There is little doubt of the damage that events from last year wreaked on economies all over the world and Canada is no exception. However, the good news is that the Canadian government has conducted extensive research on the industries that are rapidly growing and will be vital to the recovery of the country’s economy.
Experts and analysts believe that Canada’s recovery from the recession will happen quicker compared to other regions. Some have even predicted that the Canadian economy could be thriving once again before the end of 2021 as a result of a handful of growing industries.
To get a better understanding of the industries and sectors that are vital to the recovery of the economy, you will need to be armed with the facts. These facts could help you choose a more lucrative career path or assist you in making wise investment decisions.
We teamed up with an expert analyst, Michelle Thomas (view profile), to bring you more information on these industries and how they will be vital to our recovery. Keep reading to find out more.
Cryptocurrency
Compared to several leading countries, Canada has been noted as one of the most progressive regions when it comes to money, banking and cryptocurrencies. When it comes to the acceptance of cryptocurrency, many countries, and their respective governments, have been wary of the change to traditional monetary systems. However, Canada has embraced the change and was one of the first great nations to include cryptocurrency transactions in the everyday trade between businesses and consumers.
Canadian nationals have become accustomed to making use of fintech companies and cryptocurrencies. However, it is not just the consumer that has contributed to cryptocurrency’s rapid growth in the country. Business owners have wholeheartedly accepted the new monetary system and have adapted accordingly.
These days, consumers can transact with industry-leading businesses, such as Canadian casinos, fast food stores and even online stores, while enjoying the advantages presented by blockchain technology. This means that Canadian citizens are able to exchange cryptocurrencies in a safer, faster and cheaper manner. The growth of the cryptocurrency industry has been aided by online gaming sites, e-commerce businesses and the adoption by retail franchises such as KFC.
E-commerce
Taking into consideration that technology plays a big role in modern-day life, it comes as no surprise that eCommerce continues to grow at a rapid pace. There are several reasons for this that include but are not limited, the change in consumer culture, the conversely proportionate relationship between convenience and time, the increase of eCommerce business owners and online-only bargains. Coupled with the adoption of cryptocurrency, the growth of e-commerce has brought us closer to a technology-dominated world.
The growth of e-commerce has a direct influence on logistics and Scheduled Air Transportation, which was ranked as the most successful growing industry in Canada according to revenue growth analysis. In addition to this, e-commerce promotes jobs in other sectors such as retail, software development and manufacturing.
Software Development and IT
Canada’s IT industry has become known for some of the best companies in innovation and the hundreds of skilled professionals who work at them. While IT is a wide industry that has been growing for quite some time, a part of the IT industry, software development, has stepped into the limelight and has been identified for its rapid growth. The unexpected growth of software development has been linked to the increase in remote work that has been seen over the last year.
While some regions of the world have reverted to traditional working arrangements with their employees, a far greater number of businesses have opted to allow their workforce to continue working remotely. Further proof that remote work is likely to become a big part of the world can be seen by Twitter’s recent announcement to allow a handful of staff to work from home for the rest of their tenure. This is great news for the software development industry as these companies will need to hire professional developers to update their software to accommodate the geographical distances between employees.
The boom in online gaming, especially with operators who provide casino games online, has also positively affected the growth of the software development industry and is likely to continue doing so.
Online Gaming
One of the most popular pastimes in Canada today is gambling and the introduction of the mobile gambling sector has resulted in significant growth over the last ten years. Two of the industries mentioned above, cryptocurrency and software development, are directly linked to the growing success of online casino sites in Canada. Software developers have created a wide range of real money and free casino games that can be accessed with a click of a button.
In addition to this, cryptocurrencies provide Canadian gamers with increased security and faster transactions on the sites that provide online gaming services. Canada’s technology industry has successfully integrated many innovative solutions into sites that offer gaming services, providing players with a superior experience.
Is a Speedy Recovery Possible?
While traditional industries, such as retail stores, land-based casinos and traditional banking were the saviours from previous recessions, the evidence indicates that technology and modern business models will provide a speedy recovery for the Canadian economy while providing thousands of job opportunities for professionals.
