Market Trends

10 Remarkable Stats About Canada's Tech Economy

There’s no denying that over the last decade the Canadian economy has undergone a massive shift, with tech becoming a true economic driver from the Atlantic to Pacific to Arctic Ocean.

More recently, Canada has become one of the world’s top-ranked countries for attracting tech talent. With immigration policies getting stricter south of the border, the Canadian government’s more open immigration policies and our thriving, liveable cities have made the true north the obvious choice for international workers.

When it comes to tech hot spots, the GTA remains the fastest-growing Canadian city, growing its tech sector by 50% in the last five years. In fact, Toronto makes up almost half of the tech jobs created since 2012. British Columbia isn’t far behind, with the tech sector accounting for 7% of the province’s economy, while Québec is a close third as it transforms into a leader in AI innovation.

And with the federal government betting on the future of tech across sectors with its five-year $950 million Innovation Superclusters Initiative, there seems to be no end in sight for Canada’s tech boom.

To highlight the continued growth of Canadian tech, we’ve put together 10 remarkable stats about our country’s tech economy — all from Hockeystick Database.*

 

1. In total, 13% of Canadian startups fall under MarTech — technology that’s focused on marketing solutions. HealthTech and E-Commerce tie for second position with 12% each, while LogisticsTech and Robotics close the top 10 most prevalent businesses in Canada with 3% each. 

 

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2. MarTech also tops the list of most popular types of businesses in Toronto with 19%. In fact, this figure is more than all the verticals for PEI, New Brunswick, Nova Scotia and Newfoundland combined.

 

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3. Unsurprisingly, Ontario, including Toronto, is the biggest economic and financial centre in Canada, housing about 56% of Canadian startups and defining the overall Canadian distribution of verticals. Of course, there are tons of smaller tech hubs across Canada that are also making a big difference in the tech ecosystem.

 

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4. As the top vertical in Toronto, MarTech leads the list of the most popular types of startups in Canada. However, in all other regions besides Toronto, MarTech reaches the top three only once. 

 

4 easy ways to scale your company (right now) using Hockeystick Database.

 


5. HealthTech ranks second nationwide with 12% and startups from this vertical are more evenly distributed across the country. In fact, the Prairies is the only region where HealthTech does not place in the top three. 

 

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6. The same can be said about E-Commerce, which ranks in the top three for Canada and made it in the top three across all regions except for the East Coast, where it ranks fourth.

 

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7. FinTech ranks fourth in Toronto and Québec with 9% and 10%, respectively, but was unable to hold the same position nationwide where it ranks sixth after Analytics and BioTech.

 

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8. Analytics made its way to the fourth spot for all of Canada, mainly because of its prevalence in Ontario cities outside of Toronto, as well as its popularity in British Columbia.

 

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9. Although Robotics appears in almost every top 10 regional list, the fact that it's not widely distributed in Toronto means that is ends up ranking last for top 10 verticals across Canada, at 3%.


10. AgriTech did not make Canada's top 10, but is represented in the top 10  for both the Prairies and East Coast — regions where agriculture plays a significant role in the local economy.

 

Interested in learning more about Canada's tech economy? Create your own insights by exploring over 16,500 companies, as well as hundreds of investors, funds accelerators and government programs, all on Hockeystick Database

Our database is still growing and our vertical coverage is not yet complete! You can suggest edits and contribute to Hockeystick Database as we continue to build a comprehensive database of the tech and innovation ecosystem.

 

*All numbers have been rounded to the nearest whole number.

 

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