Canada Cloud Computing Market Size

Canada Cloud Computing Market Analysis

The Canada Cloud Computing Market size is estimated at USD 39.69 billion in 2024, and is expected to reach USD 85.68 billion by 2029, growing at a CAGR of 16.64% during the forecast period (2024-2029).

• Cloud-based infrastructure provides flexible and on-demand resource access, supporting new digital business solutions. This technology is beneficial for enterprise resource planning (ERP), online transaction processing (OLTP), and supply chain management (SCM) across various sectors.
• Enterprise routers are crucial products used daily by businesses globally. Emerging technologies, such as big data, artificial intelligence (AI), and machine learning (ML), drive the increasing global demand for cloud computing. The growing focus on customer-centric applications to enhance consumer satisfaction also contributes to the rise in these technologies.
• In April 2024, IBM announced its intention to set up a new Cloud Multizone Region (MZR) in Montreal, Quebec. This facility is designed to help clients adapt to evolving regulatory requirements while leveraging technologies such as Generative AI on a secure enterprise cloud platform. The Montreal MZR will comprise three Availability Zones—separate locations within the data center or cloud infrastructure—designed to deliver consistent cloud services, bolster resiliency, and cater to mission-critical workloads.
• The market is also witnessing several investments that significantly drive the adoption of cloud computing. In June 2024, the federal and provincial governments highlighted the importance of the Arbutus Cloud infrastructure for Canadian research. The Digital Research Alliance of Canada allocated USD 10.28 million to revitalize the Arbutus Cloud infrastructure, marking it as one of the nation's five National Host Sites and the country's premier research cloud. Additionally, the Government of British Columbia announced an investment of up to USD 6.14 million to support the renewal efforts for the Arbutus Cloud.
• Organizations increasingly require secure and efficient solutions to facilitate remote work for their employees, including contact center agents and creative professionals. Providers are addressing this need by offering specialized cloud-based solutions that ensure security, timeliness, and cost-effectiveness.
• Cloud computing, a technology that provides on-demand platforms, software, and infrastructure, is vulnerable to various data breaches. When assured of strong security measures, customers still express concerns about outsourcing their data to public cloud services. Despite the efforts of cloud service providers to protect client data, several data breach incidents have affected even the most prominent businesses.
• Surfshark reported that in 2023, Canada recorded over 167,000 exposed data points for every thousand individuals. A global survey in 2023 revealed that 70% of organizations faced a heightened risk of a significant cyberattack within the following year. In Canada, 58% of surveyed Chief Information Security Officers (CISOs) across diverse industries acknowledged the cyberattack risk for their companies in 2023.