Canadian economic outlook looks very promising in 2020 because a synchronized downturn in global economies marked 2019. Many business trends are worth attention and this article will mainly focus on three industries: AI industry, the gambling industry and the cannabis industry – no joking – the latter is significantly rising in the Canadian market.
Canada has long been known in the world for its private and public ecosystems. The North American country has demonstrated several times that these ecosystems can create ideas, on how to evolve AI algorithms. Canada’s AI structures have great potential in 2020 to develop business applications that will lead to the commercial success of companies and significant numbers of jobs.
Some of the largest corporations in Canada and large banks are constantly taking part in university-based researches to acquire further knowledge on the development of AI. This kind of approach is an example to other countries as well.
A new generation is slowly gaining a foothold in the tech industry and Element AI which is a world-leading applied AI research company situated in Montreal has recently managed to raise $135 million from high profile tech investors. So this industry will definitely be a trend to look for in 2020.
The global gambling market is flourishing around the world. Canada is now on the top 10 list of countries that have most gamblers. The country earns approximately $31 billion in the online gaming industry, and it includes online casinos as well. The gambling industry is expected to grow bigger and bigger, and most players are fond of playing online blackjack in Canada. It is mainly because the game is very popular worldwide and moreover online casinos provide a variety of choices on blackjack, not to mention the advancement of technologies that helps casino providers to boost their games.
Quebec is considered to be a well-established place when it comes to online gambling. Inevitably, trends will rise in 2020, and we will definitely see more casinos emerging, and Canada’s revenues are expected to improve dramatically.
In 2018 Canada became the second country in the world to legalize cannabis. The Cannabis Production industry in recent years has blossomed remarkably, and a massive market drove up revenues during the period. The cannabis industry is also expected to grow further in 2020, and the hopes of increasing sales are not very far from realization.
According to the October 2019 report, the total cannabis sales for the first seven months of the year were only C$524 million when C$4.34 billion was a prediction nearly a year ago. The following trend will be more visible this year.
The abovementioned industries are the ones which we should look for and which Canada should prepare for. Of course, there are other industries as well, which gradually develop, however, the recent outbreak of coronavirus and disrupting the operation of global markets will eventually prevail in Canada as wells as in the rest of the world.