SaaS

Build your software in Ontario
and export it to the world

SaaS

Build your software in Ontario and export it to the world

Global SaaS Industry

More than 85% of corporate apps are expected to be SaaS by 2025
The global Software as a Service (SaaS) market is set to increase from US $273.6 billion in 2023 to US $908.2 billion by 2030, with a CAGR of 18.7%.
SaaS solutions have made rapid progress with the help of artificial intelligence and machine learning to improve operations proficiency and intelligence across businesses. By 2025, more than 85% of corporate apps are expected to be SaaS.
75% of business leaders mention enhanced business agility, while 74% highlight the speed of implementation and deployment as reasons influencing their company's shift to an exclusively SaaS model. North America currently has the largest proportion (67%) of the world’s SaaS companies owing to the pioneering development of technologies such as AI, IoT, Robotics, and Cloud in the region.
The future of SaaS is driven by the demand for collaborative software, marketing technology (MarTech), the continued rise of vertical SaaS, and no-code becoming the norm.

Canadian SaaS Industry

Shopify, Wave, Hootesuite were made here
Canada is home to over 6800 SaaS companies. Shopify, Wave Accounting, Hootsuite, League, SkyHive, Vidyard, Memi, and many more are homegrown brands exported to the world.
Revenue in the SaaS segment in Canada is projected to top approximately CA $9 billion in 2023. An annual growth rate (CAGR 2023-2027) of 6.12% is expected to result in a market volume of CA $11.4 billion by 2027. The average spend per employee in the SaaS segment is projected to reach approximately CA $430 in 2023 in Canada.

The future of EdTech in Canada is marked by several transformative trends that have arisen in response to changing societal needs and the impact of the internet:

  • Lifelong learning has become a key focus, shifting the emphasis from traditional education to continuous skill development accessible through online platforms. 
  • The extended reality, encompassing VR, AR, and MR, enhances engagement by supplying immersive learning experiences. 
  • Nano-lessons cater to shorter attention spans, presenting information in concise and digestible formats. 
  • Personalized approaches are gaining traction, allowing students to focus on their individual talents and needs rather than conforming to a one-size-fits-all model.
  • The importance of soft skills training is also being acknowledged, recognizing that qualities like critical thinking, problem-solving, and emotional intelligence play a vital role in career success and societal contributions.

Canadian
CleanTech Industry

A driver of growth and innovation in the EdTech environment
In 2021, the Canadian EdTech market reached total revenues of CA $2.7 billion, reflecting an impressive compound annual growth rate (CAGR) of 11.1% between 2016 and 2021. The pre-K-12 and K-12 segments emerged as the most lucrative, contributing CA $1.34 billion, comprising 57.2% of the market's total value. Notably, the market experienced an unwavering 15.3% growth in 2021 alone.
The competitive landscape in Canada is relatively fragmented, with a few leading players like Coursera, Applyboard, and D2L being the most well-known Canadian exports to the world.

The future of EdTech in Canada is marked by several transformative trends that have arisen in response to changing societal needs and the impact of the internet:

  • Lifelong learning has become a key focus, shifting the emphasis from traditional education to continuous skill development accessible through online platforms. 
  • The extended reality, encompassing VR, AR, and MR, enhances engagement by supplying immersive learning experiences. 
  • Nano-lessons cater to shorter attention spans, presenting information in concise and digestible formats. 
  • Personalized approaches are gaining traction, allowing students to focus on their individual talents and needs rather than conforming to a one-size-fits-all model.
  • The importance of soft skills training is also being acknowledged, recognizing that qualities like critical thinking, problem-solving, and emotional intelligence play a vital role in career success and societal contributions.

Why Choose Ontario
For SaaS

The second biggest tech cluster in the world after Silicon Valley
The province has exported over CA $8.3 billion in IT products and services. Industry giants like Amazon, IBM, Google, Cisco, and Shopify continue to invest in major R&D operations in Ontario. It is also home to world-class universities that attract talent from all over the globe.
L-Spark's State of SaaS report from 2022 indicated that around CA $956 million was amassed across 10 Series B deals in the past year. SaaS companies such as 1Password, Paper, Talent.com, LayerZero Labs, Cohere, and Xanadu have secured investments exceeding CA $67.5 million.
Ontario is also very well positioned to take advantage of a number of leading IoT companies based in the province, including ATS Automation Tooling Systems, Teledyne Dalsa, and Prodomax.
The province is actively investing in the development of Smart Cities with three tech hubs in Ontario: Toronto, Kitchener, and Mississauga are working to make the concept a reality.
  • Toronto has a rich mix of skilled professionals and a strong focus on research and development, Toronto has positioned itself as a global epicentre for technology and innovation. As Canada’s most expensive tech hub, the city boasts 24,000 tech enterprises and a workforce of upwards of 289,000 in the technology sector.
  • Waterloo Region boasts a nearly double survival rate for first-year information and communications technology (ICT) startups compared to the global industry average. Among the G-7, it has the most favourable R&D tax and corporate investment tax rates.
  • Mississauga is strategically positioned within the Toronto-Waterloo Technology Corridor, marking it as a central hub within North America’s second largest ICT cluster. The city is home to a large tech community with the likes of renowned companies such as SOTI, IMAX, and PointClickCare. It ranks #3 in tech talent in North America. Mississauga houses over 75 Fortune 500 companies,

Ontario has an endless pipeline of tech talent. With over 65000+ STEM graduates being dispensed out of 47 universities and colleges yearly, SaaS start-ups can enjoy an abundance of qualified talent. 

IT R&D centres are also spread across several verticals like communications, cryptography, geographic information systems, geoinformatics, imaging, learning, microelectronics, mobile experience innovation, quantum computing, semiconductors, telecommunications, virtual laboratories, and wireless technologies. The province has world-leading researchers and institutes that collaborate with businesses.

Canada’s trade agreements cover markets valued at over US $50 trillion with 1.7 billion consumers. Canada has free trade agreements with the largest manufacturing markets in the world: the United States (USMCA), the European Union (CETA) and Asia-Pacific (CPTPP).
Your business can have access to 187 million consumers within a day’s drive of the Greater Toronto Area. Ontario has 4 international and 300 regional airports, 250,000 km of roads and highways, a dozen border crossings and the 6th most internationally connected airport in the world.

Ontario’s SaaS Industry Facts

1st

largest SaaS
sector in Canada

48%

of Canadian IT
workers are here

$48.3B

in annual contribution
to IT sector GDP

1st

country in the world to adopt a national AI strategy

#4

in the world for tech job creation goes to Toronto

63,500

annual STEM graduates

Ontario’s SaaS Industry Facts

1st

largest SaaS sector in Canada

48%

of Canadian IT workers are here

$48.3B

in annual contribution
to IT sector GDP

1st

country in the world to adopt a national AI strategy

#4

in the world for tech job creation goes to Toronto

63,500

annual STEM graduates

SaaS Funding, Resources and Organizations

Innovation, Science and Economic Development Canada (ISED) collaborates with Canadians across various economic sectors and regions to enhance investment conditions, boost innovation, and expand Canada’s global trade share.

Ontario Ministry of Economic Development, Job Creation and Trade is the provincial ministry responsible for economic development that plays a crucial role in supporting industries through various programs, grants, and incentives.

Ontario Centre of Innovation (OCI)

supports innovation and collaboration between industry and academia. It provides funding and resources for research and development projects to drive innovation and technology adoption. Visit Site

is a SaaS accelerator in Ontario. One of Canada’s Global Innovation Clusters Scale AI, has invested CA $20 million to accelerate AI startups in a project that LSpark has access to.  Visit Site

SaaS Companies in Ontario

logo of saas company #paid
#paid
312 Adelaide St W Suite 200, Toronto, ON M5V 1R2, Canada
acto-logo
ACTO
60 Atlantic Ave Suite 200, Toronto, ON M6K 1X9, Canada
alayacare-logo
AlayaCare
480 University Ave, Toronto, ON M5G 1V2, Canada
logo of saas company assent inc.
Assent Inc.
525 Coventry Rd, Ottawa, ON K1K 2C5, Canada
clio-logo
Clio
330 Bay St. #1000, Toronto, ON M5H 2S8, Canada
freshbooks-logo
FreshBooks
1655 Dupont St #250, Toronto, ON M6P 3T1, Canada
logo of saas company hootsuite
Hootsuite
325 Front St W floor 3, Toronto, ON M5V 2Y1, Canada
logo of saas company jobber
Jobber
260 Queen St W 3rd Floor, Toronto, ON M5V 1Z8, Canada
logo of saas company league
League
225 King St W Suite #800, Toronto, ON M5V 3M2, Canada
logo of saas company lillio
Lillio
33 Yonge St Suite 600, Toronto, ON M5E 0A9, Canada
pointclickcare-logo
PointClickCare
5570 Explorer Dr, Mississauga, ON L4W 0C4, Canada
rewind-logo
Rewind
333 Preston St, Ottawa, ON K1S 5N4, Canada
top-hat-logo
Top Hat
151 Bloor St W #200, Toronto, ON M5S 1S4, Canada
touchbistro-logo
TouchBistro
85 Richmond St W #1100, Toronto, ON M5H 2C9, Canada
logo of saas company vidyard
Vidyard
1 Queen St N #301, Kitchener, ON N2H 2G8, Canada
logo of saas company xanadu
Xanadu
777 Bay St., Toronto, ON M5G 2C8, Canada
Show Companies
logo of saas company #paid
#paid
312 Adelaide St W Suite 200, Toronto, ON M5V 1R2, Canada
acto-logo
ACTO
60 Atlantic Ave Suite 200, Toronto, ON M6K 1X9, Canada
alayacare-logo
AlayaCare
480 University Ave, Toronto, ON M5G 1V2, Canada
logo of saas company assent inc.
Assent Inc.
525 Coventry Rd, Ottawa, ON K1K 2C5, Canada
clio-logo
Clio
330 Bay St. #1000, Toronto, ON M5H 2S8, Canada
freshbooks-logo
FreshBooks
1655 Dupont St #250, Toronto, ON M6P 3T1, Canada
logo of saas company hootsuite
Hootsuite
325 Front St W floor 3, Toronto, ON M5V 2Y1, Canada
logo of saas company jobber
Jobber
260 Queen St W 3rd Floor, Toronto, ON M5V 1Z8, Canada
logo of saas company league
League
225 King St W Suite #800, Toronto, ON M5V 3M2, Canada
logo of saas company lillio
Lillio
33 Yonge St Suite 600, Toronto, ON M5E 0A9, Canada
pointclickcare-logo
PointClickCare
5570 Explorer Dr, Mississauga, ON L4W 0C4, Canada
rewind-logo
Rewind
333 Preston St, Ottawa, ON K1S 5N4, Canada
top-hat-logo
Top Hat
151 Bloor St W #200, Toronto, ON M5S 1S4, Canada
touchbistro-logo
TouchBistro
85 Richmond St W #1100, Toronto, ON M5H 2C9, Canada
logo of saas company vidyard
Vidyard
1 Queen St N #301, Kitchener, ON N2H 2G8, Canada
logo of saas company xanadu
Xanadu
777 Bay St., Toronto, ON M5G 2C8, Canada
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