Quantum Computing Industry: Regional Synopsis
North America Market Forecast
The North America quantum computing market is expected to account for a leading share of 37.9% by the end of 2037. 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 U.S. is leading with its advanced infrastructure, while Canada is making strides through partnerships like Xanadu’s ISED-funded initiatives. Prominent trends include cloud-based QCaaS and the rise of post-quantum cryptography (PQC).
The U.S. quantum computing market is expected to hit over USD 15 billion by 2037, supported by strong government support, investments from the private sector, and the relevant alliances and collaborations to build a future quantum workforce. The rise of cloud-based QCaaS and the implementation of PQC to address the risks of quantum decryption further contribute to market expansion. The National Quantum Initiative is elevating research and development, which is opening the way for wider quantum service deployment.
Asia Pacific Market Forecast
Asia Pacific is poised to garner 26.9% of revenue share shortly. 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.
Additionally, China is projected to lead the Asia Pacific quantum computing market by 2037. The growth in the region is led by noteworthy government investment of USD 10 billion from the Ministry of Industry and Information Technology (MIIT) in 2024. Moreover, a rise in QCaaS positions China as a leader in optimization and cryptography applications.
