What are some of the fastest-growing industries in Canada right now?
The economy of Canada is incredibly well developed, having the 9th largest GDP by nominal in the entire world. Some of Canada’s financial success comes down to the fact that the land has a huge amount of natural resources, which are altogether worth roughly $33 trillion. As this country is so prosperous, we thought we would look into the fastest-growing industries in Canada today. Keep reading to find out which business sectors should further propel this country’s economy forward.
E-Commerce and Online Auctions
As e-commerce continues to grow worldwide, as does the online retail industry in Canada, which makes sense. However, nobody could possibly have predicted quite how rapidly this sector of the Canadian economy would grow. Since 2015, e-commerce and online auctions have increased in market size by 23.3%. As such, the industry is now said to be worth $19.6 billion. One of the main reasons behind this rapid growth is that traffic on the internet has significantly increased, as more and more people become digitally literate. Furthermore, unemployment rates have dropped, and more consumers have disposable income which they can spend on frivolous commodities.
Land-Based and Online Gambling
The government has slowly allowed the regulated gambling market to expand in Canada, creating new legislation and proposing changes to the existing laws. As the country continues to decriminalise gambling, the industry has grown. Currently, the only forms of gambling allowed are lottery schemes, single-event sports betting, betting between citizens under limited circumstances and betting which is regulated by the Pari-Mutuel agency. Online gambling is also allowed, but only when offered by offshore operators (companies who are not based in Canada). So, Canadian consumers can play on the Mr Green Online Casino because this platform is offered by a licenced, offshore operator. As the gambling industry is still being reviewed by the Canadian government, this sector could continue to grow.
Gold and Silver Ore Mining
As we mentioned before, the land in Canada is rich with natural resources. This includes the precious metals gold and silver. The country has always made a significant amount of profit from its gold and silver ore mining industry. However, over the past five years, the market prices of gold and silver have been growing. Resultantly, Canada has been generating more income with the same output of precious metals. Thus, this industry is projected to continue growing for the next five years. To capitalise on this momentum, Canada has also started opening up new gold mines for production.
Cryptocurrency is essentially money which comes in the form of a digital file. Bitcoin is the best-known example of a cryptocurrency. The whole point of this digital currency is to make monetary transactions safer and securer for consumers. While other countries have been more resistant to the idea of cryptocurrencies, Canada has fully embraced technology in all its forms. For example, KFC in Canada has already started to accept Bitcoin payments. This industry has likely grown so rapidly in the country because e-commerce and cybercrime have also grown. People want to use the internet to purchase items – but they also don’t want their information stolen by cybercriminals. That’s why cryptocurrencies are the perfect solution for Canadian consumers. As implied by the name, this form of currency can conceal your precious data and prevent unauthorised persons from accessing it.These are some of the fastest-growing industries in Canada right now. As 2020 draws to an end, we are curious to see how these business sectors continue to develop. Will they continue to prosper or drop in market price? Only time will tell.