Covid-19 Fears Grow While Canada Wants To Dominate The Tech Industry

There is a big fear of covid-19 and people are staying home while economies shrunk. Canada has another scenario and wants to invest more in industries that can lead the economy to another level in the next few years.

Despite news of Toronto’s continued rise as Canada’s top tech city, smaller tech markets should not go unnoticed as they too are advancing due to rising demands for tech talent all over the country. Real estate firm CBRE Canada points out in a report that while there is considerable growth in Toronto’s talent pool, smaller tech cities are also showing substantial gains due to Canada’s booming industry.

Tech Industry Set to Grow in Canada

The demand for talent goes beyond the well-known Canadian tech cities. Competitions over skilled workers are reaching areas that are mostly overlooked by tech companies. According to CBRE Canada Vice Chairman, Paul Morasutti, both startups, and established firms within the tech scene are realizing the there remains a significant amount of untapped tech workers all over the country.

Utilizing smaller and mid-sized markets mean lower housing prices for tech workers, compared to rates of those in Toronto or Vancouver. Now, companies don’t prioritize office costs when expanding to Canada, what matters to them is attracting the best talent, even it means sourcing from outside big and well-known tech cities.

Before the outbreak of covid-19, Canada was one of the pioneer in many tech sub-industry. For instance, Canada was first to accept facial recognition systems through online platforms and let the users be in safe hands. Before attempting to a serious decision, Canada wants to have a safe tech eco-system. Canada’s government became friendly to many online companies, including video and online gaming. iGaming industry was first to feel the liberal approach of the government. Trudeau’s team has created a perfect ecosystem for online casino companies to grow and flourish while dominating the world market. The government allowed online casinos to use as many financial technologies as possible to have consumer’s satisfaction. Actually, every fintech innovation leads to consumer satisfaction and safety. At the same time, Canadian casino was allowed to have all types of casino offers. Worldwide competitors are limited to particular games, such as slot, roulette, poker, etc. Canadian casinos have been granted with right decision and now casinos offer a wide range of games. Because of that decision, roulette in Canada can be played on the same platform that offers poker and online slot machines. Getting friendly with the tech industry was the main goal of the Canadian government from 2016. Covid-19 fears grow but Trudeau does not want to lock the economy, he wants to make more out the current situation. That’s why the tech industry is growing every month of 2020.

Digital Charter is the Big Help for the Tech Industry

Everything that the Digital Charter stands for is bound to strengthen Canada’s tech industry. It’s ten principles all cover aspects that can protect Canadian businesses, tech workers, skilled immigrants, consumers, investors, and other key stakeholders.

The Charter’s healthy regard for equal opportunity in giving the nation tools to access the digital world means the Canadian Government supports the tech industry in creating technological innovations that could improve the lives of every individual. With the tech industry’s vast scope, the Digital Charter will serve as a blanket that would protect the tech industry from security threats, instability, inequalities, and economic challenges.

Efficient and effective implementation of the Digital Charter concerning the tech industry’s most imminent needs will ensure that it’s foundations are reinforced, making them stable enough to take on the demands of a rapidly changing tech landscape.

What Industries Will Be Booming in the Current Decade

A report released by research company IBISWorld reveals the top 10 fastest growing companies in Canada based on revenue include the following: Cannabis Production, Electric Power Transmission in Canada, Corn Farming, Billboard and Sign Manufacturing, Commerce and Online Auctions, Gold and Silver Ore Mining, Physical Therapy, Margarine and Cooking Oil Processing, Dating Services, etc.

However, when it comes to tech, sectors bound to experience the most growth are those related to the Internet of Things, virtual reality, artificial intelligence, and big data. Known by all as the pillars of today’s tech scene, these innovations make it possible for different sectors to thrive and expand even more. As a result, here are the most successful tech sectors of the decade, based on a study conducted by global trading brand RS Components:

1. On-demand 2. E-commerce 3. Fintech 4. Internet Software and Services 5. Big Data 6. Social Networking 7. Digital Media 8. Consumer Electronics 9. Auto Tech 10. Cybersecurity

The on-demand sector, mostly comprised of popular online platforms, offers goods and services to clients. These include companies such as Gett, Uber, Lyft, Grab Taxi, among others. This sector has a current valuation of almost $180 billion.