As per the GMI Research forecasts, rising investment by the leading players towards adoption of the advanced technologies such as AI, IoT and machine learning in Canada by the help of government support and initiatives is one of the factors that are contributing to the growth of the Canada Artificial Intelligence (AI) market. The market was estimated to be USD xx Million in 2020 and is predicted to reach USD xx Million by the end of 2028, while growing at a CAGR of 24% to 26% during the forecast period (2021-2028).

Canada is on its way to diversify its economy by adopting digital platform technologies such as IoT cloud platforms to simplify and increase its business performance due to rising investment by the leading players in the country. For instance, according to the Information and Communications Technology Council (ICTC), the Canadian cloud economy contributes USD 4.6 Billion annually to Canadian GDP. This contribution was reached USD 8.2 Billion in 2018 due to the growing adoption of cloud computing among SMEs and large-scale enterprises. Artificial intelligence is being used to collaborate with cloud computing technology to increase productivity, streamline workloads, and automate repetitive tasks within IT infrastructure. Thus, the rising adoption of AI technology and cloud services to manage, monitor, and even make corrections to systems without human intervention has created a massive demand for the AI market in Canada.

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Artificial intelligence in the Cloud is used to access unprecedented data for scaling up their applications to set industry standards and drive innovation by maximizing existing assets of the businesses. Several leading cloud service providers are collaborating and partnering with leading tech players for making the use of AI technology for better efficiency and increase the revenues of the companies across different sectors. For instance, in 2020, Royal Bank of Canada, AI and its AI research institute Borealis have made partnership with Red Hat and NVIDIA to develop a new AI computing private cloud platform to deliver intelligent software applications and boost operational efficiency of the customers in banking sector and to help keep pace with rapid technology changes and evolving customer expectations.

Leading technology companies such as Google, Microsoft, Facebook etc. are making huge investment in Canada for implementing AI due to growing demand by SMEs and large enterprises to optimize the business operations.  Moreover, the nation is currently taking advantage of AI technology. Large organizations such as Facebook, Huawei, Google, and other companies are increasingly spending on research hubs in Quebec, Alberta, and Ontario in Canada. For instance, in 2020, Google Canada has invested USD 3.4 Million in Montréal-based artificial intelligence (AI) research institute Mila for continuing its research in AI and machine learning technology. Google has invested over USD 13 Million in academic research in Canada over the past ten years.  Thus, it created a massive demand for the Artificial Intelligence (AI) market in Canada. Also, the Canadian government has planned an investment of USD 100 funding over the forecast period up to 2026 for pursuing and developing artificial intelligence.

On the basis of End-User, Healthcare segment is expected to lead the Canada Artificial Intelligence (AI) market during the forecast period. The increasing adoption and launching of these AI-based technologies in the healthcare industry by the leading players with the surge in the number of growing infectious and chronic ailments in Canada have propelled the Canada healthcare market growth. For instance, in 2020, Novartis, one of the leading healthcare providers has launched a new digital health innovation hub in Canada for helping and developing “scalable, digital solutions” for healthcare providers and patients. They formed a strategic alliance with Novartis in 2019. The Novartis held Canadian Biome Digital Innovation Hub by making a strategic alliance with Montreal at its artificial intelligence research institute, Mila.

Key Developments:

    • In 2021, Natural Resources Canada (NRCan) has made partnership with Microsoft Canada for supporting the government’s climate action research for sustainable development with digital solutions. Microsoft have offered AI Business School workshops for NRCan for skill development in the governance operations and for making responsible use of AI technology.
    • In 2021, Google LLC has revealed the 12 startups set for joining the second annual cohort of its three-month accelerator program for Canadian tech ventures which uses machine learning or artificial intelligence (AI) in their business. Program will join AccessNow, AVA, Homewise, ICwhatUC, Knockri, Neurescence, Orbiseed, Phelix AI, Summatti, Together, Virtuo, and Visualping to solve an array of challenges that streamlines the home buying process, to an AI-powered clinical assistant.
    • In 2021, IBM Corporation Canada and Carleton University have made five-year collaboration agreement for enhancing the skill development of the Carleton’s Institute student for Data Science and equip students to get essential jobs in emerging digital careers such as machine learning, artificial intelligence (AI), and data science.

The Canada Artificial Intelligence (AI) market is segmented into End-User, Offering, and Technology. Based on the End-User, the market has been segmented into healthcare, BFSI, retail, manufacturing, automotive, agriculture, media & entertainment, and others. Based on the Offering, the market has been segmented into hardware, software, and services. Based on the Technology, the market has been segmented into machine learning, natural language processing (NLP), machine vision, and others.