economy expands, quantum computing is poised to play a crucial role in sectors like healthcare, finance, and cybersecurity, driving innovation and supporting the country’s digital future.
The US market dominated the North America Quantum Computing Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $1.03 billion by 2031. The Canada market is experiencing a CAGR of 21.8% during 2024-2031. Additionally, the Mexico market is expected to witness a CAGR of 20.9% during 2024-2031.
Quantum computing represents a revolutionary shift in computational technology, with the potential to drastically alter industries and redefine what is possible in the world of computation. Unlike classical computers, which process data using bits representing 0 or 1, quantum computers use quantum bits or qubits. These qubits exploit the principles of quantum mechanics - such as superposition and entanglement - which allow them to represent and process multiple states simultaneously.
Additionally, this unique ability enables quantum computers to solve problems that would be infeasible for classical computers, even with immense processing power. The quantum computing market, therefore, holds tremendous promise, with applications in various fields, including cryptography, artificial intelligence, materials science, and healthcare.
Canada is strengthening its position in the market through key government initiatives like the 2021 Canada Digital Government Strategy and the 2022 Digital Ambition Plan. These strategies aim to modernize public services and enhance digital capabilities, creating a strong foundation for quantum technologies. With Canada’s digital economy projected to grow at 9% annually through 2025, the demand for advanced computational solutions is expected to increase, further promoting the adoption of quantum computing across sectors. The government’s focus on digital transformation aligns with quantum computing’s potential to solve complex problems, optimize operations, and ensure data security. As Canada’s digital economy expands, quantum computing is poised to play a crucial role in sectors like healthcare, finance, and cybersecurity, driving innovation and supporting the country’s digital future.
List of Key Companies Profiled
- Google LLC (Alphabet Inc.)
- Microsoft Corporation
- IBM Corporation
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- QC Ware Corp.
- SpinQ Technology Co., Ltd.
- Rigetti Computing, Inc.
- D-Wave Systems Inc.
- Intel Corporation
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
Market Report Segmentation
By Offering
- System
- Services
By Deployment
- On-premise
- Cloud
By Application
- Optimization
- Machine Learning
- Simulation
- Other Application
By End-user
- BFSI
- Healthcare
- Automotive
- Energy & Power
- Government
- Aerospace & Defense
- Chemical
- Other End-user
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America Quantum Computing Market by Offering
Chapter 6. North America Quantum Computing Market by Deployment
Chapter 7. North America Quantum Computing Market by Application
Chapter 8. North America Quantum Computing Market by End-user
Chapter 9. North America Quantum Computing Market by Country
Chapter 10. Company Profiles
Companies Mentioned
- Google LLC (Alphabet Inc.)
- Microsoft Corporation
- IBM Corporation
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- QC Ware Corp.
- SpinQ Technology Co., Ltd.
- Rigetti Computing, Inc.
- D-Wave Systems Inc.
- Intel Corporation
- Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.)
Methodology
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