Canada Artificial Intelligence (AI) Market

The Canada Artificial Intelligence (AI) market was estimated to be USD xx Million in 2020 and is anticipated to touch USD xx Million by the end of 2028, while increasing at a CAGR of 24% to 26% during the forecast period (2021-2028).

Introduction of the Canada Artificial Intelligence (AI) Market Report

Artificial Intelligence (AI) refers to the replication of human intelligence in machines, which are programmed to think and act like humans. It is a wide-ranging branch of computer science concerned with building smart machines that are capable to perform various tasks that require human intelligence. Artificial intelligence is an interdisciplinary science with several approaches and advancements in machine learning and deep learning, which is creating a paradigm shift in most of the sectors in the tech industry.

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Market Dynamic

Key Drivers and Emerging Trends

The major factors augmenting the growth of the Artificial Intelligence (AI) market in Canada are the growing it & telecommunication sector at rapid pace with surge in foreign direct investment in the country, increasing adoption of the cloud-based platforms among the digital technology-based companies in Canada, and 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. Canada is considered the digital hub for the IT and telecommunications industry due to several small, medium, and large-scale digital technology companies and rising FDI inflows. For instance, according to the United Nations Conference On Trade And Development in 2018, Canada’s foreign direct investment inflows reached USD 66 Billion, including the establishment of companies and launching new digital platform companies

The growing adoption of the AI-based platform among the IT and telecommunication, manufacturing, and digital technology companies, along with a surge in investment by the leading players, have propelled the AI market in Canada. For instance, according to the Government Department of Canada report in 2019, Canada has registered more than 43,200 companies in the Information and Communications Technologies (ICT) sector. The ICT sector has contributed USD 210 Billion in revenue to the Canadian economy, which has propelled the Artificial Intelligence (AI) market in Canada. Moreover, Canada has shown positive growth in all ICT sub-sectors such as software and computer services led by advanced technologies such as AI, IoT, Machine learning, etc. This sector showed growth by 11% in 2018 compared to 2017 due to increased government initiative and rising investment by the leading digital technology players in Canada. Furthermore, AI technology in IT and telecommunication sector is widely used for analyzing and processing the huge volumes of Big Data in order to extract actionable insights and for providing improved operations, better customer experience, and increase revenue through new products and services in these industries. For instance, in 2020, Bell Canada has Artificial Intelligence (AI) technology network to detect fraudulent telephone calls in the telecom industry. It can block approximately 120 million fake calls per month which was currently mandated by the Canadian Radio-television and Telecommunications Commission (CRTC).

Restraint in the Canada Artificial Intelligence (AI) Market

Lack of proper rules and regulations and reliability issues of AI technology in Canada are some factors that might restrain the growth of the Artificial Intelligence (AI) market in Canada. Artificial Intelligence technology in Canada is gaining popularity in recent years. However, the lack of proer rules and regulations and the reliability issues in Canada may hamper the market growth. For instance, as per the government of Canada, the government is utilizing technology and automated systems such as AI, IoT, and machine learning in several sectors such as BFSI, automotive, etc., to make administrative decisions faster to improve service delivery.

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Technology- Segment Analysis

Based on the technology, the natural language processing (NLP) segment is anticipated to grow at a faster CAGR over the forecast period. This is majorly attributed to the rising demand for natural language processing AI technology to interact with customers in various fields such as airline, BFSI, FMCG, and many other industries. NLP in Canada is widely used by financial service providers such as banks, credit-card companies, stock brokerages, investment funds, etc., to meet challenges around investment for decision-making and risk management in the industry. For instance, in 2020, the Royal Bank of Canada and Borealis AI has launched AI-driven electronic trading platform “Aiden” for institutional investors. It will help the investors for decision-making while investing and reduce the risk associated with the business.

Offering – Segment Analysis

Based on the offering, the services segment is projected to grow at a higher CAGR during the forecast period owing to the rising adoption of the AI-based services among the start-up and leading players for providing AI service for its customers across several industries. rising adoption of the AI-based services among the start-up and leading players for providing AI service for its customers across several industries such as BFSI, automotive, and manufacturing. For instance, in Canada, several leading players such as Google, Facebook, Microsoft, Huawei are investing millions of dollars in artificial intelligence (AI) in research hubs in Quebec, Ontario, and Alberta. These factors are surging the growth of the services segment in the artificial intelligence (AI) market in Canada.

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Key Developments:

• • In 2021, Intel Corporation joined Canada’s Mila , the Quebec Artificial Intelligence Institute for applying AI in drug discovery projects. Intel and the Quebec Montreal-based institute will be working on project which will be improving overall deep learning capabilities by leveraging advances in respective technologies to solve some of the world’s critical and challenging business issues using AI.
  • In 2021,  IBM corporation launched advanced hybrid cloud, artificial intelligence (AI), and quantum computing at the company’s Think conference. The innovations help its clients and partners to accelerate their digital transformations, work smarter, and build strategic ecosystems to drive better business outcomes.
  • In 2020, Facebook AI announced to build a new platform for data collection and benchmarking in Artificial Intelligence, known as “Dynabench”. Through this procedure, Dynabench will evaluate different AI modes and their benchmarks. It will use both humans and models to create newer and more challenging data sets that will lead to more flexible and more efficient AI.

Segments covered in the Report:

The Canada Artificial Intelligence (AI) market is segmented into technology, offering, and end-user. 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. Based on the end-user, the market has been segmented into healthcare, BFSI, retail, manufacturing, automotive, agriculture, media & entertainment, and others.

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Key questions answered in this research report:

• • At what pace is Canada Artificial Intelligence (AI) market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Canada Artificial Intelligence (AI) market? What will be the impact of drivers and restraints in the future?
  • Which technology generated maximum revenues in 2020 and identify the most promising application during the forecast period?
  • What are the various end-use areas of Canada Artificial Intelligence (AI) market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Canada Artificial Intelligence (AI) Market by Offering

• • Hardware
  • Software
  • Services

Canada Artificial Intelligence (AI) Market by Technology

• • Machine Learning
    • Deep Learning
    • Others
  • Natural Language Processing (NLP)
  • Machine Vision
  • Others

Canada Artificial Intelligence (AI) Market by End-User

• • Healthcare
  • BFSI
  • Retail
  • Manufacturing
  • Automotive & Transportation
  • Agriculture, Manufacturing
  • Media & Entertainment
  • Others