Introduction of the Canada Artificial Intelligence (AI) Market Report

Artificial Intelligence (AI) is defined as the simulation of human intelligence in machines that are particularly programmed to think similar to humans and mimic their actions. AI is a combination of various technologies such as machine learning and deep learning and facilitates the creation of hardware and software that are used for different purposes, including reasoning, perception, problem-solving, and linguistic intelligence. Artificial Intelligence technology is increasingly used in numerous sectors such as the automotive, financial, and healthcare industries.

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Market Dynamic

Key Drivers and Emerging Trends

Canada AI market is projected to become more mainstream over the next six years. The increasing adoption of cloud-based applications and services and the growth of big data in Canada are the two key drivers that are surging the growth of the Canada Artificial Intelligence (AI) market. Artificial Intelligence has become a major driver for the economic growth of the country. Canada is attracting the world’s leading giants that are pouring a high amount of investment in the country. Moreover, the nation is currently in the midst of the AI boom as large organizations such as Facebook, Huawei, Google, and other companies are increasingly spending on research hubs in Quebec, Alberta, and Ontario. In addition to this, the strong demand for intelligent virtual assistants across numerous industry verticals is another factor that is opening new doors for the growth of the Canada AI market size.

AI technology is used in different industrial applications, especially where the manufacturing plant can easily operate with human supervision. The supply chain sector is adapting AI technologies as part of their digitalization strategies. AI in the supply chain is helping the companies to analyze data, thus enabling them to make better business decisions and easily solve problems. Furthermore, various small-scale enterprises are investing in this industry, which has been reported to total funding of USD 5 billion in 2016. Additionally, North America is one of the leading markets with its mergers and acquisitions activities, and various tech-giants including IBM, Intel, Samsung, Google, and other players are acquiring start-ups to access to latest technologies. In 2020, ServiceNow acquired Element AI, one of the leading Artificial Intelligence company with deep AI capabilities and some of the brightest AI minds. Through this acquisition, ServiceNow is aiming to build an AI Innovation Hub in Canada to boost the customer-focused AI innovation in the Now Platform. Thus, this factor is responsible for the growth of the Canada AI market share in terms of revenue.

Restraint in the Canada Artificial Intelligence (AI) Market

On the other edge, the difficulty related to the data labelling and limited application of AI in complex models is one of the biggest factor that is hindering the market growth. Moreover, the restricted number of AI experts Is likely to hinder the market growth in the next few years.

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Offering – Segment Analysis

Based on the Offering, the hardware segment is predicted to dominate the Canada Artificial Intelligence market during the forecast period. The strong demand for specific hardware, equipped with advanced technologies such as deep learning & machine learning, is a major factor that is contributing to the segment growth in the market. The AI system is making it necessary to develop new hardware, increasing the performance of the neural network while decreasing the power consumption.

Technology – Segment Analysis

On the basis of the technology, the Deep Learning segment is expected to grow at a faster CAGR during the forecast period. This is attributed to the accelerating demand for deep learning technology in various industries such as automotive and healthcare due to its ability to offer high computing power and parallelization. In addition to this, continuous improvements in fast information storage capacity have encouraged the end-users from various industries such as automotive and healthcare to opt for deep learning technology.

End-User – Segment Analysis

Based on the end-user, the Media & Entertainment segment is predicted to dominate the Canada AI market over the forecast period. The increasing usage of artificial intelligence in the media & entertainment sector to improve their services & customer experience and to make strategic decisions, followed by the accelerating adoption of digital strategies to increase Offeringivity and utilize predictive analytics, are the key drivers that are boosting the growth of the segment in the market. Moreover, the increasing utilization of machine learning to identify user’s preferences and choices to offer personalized user experience is further surging the segment growth.

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Key Developments:

• • In 2020, IBM Corporation acquired the Montreal-based FinTech Expertus Technologies, to increase its hybrid cloud and artificial intelligence (AI) tech, as well as its digital payment strategies. Through this acquisition, IBM will gain consulting experience from Expertus on different aspects such as addressing new challenges in payments.
  • In 2020, Oracle announced a second-generation cloud region in Montreal, followed by the launch of its Toronto cloud region last year. The new opening is a part of the Oracle’s plan to operate 15 cloud region by 2020 for a total of 36.

Segments covered in the Report:

The Canada Artificial Intelligence (AI) market has been segmented on the basis of Offering, Technology and end-users. Based on Offering, the market is segmented into Hardware, Software and Services. Based on Technology, the market is segmented into Machine Learning, Natural Language Processing (NLP), Deep Learning, Machine Vision 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 offering generated maximum revenues in 2019 and identify the most promising offering during the forecast period?
  • What are the various technologies 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?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Offering, By Technology, By End-User
Regional Coverage	Canada
Companies Profiled	Profiles of Top 10 Major Companies Operating in “Canada Artificial Intelligence (AI) Market”
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Canada Artificial Intelligence (AI) Market by Offering

• • Hardware
    • Processors
    • Memory
    • Network
  • Software
    • AI Platforms
    • AI Solutions
  • Services
    • Deployment & Integration
    • Support & Maintenance

Canada Artificial Intelligence (AI) Market by Technology

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

Canada Artificial Intelligence (AI) Market by End-User

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