Canada Generative AI Market | Analysis 2019-2032

Canada Generative AI Market Analysis, Size, and Forecast by Component, Deployment Model, Business Function, Technique, End User: 2019-2032

Report Format:     | Pages: 110+
Type: Niche Industry Monitor | ID: AI422  | Publication: June 2024  |  US$925  |  

CANADA GENERATIVE AI MARKET KEY TAKEAWAYS

Canada Generative AI Market


  • The generative AI market in Canada is estimated to reach US$ 4.16 billion by the end of 2024.
  • This projection indicates a compound annual growth rate of 25.38% during 2024 to 2032, Canada generative AI market value reaching US$ 25.44 billion by 2032.
  • In terms spending in the Canadian generative AI market, the IT and Telecom sector is anticipated to generate the highest revenue in 2024.
  • Within the Canadian generative AI market, the hardware segment is expected to dominate with a total revenue of US$ 2.88 billion in 2024.

CANADA GENERATIVE AI MARKET OUTLOOK

The emergence of consumer-facing generative AI tools in late 2022 and early 2023 has significantly reshaped public discourse regarding AI's capabilities. While generative AI had garnered attention from experts since the introduction of GPT-2 in 2019, its transformative potential for enterprises is now unmistakable. This pivotal moment is poised to have far-reaching consequences, shaping economies and industries for years to come. According to estimates by DataCube Research, Canada generative AI market is projected to contribute more than US$ 20 billion opportunity between 2023 and 2032 to the global economy, representing a 4X increase in the overall economic impact of AI. With generative AI accelerating the pace of automation, it is anticipated to automate half of all work within the next few decades. Additionally, we predict 6-8% increase in global GDP attributed to generative AI, with approximately two-thirds of Canadian occupations expected to be influenced by AI-powered automation.

CANADA GENERATIVE AI MARKET TRENDS AND DEVELOPMENTS

Our Canada generative AI market insights booklet services explore the latest trends and thinking among CIOs and experts from various sectors, emphasizing the necessity of flexible, scalable, and efficient data infrastructure to propel the generative AI era forward. In 2023, a survey revealed that although AI was acknowledged as strategically significant, the ambitions of CIOs were modest, with only 18% aiming for "enterprise-wide" AI implementation by 2025, despite 90% of organizations utilizing AI in some capacity. However, the rise of generative AI tools heralds a transformative shift, democratizing AI across enterprises and engaging every facet, from internal operations to customer interactions. Chief Information Officers and technical leaders now face the imperative of embracing generative AI to remain competitive, alongside making strategic decisions about data infrastructure, model ownership, workforce structure, and AI governance.

CANADA GENERATIVE AI MARKET COMPETITIVE LANDSCAPE

Major companies operating in the Canada generative AI market are Adobe, Alphabet (Google), Amazon (AWS), Anthropic, Hugging Face, IBM, Inflection AI, Jasper, Meta, Microsoft, MOSTLY AI, NVIDIA, C3.ai, Cohere, Databricks, Glean, OpenAI, Stability AI, and Synthesia. These prominent players in Canada Generative AI industry are focusing on innovative solutions and strategic partnerships. They emphasize AI-driven creativity and cloud services, ensuring scalability and ethical practices. Also, these companies prioritize research and development, catering to diverse industries with user-centric approaches and data privacy measures.

 

This research report on the Canada generative AI market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.

CANADA GENERATIVE AI MARKET COVERAGE

Analysis Period

2019 – 2032

Actual Data

2019 – 2023

Base Year

2023

Estimated Year

2024

CAGR Period

2024 – 2032

Research Scope

Component

  • Hardware
  • Software
  • Service

Deployment Model

  • On-premise Solutions
  • Cloud-based Solutions
  • Hybrid Solutions

Business Function

  • Marketing and sales
  • Customer operations
  • Product R&D
  • Software engineering
  • Supply chain and operations
  • Risk and legal
  • Strategy and finance
  • Corporate IT
  • Talent and organization

Technique

  • Generative Modelling Techniques
  • Text-Based Techniques
  • Code-Based Techniques

End User

  • IT and Telecom
  • Media and Entertainment
  • Energy and Power
  • Transportation and Logistics
  • Healthcare
  • BFSI
  • Retail
  • Manufacturing
  • Public Sector
  • Other
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