A new report by research firm CentraTech highlights a range of emerging trends in the sector, with the growing interest of new players in the field, particularly in the Canadian market.
In addition to a growing interest in “digital transformation” and a renewed interest in the business of “digital marketing,” Centra Tech says that Canadian companies have started to invest in the areas of research and development, manufacturing and operations and marketing.
The report, which was released on Monday, examines the growth of Canadian companies in the last decade, with a focus on the US, China and Australia.
It focuses on technology companies, noting that in 2017, Canadian companies were the largest contributors to global revenue and the second largest contributor to Canadian profits.
“This has been a long and storied journey for Canadian technology companies,” said Stephen Miller, co-author of the report.
“We are seeing the rise of new companies, new players, but we also see the rise in the status quo.”
The study also highlights the rise and continued growth of Canada as a destination for technology.
Canada accounted for nearly two-thirds of the world’s software revenue in 2017.
The number of Canadian firms in the tech sector, which has seen growth of more than 70 per cent in the past five years, has nearly doubled to more than 100.
“It’s important to note that we’re still very much an export-oriented country,” said Miller.
“But we’re seeing a lot of innovation coming from the U.S. and China.”
The report cites a number of key factors in the growth in the US and Canada.
“The growth in digital technology is very important to the Canadian economy,” said John Ritter, vice president of Centra.
“Canada is the third-largest tech exporter, and the largest in the world, and we’re also the number one destination for software in the U to the U S. The growth in technology is just one component of a very diversified economy.”
While the report highlights the potential of Canadian businesses in the digital sphere, Miller says the key to success in the country is in keeping up with technology and keeping pace with emerging technologies. “
As technology becomes a more important part of our economy, Canada’s going to continue to be the destination for talent and innovation.”
While the report highlights the potential of Canadian businesses in the digital sphere, Miller says the key to success in the country is in keeping up with technology and keeping pace with emerging technologies.
“For us, the best place to be in Canada is not just in the technology sector,” he said.
“If you look at the US in the 90s, you had all these companies that were innovating and were making incredible things and people were dying,” Miller said.
But the rise is still coming from China and South Korea, and “Canada has been very slow to catch up.
It’s going very slow.
Canada is behind the curve.”
Miller said Canada’s growing reliance on technology is also driving a growing need for the government to step up its game, which is a concern for the IT sector.
“If we’re going to be successful in Canada, we have to step it up,” he added.
“This report really points out that the growth is not slowing down,” Miller concluded.
“What we’re talking about is the growth continues to accelerate and we need to continue that growth.”