For many people across Canada, there is nothing more important than residing in a province that is thriving economically. Ontario is Canada’s foremost province when it comes to economic leadership, and as the most substantial component of the Canadian economy, it is leading the charge in several key emerging industries.
Ontario has established itself as a hub for innovation, and it is pushing the boundaries in several industries to increase the province’s global relevance. Below, we’ll look at six industries quickly becoming favourites of consumers, businesspeople, and economists within the province.
Digital Gaming
Online gambling has long been a part of the gray market in Canada, used by consumers but not controlled by regulators. This changed in 2021 when a bill was passed enabling provinces to control their gambling industries. Ontario has been the first to capitalize, opening its door to a huge range of betting operators. In a very short period of time, legal online casinos in Ontario have taken off. Regulators are now able to tax these websites, and they can base themselves in the province, opening up thousands of new jobs. It has been a multi-billion-dollar success thus far.
Financial Technology
The Financial Technology, or Fintech, industry plays a hugely prominent role in Ontario. While Fintech is popular across the country, it is most popular in Ontario, where the Toronto Stock Exchange and most of the biggest banks are headquartered. Naturally, several companies have managed to create massive businesses by creating technology that makes financial services more efficient and accessible. Wealthsimple is a shining example of the Ontario fintech market, a start-up that began just a decade ago in Ontario and now holds tens of billions of dollars in assets, mostly from retail investors.
Ecommerce
Over the past several decades, consumers have become increasingly reliant on Ecommerce for their everyday shopping needs. People now purchase everything online and expect prompt delivery, with operators like Amazon, Alibaba, and more providing Ecommerce services on a global scale. The industry is worth trillions of dollars, and Ontario is right at the forefront of it. There are many major Ecommerce companies that operate out of Ontario. Amazon has offices in the province, DoorDash provides food delivery services, and Bolt is another rising name. Shopify, an e-commerce platform founded in Ottawa, now has a market cap of over $200 billion and is headquartered in Ottawa.
Legalized Marijuana
Similar to the world of sports betting, marijuana was once illegal in Canada but now is a major part of the country’s economy. Legalized marijuana is a massive industry that is a huge source of revenue for a vast number of Canadians working in the sector. Following the legalization of marijuana in 2018, a huge number of shops, delivery services, and platforms sprang up. In less than a decade, it has been a smashing success for the country’s economy. According to an expansive report by Deloitte, legalized marijuana has generated more than $13.3 billion for the Ontario economy since 2018.
Clean Technology
We are now living in a time where many are shifting their attention to the risks posed by climate change, and clean, environmentally friendly products have surged as a result. While this is true worldwide, Ontario has been one of the places that emphasized pivoting to clean technology. Ontario’s clean technology sector includes energy storage, renewable energy, and other technologies intended for a low-carbon economy. There are numerous climate-related goals that the province and country have set, and a real emphasis needs to be focused on the cleantech sector in order to reach these goals.
Artificial Intelligence
Stop me if you’ve heard this one before, but the artificial intelligence industry is set for liftoff. It seems like AI has been the talk of the world for the past several years, with rampant speculation about what it means for the job market and the global economy. While speculation has led some to believe AI is coming for everyone’s jobs, the current state of affairs is that AI is a major employer. There are countless companies across Ontario that are investing heavily in artificial intelligence and relying on skilled experts to help them implement new systems and processes. Many start-up enterprises have also surged to popularity and success in Ontario, with the promise to help harness AI to work for good in a range of industries. While the future could alter this positive impact, right now, AI stands out as one of Ontario’s premier emerging markets.
lead photo by Igor Omilaev on Unsplash
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