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Canada has one of the best economies in the world, but that does not mean the market is diverse in terms of industries. In other words, starting a new business in Canada does not mean it will prosper. In order to ensure success, you will need to closely examine the thriving industries and think about how to gain a competitive advantage. The following article will go over some of the fast-growing industries of the Great White North, and see why these industries are a so-called safe bet.
Energy
Thanks to the abundance of natural resources, like oil and gas, Canada has managed to stay as one of the leading countries in the energy sector. Quebec, Saskatchewan, and Ontario are using enormous amounts of hydrogenic energy, which is a common and inexpensive source, and Canada has the largest reserves of it. Energy exports are another reason why this industry is thriving here, so if one has international connections and good leads sales, this type of business will surely result in a lucrative company.
Gambling
This is the home of many elite casinos, like Caesar’s Casino, as Canadians love to participate in this form of entertainment. Moreover, there are even more online casinos, as a lot of people love to play on slot machines from the comfort of their home, approximately 20 or 30 minutes per day.
Another important aspect that contributes to this industry is sports. Canada has a lot of different sports events and national cups which draw a lot of attention. What makes these events even more thrilling and engaging is placing bets on the competing teams or players.
Finally, Canada also promotes Esports, which are particularly popular among the youth, and this is yet another form of “fertilizer” that makes this industry grow. Of course, a great number of spectators is under 18, but as time goes by there is a good chance e Esports betting will outperform regular sports.
Manufacturing
Another pillar of the Canadian economy is manufacturing. This should not be a surprise though as throughout history the development of the countries is usually characterized by the rise of these industries. Agriculture tends to be the primary driving force of the economy at the beginning but with healthy progress manufacturing and service-based industries start to thrive and account for a large portion of the state’s revenue.
Some of the notable manufacturing companies in Canada are those that are focused on automobile and aircraft production, and manufacturing industry has also created over 1.5 million full-time jobs nationwide.
Moreover, Canada is capitalizing on machine learning and implementing more and more advanced manufacturing tactics, so the process is getting more automated with the passage of time.
IT
Technology is an integral part of almost any economy nowadays, and as mentioned it basically aids other industries out there which is why skilled engineers, developers, UI designers, programmers, etc. are professions that are still in high demand. Today we shop online, gamble online, use computers to automate production, use internet and online platforms to connect with a remote workforce or employers, we are even switching to digital currencies, and new jobs and branches within the tech sector are just popping into existence. Focusing on AI, Cybersecurity, or coding, in general, will rarely leave anyone unemployed for long, provided their expertise meets national standards.
