Canadian Industries with Huge Potential for 2023 and Beyond
As 2022 winds to a close, many people are taking this time to reflect and reevaluate. The past few years have certainly been eventful - in ways both good and bad. Now is an excellent time to start thinking about the opportunities and challenges that lie in 2023 and beyond and identify some of the industries that offer a potential investment for years to come.
Here we’ll take a look at a few of the top-growing industries in Canada and explore some ways to get involved. A growing industry means more demand for skilled labour and an emphasis on expertise. As an investor or potential business owner, you can put yourself in the driver’s seat by breaking into these high-demand fields. A greater sense of job security and potential for career growth will be driving factors for employees as we progress through the 2020s.
Technology
The technology field has been one of the fastest-growing markets in Canada and abroad, and it's easy to see why. As our society becomes ever more reliant on technology for all aspects of business and commerce, there is a huge demand for individuals with strong expertise in the field. Positions like Data Scientists, IT Managers, Developers, and Systems Engineers have strong demand, and job security as businesses rely on them for many of their operations. According to the U.S. International Trade Commission, there are over 43,000 companies in the Canadian Information and Communications sector, with “the large majority falling within the software and computer services industries”. According to this website, “The tech sector is expected to grow by 22.4% during the 2021-24 period”. Sub-sectors such as cyber security continue to grow as companies focus time and resources on securing their sensitive data. Additionally, Artificial Intelligence (AI) has made significant progress in recent years, and research into its many applications is the focus of numerous technology start-ups. Companies focusing on technology can expect a highly competitive market in the coming years, so entrepreneurs are encouraged to set themselves apart.
ESports/Video Gaming
Live ESports events have seen an explosion in popularity in recent years, and many believe this trend will continue. Thousands of people are choosing to stream or buy tickets to live video game competitions and cheer on their favourite teams and players, with many quickly gaining dedicated followers from their fans. Companies like Twitch have brought video gaming streaming to the mainstream, and many content creators stream as their full-time job. According to investCanada.ca, 2021 industry revenues were over $1.1 billion dollars, a massive year-over-year increase of 26.7%. The gaming industry in the U.S. and Canada is huge, and the world of Esports provides a new, revenue-generating way to experience gaming. Esports have the potential to transform how gamers play and interact, which provides a valuable opportunity for investors looking to break into the market.
Renewable Energy
As climate change becomes more and more widely recognized - reaching the level of a crisis - the world of renewable energy is poised to show strong growth as companies and consumers look to transition to cleaner energy. EVs, or electronic vehicles, have gone from a niche market fraught with problems to a major player in the industry, with many major manufacturers offering all-electric options. Wind, solar, and alternative energy sources are threatening to upend the fossil fuel industry by providing renewable energy while reducing the impact on our environment. Fusion energy - the holy grail of clean energy - has been coveted by scientists for decades, and billions of dollars have gone into its research. Just days ago, a fusion research company announced they had achieved ‘net energy gain,’ which is a major milestone in the quest for true fusion power. The field of renewable energy may be a worthy endeavour for businesses and individuals alike, providing both a social and financial incentive for innovation.
Primary Care/Geriatric Medicine
With improvements in medicine and public health - and many choosing to take control of their health - people are living longer than ever. A recent study shows that in 2022 almost 20% of Canada's population will be aged 65 or older. This means a growing population of aging individuals has started to put a strain on certain healthcare resources, which are unprepared to handle the volume and complexity of care that older individuals require. Demand for primary care providers will likely remain strong. Job security in the field provides a stable and rewarding career as thousands of healthcare staff meet the aging population's needs. As such, many business owners in Canada are choosing to recognize and invest in the future of Primary Care Medicine.
Concert and Event Promotion
Concert and event promotion is a substantial industry in Canada, especially for those living and working near major cities. With many venues reeling from the effect that COVID had on their business, 2023 offers a great deal of potential for a rebound as normal operations resume and demand for promoters recovers. The industry tends to be volatile, consumer-driven, and cyclic. According to IBISWorld.com, revenue saw an average decline of 5.1% per year on average between 2017 and 2022. COVID provided an even greater hit to the bottom line. This creates a huge potential for industry growth, with revenue expected to increase 76.4% in 2022 as consumers return to in-person events after years of restrictions. Promoters work with various events ranging from concerts to sporting events, theatre, air shows, and fairs. Hence, those looking to invest or do business in this industry have a wide variety of options - just beware of volatility from year to year.
Conclusion
These industries, among others, indicate strong potential for growth in the coming years for those looking to jumpstart their career, change fields, or start a business.
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