With 87% of Quebec’s solutions already integrating AI or in the process of doing so, and 73% of companies selling internationally, Quebec is a driving force but remains short on talent.
Longueuil (Quebec), October 9, 2024 – The Quebec technology sector continues to grow at a steady pace, driven by massive adoption of artificial intelligence, sustained international presence, and a transition to sustainable business models. This is revealed by the AQT Competitiveness Barometer 2024, a comprehensive study presenting around thirty indicators across four major pillars, with participation from 242 tech CEOs.
Artificial Intelligence (AI) Creates a Double Impact in Tech Companies
In 2024, 87% of companies have already integrated AI into their solutions or are in the process of doing so. Consequently, their clients, from all sectors, benefit from these advancements. Moreover, the majority of tech SMEs utilize AI across various operational functions, with 64% of respondents employing it to support their programming activities. This adoption results in a significant increase in the productivity of tech companies.
International Sales Potential to Capitalize On
In 2024, 73% of Quebec tech companies make sales abroad, highlighting financial growth potential. With nearly 30% of revenues coming from outside Quebec, this data reveals promising opportunities for companies looking to diversify their income and position themselves on the global stage.
The Emergence of Recurring Revenues
The sector is increasingly adopting recurring revenue business models, which now represent 47% of its sales. This transition contributes not only to greater financial stability but also to predictability that allows companies to better plan for future growth. SaaS commercialization is well underway.
A Shift Towards Digital
Online sales have seen strong growth, rising from 11% of revenues in 2018 to 31% in 2024. While in-person sales remain dominant at 51%, this transition to digital is among the preferred means of reaching new clients in the current business landscape.
Challenges to Overcome
Although the sector is performing well, the shortage of qualified talent remains a major issue. Indeed, 68% of companies are struggling to recruit the necessary skills. Additionally, 44% of surveyed companies employ individuals residing outside the province, a jump of 17 points since 2017. This illustrates societal changes in work dynamics and highlights the need to attract in-demand qualified talent.
For tech CEOs, this survey aims to provide comparative data across four major pillars. It also offers public and decision-making bodies indicators to guide or strengthen investments supporting the growth of the sector.
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“The tech sector in Quebec is undergoing a dynamic transformation, offering significant international opportunities and fostering innovative business models. To maximize these trends, it is essential to support our companies in their international expansion as well as in training and acquiring qualified talent,” says Nicole Martel, President and CEO of AQT.
About the AQT Barometer
Launched in 2010, the AQT Competitiveness Barometer is an essential strategic tool for guiding public policies and sector initiatives. Conducted in collaboration with SOM Research and Surveys, the 2024 edition of this survey covers 242 companies, corresponding to previous years’ comparables.
About the AQT
The AQT is a business network that promotes the development and visibility of Quebec’s technology sector. The AQT engages and represents the tech community in Quebec by encouraging digital transformation, business opportunities among members, and access to industry best practices.
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Informations :
Viviane Couto
Digital Marketing and Communications Director
AQT
514 874-2667 # 110 | info@aqt.ca