- On
- 21 Feb 2024
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- 4 minutes
Quite a few industries are picking up the pace in Canada at the moment. From agricultural technology improving to more sectors added to the online gaming industry, the job market and economy as a whole are experiencing intense growth. This article will take a closer look at a few sectors that are growing immensely and point out some predictions for the future.
Sustainable Agriculture
Technology has had a positive impact on agriculture in Canada by finding new ways to grow more crops to provide food and fabric to the increasing global population. For example, technological improvements like drones, global positioning systems (GPS), and satellite imaging have helped farmers and technicians optimize crop yields to improve resource efficiency for precision agriculture techniques. In addition, the alterations in agri-tech have provided better fish farming practices to help preserve marine ecosystems and will continue to do so.
Online Gaming
Online gaming in Canada has grown a bountiful amount in profit and popularity recently. From action games and player vs environment (PvE) games to online casinos and board games, there are many online games to choose from. Online casino gaming in particular has become popular in Canada with multiple legal gaming providers offering games in Quebec, Canada. Additionally, Canadians can enjoy an immersive gaming experience with interactive features like high-quality graphics as well as live dealer games on their computers or smartphones. Furthermore, Canada’s game user penetration rate is forecasted to be at 18.8% during 2023 and predicted to hit 19.2% by 2027.
E-commerce
E-commerce and digital marketing services can be considered one of the industries that have completely changed the retail sector in Canada. Since covid 19, consumers had no choice but to opt for online shopping since in-store visits were at one point prohibited.
In addition, digital services and e-commerce have created some of the most diverse job titles in-house and by outsourcing throughout the country. For example, when businesses turned to online platforms and social media to connect with customers and increase sales during the pandemic, this opened up various digital services jobs. The sector has grown to where 94% of small businesses rely on social media and other services for marketing. With this service rate increase, the spending on digital marketing advertising in the Canadian business sector is expected to reach over $16 billion by 2025.
Commercial Construction & Infrastructure
In the construction of infrastructure, there have been major investments in the civil engineering and green building sectors which has increased profits. This has opened up a vast job market for engineers, city planners, and architects in Canada. With that said, skilled contractors and project managers are in demand to oversee these bigger projects to ensure that quality standards are met and that deadlines align with smooth performance. Furthermore, energy-efficient construction with green buildings creates growth and job opportunities in energy management, architecture, and design for Canadians.
Technology & Software Development
Canada’s technology sector is growing intensely across the country’s economy since 30% of small to medium-sized companies are preparing to invest in software over the next year. In addition, as many large software companies call Canada home, the country claims to be a top-tier technology destination across the globe offering highly skilled talent, and a well-attained research and development culture.
Furthermore, Canada has become an obvious choice for global investment in its ocean technology. This is because Canada’s Ocean Cluster combines a range of industries to create a thriving partnership between industry, research, and government institutions to promote sales and growth for important ocean solutions.
Moreover, a great deal of companies with a Canadian presence have started integrating into Canada’s Artificial Intelligence (AI) hub and with these strategies, there have been a growing number of government investments in skills and AI development throughout the industry. Since the country’s economy has a strong focus on science, technology, engineering, and math (STEM), more and more Canadian professionals and research institutions are offering growth in the cut-throat technology and software market.
Ski Resorts
The market for the ski and snowboarding industry in Canada increased 13.8% and grew to about $1.5 billion in 2023. Many Canadian outdoor enthusiasts returned to the slopes mid-pandemic which gave the industry the optimism needed to recover, and ended up providing jobs for over 70,000 Canadians. Moreover, ski stores recorded a more than 30% increase in sales of ski clothing and equipment, which also helped pour more than $4 billion back into the economy.
Healthcare & Biotechnology
Improvements in the Canadian healthcare and biotechnology industry have provided room for growth in sectors such as personalized medicine, medical devices, and pharmaceuticals. With most companies in the Canadian industry being small to medium-sized, their research and development teams can serve both local and international markets in demand of new and improved healthcare delivery and patient care. Additionally, these fields have driven companies to invest over $4.8 billion in the last 10 years and are predicted to need 65,000 more professionals in the engineering, medicine, biology and technology fields by 2029.
Conclusion
The Canadian economy is flourishing across tons of industries and sectors. With the way it's going, Canada is anticipated to lead steady growth in fields including but not limited to software development, commercial construction, and ski resorts. As the nation keeps exploring new avenues for improving the economy, it opens its doors and presents opportunities for many national and international professionals across these sectors.
