Canada Cloud Computing Market | Analysis 2019-2031

CANADA CLOUD COMPUTING INDUSTRY SNAPSHOT

• The cloud computing market in Canada is estimated to reach US$ 13.6 billion by the end of 2024.
• This projection indicates an compound annual growth rate of 7.46% during 2023 to 2031, Canada cloud computing market value reaching US$ 22.0 billion by 2031.
• In terms spending in the Canadian cloud computing market, the Software as a Service (SaaS) sector is anticipated to generate the highest revenue in 2024.
• Within the Canadian cloud computing market, the IT and Telecom sector is expected to dominate with a total revenue of US$ 4.4 billion in 2024.
• A few of the major players operating in Canada cloud computing market are Eleks, Leonovus, and Sync.com.

CANADA CLOUD COMPUTING INDUSTRY SCENARIO, TRENDS, AND DEVELOPMENTS

Cloud computing technology is becoming a wave with more than 90% organizations in Canada have adopted cloud services owing to enhanced scalability, flexibility, and 24/7 access it provides to users from anywhere and anytime. Further, increasing internet penetration and speed in the country is projected to give rise to the cloud adoption. This, in turn, is expected to support cloud services infrastructure in Canada, thereby prompting growth of the Canada cloud computing market.
 

Major organizations that are adopting cloud services at a faster pace are from public sector, BFSI, healthcare and retail sectors. Government of Canada is focusing on leveraging cloud-based service delivery model to meet increasing demand for online services and enhance user experience. This in turn is propelling growth of the Canada cloud computing market. Further, the ongoing transformation of IT infrastructure across aforementioned industries will enable users to overcome the challenges related to offering modern technology enabled services to customers. Key factors fostering Canada cloud computing market advancement are ability of cloud services to allow customers to access data from anywhere via any device, rise of bring your own devices and mobile workforce trends, and efficient connectivity infrastructure and emergence of 5G networking technology. In contrast, lack of resources and expertise, threat associated with data privacy and security issues, and stringent government regulation to store data within Canadian Territory are few of the factors obstructing Canada cloud computing market development. Additionally, there have been observations regarding developments and trends in the Canadian cloud computing industry given below.
 

• The Canadian government's introduction of the "Canada Cloud Policy" marked a pivotal step in orchestrating strategic cloud adoption practices across public sector entities. As Canadians increasingly integrate cloud computing and data storage networks into their daily lives, the policy underscores the imperative of safeguarding and ensuring accessibility to data while prioritizing eco-friendly and efficient storage solutions. By addressing these critical aspects, the policy aims to fortify Canada's digital infrastructure and pave the way for sustainable and secure cloud utilization in line with evolving societal needs and technological advancements. Such government initiatives are facilitating growth of the Canada cloud computing market.
   
• In December 2023, Amazon Web Services (AWS), a subsidiary of Amazon.com, Inc., announced the establishment plans of its second AWS infrastructure Region in Canada, the AWS Canada West (Calgary) Region. This expansion offers a diverse array of cloud hosting opportunities for developers, startups, enterprises, and various other organizations, including government bodies, educational institutions, and nonprofit organizations. Furthermore, AWS has unveiled plans to invest approximately $17.9 billion in Canada cloud computing industry and technology initiatives by 2037, underscoring its long-term commitment to the region's digital infrastructure and economic growth.
   
• In November 2023, Microsoft unveiled plans to inject USD$500 million into the expansion of its hyperscale cloud computing and artificial intelligence (AI) infrastructure in Quebec over the forthcoming two years. This strategic investment highlights Microsoft's dedication to bolster its presence in the Canadian cloud computing market, with a substantial augmentation of its local infrastructure footprint by 750 percent across the country.
   
• Bell Canada forged a strategic alliance with Google Cloud in July 2021 to propel its comprehensive digital transformation efforts, reinforce its network and IT infrastructure, enhance cloud adoption, and champion sustainability initiatives. Further, this partnership underlines Bell's steadfast commitment to promote innovation and enhancing connectivity experiences for its clientele across Canada.

CANADA CLOUD COMPUTING MARKET COVERAGE