The Canadian economy is boosted by the technology sector, according to a study by the Bank for Canadian Entrepreneurs (BDC) released Monday.
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In 2022, the technology industry is expected to grow by 5.3%, and 22.4% by 2024, as one in three small and medium-sized enterprises (SMEs) plan to invest in software.
The study also reveals that 52% of Canadian companies plan to invest in the technology sector in order to acquire, among other things, software and tools for the protection of intellectual property (IP), research and development.
“A robust funding ecosystem, one of the most highly educated workforces in the world and a large pool of ambitious entrepreneurs position companies in the sector in an excellent position to take advantage of these tailwinds,” said the vice -President, Research and Chief Economist at BDC, Pierre Cléroux. He points out that companies that have made “acquisitions in the past 10 years are three times more likely to have experienced annual revenue growth of 5% or more in the past year.”
However, more than half of tech employers are struggling to find the workforce they need in addition to facing increased risks of cybercrime.
Also, according to the study, the cybersecurity of online data is one of the trends to watch for the future.