Software as a Service - Canada

  • Canada
  • Revenue in the Software as a Service market is projected to reach C$11.61bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 18.76%, resulting in a market volume of C$27.43bn by 2029.
  • The average spend per employee in the Software as a Service market is projected to reach C$0.53k in 2024.
  • In global comparison, most revenue will be generated in the United States (C$255.60bn in 2024).

Key regions: Japan, United Kingdom, United States, Italy, Germany

Region comparison

Analyst Opinion

The Software as a Service market in Canada has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Canada have been shifting towards cloud-based solutions, as businesses seek more flexible and scalable software options. The convenience of accessing software applications through the internet, rather than installing and maintaining them on-premises, has become increasingly appealing to Canadian businesses. This preference for Software as a Service (SaaS) solutions has been further fueled by the need for remote work capabilities, as companies adapt to the changing work environment. Trends in the SaaS market in Canada align with global trends, with a focus on collaboration tools, customer relationship management (CRM) software, and human resources management systems (HRMS). Collaboration tools such as project management software and video conferencing platforms have seen a surge in demand as businesses look for efficient ways to communicate and collaborate remotely. CRM software has become essential for businesses to manage customer relationships effectively, while HRMS platforms help streamline human resources processes, including recruitment, onboarding, and performance management. Local special circumstances also contribute to the growth of the SaaS market in Canada. The country's large and diverse business landscape, spanning various industries, creates a significant market opportunity for SaaS providers. Additionally, the Canadian government has been supportive of digital transformation initiatives, offering incentives and grants to businesses adopting cloud-based solutions. This support has encouraged businesses to invest in SaaS applications, further driving market growth. Underlying macroeconomic factors also play a role in the development of the SaaS market in Canada. The country's stable economy, favorable business environment, and high internet penetration rate provide a solid foundation for the adoption of cloud-based solutions. The increasing digitization of Canadian businesses, coupled with the need for cost-effective software solutions, has led to a growing demand for SaaS offerings. In conclusion, the Software as a Service market in Canada is experiencing significant growth due to customer preferences for cloud-based solutions, trends in the market focusing on collaboration, CRM, and HRMS software, local special circumstances including government support and a diverse business landscape, and underlying macroeconomic factors such as a stable economy and high internet penetration rate. This growth is expected to continue as more businesses recognize the benefits of SaaS and invest in cloud-based software solutions.


Data coverage:

The data encompasses B2B and B2C enterprises. Figures are based on the money spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP and level of telecommunications infrastructure.


We use a variety of forecasting techniques, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.


  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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