Quantum Computing Market - Regional Analysis
North America Market Insights
The North America quantum computing market is expected to account for a leading share of 37.9% by the end of 2035. The growth is driven by high demand for quantum computing in BFSI and an increase in government financing. The U.S. Department of Energy announced USD 11 million in funding for six cooperative initiatives to better understand whether, when, and how quantum computing can push the boundaries of computational research. The National Quantum Initiative is leveraging research and development, which is providing the way for wider quantum service deployment.
The market in Canada is witnessing robust growth due to academic excellence and innovation in the private sector. The involvement of the private sector is crucial, and companies such as D Wave have spurred the market optimism. In July 2024, the Government of Canada invested USD 18.4 million in quantum computing in Waterloo. This investment will further augment the market growth, offering lucrative opportunities for the market players.
Asia Pacific Market Insights
Asia Pacific is poised to garner 26.9% of the market share by 2035. The growth is attributed to consistent investments in R&D and growing cloud quantum initiatives in countries such as China and Japan. To illustrate, in April 2023, RIKEN, the National Institute of Advanced Industrial Science and Technology, the National Institute of Information and Communications Technology, Osaka University, Fujitsu Limited, and Nippon Telegraph and Telephone Corporation announced the development of Japan's first superconducting quantum computer. This development represents a big step toward quantum computing.
The government in China is prioritizing quantum technology under its 14th 5-year plan and has allocated USD 15 billion to aid quantum research and development. Additionally, the private players in the country are actively participating in adopting a quantum computing ecosystem and developing interoperable hardware to facilitate broader access for the researchers. This growth can also be attributed to the burgeoning demand for quantum computing solutions across various sectors, including finance, cryptography, and materials science.
Europe Market Insights
Europe's quantum computing market is on a robust growth trajectory, supported by strategic investments, collaborative efforts, and a strong focus on research and development. Companies like IBM and startups such as PsiQuantum are making significant strides in developing quantum technologies, further fueling market growth. In Germany, various industries such as pharmaceuticals and automotive are seeking quantum computing solutions to address simulations and various machine learning challenges. According to the International Trade Administration, USD 3 billion has been invested in the country for fostering development in quantum computing till 2026.
In the UK, the growth of the market is driven by academic and industrial collaboration. For instance, the University of Sussex plays a pivotal role in advancing quantum research and fostering innovation. Collaborations between academia and industry are crucial for translating theoretical advancements into practical applications, thereby accelerating the development of quantum technologies.
