Jump In or Just Watch? 5 Fast Growing Markets in Canada
If you are looking to invest your money in a growing market, or help support Canadas economy with a new business venture we have some recommendations that might help! There are many lucrative industries in Canada from Real Estate to Tourism, Artificial Intelligence, Software Development, E-Commerce and the list goes on. W *ve decided to narrow our focus to 5 unique industries that are in a current upswing with more growth predicted in the coming years. Not to mention – a special mention to an industry in Canada that you might want to take a closer look if you have overlooked it in the past.
Clean Technology (Cleantech)
This industry should come as no surprise to those listening in on the climate change conversations happening globally. With world leaders calling for more innovation to combat the Earths current climate crisis this industry is poised to skyrocket. The government of Ontario has spotlighted this industry, commenting on the provinces own cleantech strategy saying, * the global market for clean technology is expected to grow to a size of $2.5 trillion by 2022. * (source)
Curious about what exactly this industry is comprised of? Clean Technology includes any product or service that reduces environmental damage already caused and itself leaves a minimal environmental footprint. This includes Canadas vast system of hydroelectric power generators, solar industry and technology used for water clean up after oil spills or general water waste pick up.
Canadas federal government budgeted $700 million to invest in the clean technology industry.
Home Health Care
With aging Canadians opting for in home health care services over completely overhauling their lives and moving into retirement facilities and care homes, the need for more businesses with qualified staff in this industry is at an all time high. This industry is already seeing steady growth and will continue to do so as demand increases for such businesses and services. In less than two decades, by 2030 seniors will make up 23 percent of Canadian which means, this $4 billion industry will expected to see continued growth! Dennis Fancy, we’re looking at you.
Interactive Digital Media
Currently positioned as the third largest growing market – digital games industry world wide, the video game and interactive digital media industry is continuing to gain momentum, scaling rapidly here in Canada. Valued at roughly $1.9 billion in 2016 (according to Ontarios Media Development Corp.) this vibrant industry is set to be on of the fastest growing segments from now until 2021, trailing only slightly behind the internet video industry.
FYI if you are in Ontario – this might be an attractive industry to jump into. The Interactive Digital Media Fund has been set up for those producing original interactive digital media content positioned for sale to the general public. If you need some financial backing for commercialization activities with no obligation of paying the money back learn more here
Cannabis
Now that recreational marijuana is legal and for sale across Canada, many experts are saying the growing market will continue throughout 2019 in creative ways. With the industry set to reach a potential $22.6 billion dollars, the * green rush * is already underway with licensed producers opening up businesses across the country, brick and mortar and online. While it will be interesting to see exactly who the major players are when the initial smoke settles (pun absolutely intended) this is a great opportunity for investors to get in now, and get in on this new and growing industry in Canada.
Cybersecurity
With E-commerce and online banking and investing becoming the new norm, spending on cybersecurity worldwide is expected to hit $1 trillion by 2021. Slated as the 4th largest growing market industry across the globe, the potential for Canada to become a leader in cybersecurity is certainly becoming a reality as the federal government committed $500 million in the 2018 budget. Considering the continued need for cybersecurity as more people turn to the internet for their financial and banking activity – this is an industry that we certainly believe will see some creative and unique development and growth.
and our special mention:
Tourism
We love our countryand we want others to experience and see it the way we do! With a record setting 20.8 million tourists visiting the beautiful North in 2017 – it looks as if Canada is an attractive place for foreigners to check out and spend some of their time and hard earned dollars in. We certainly love that! So what does this mean for small and medium businesses? With the government predicting a 30% growth from now until 2021 – pledging $95.5 million towards the industry, look at what this might mean for your city and province. What is the opportunity for new businesses, creative ventures and experiences that would be beneficial both to current Canadians AND foreign visitors?
We are always interested in hearing feedback and learning about how you are thriving and contributing to various sectors here in Canada. Drop us a line and let us know how you are supporting your local economy and creating waves in your industry at home and beyond!