Canada’s economy can be described as a highly developed mixed economy. Its nominal Gross Domestic Product (GDP) ranks 8th globally and the country ranks #15 for Purchasing Power Parity (PPP) globally. Similar to other industrialised countries, Canada's economy is dominated by the service sector, which employs about 75% of all Canadians. The country is also the third-largest crude oil exporter in the world and has the third-largest proven oil reserves. Moreover, it exports natural petrol, ranking fifth internationally.
Its average household disposable income per capita exceeds that of the Organisation for Economic Cooperation and Development (OECD) by a significant margin. By market capitalisation, the Toronto Stock Exchange ranks as the eighth-largest stock exchange in the world, listing more than 1,500 businesses with a total market value of more than USD 3 trillion.
A position in an industry that is rapidly expanding and offers opportunities for advancement, more pay, and better employee benefits. By being mindful of the sectors that are expanding swiftly, you can start working towards your desired pitch in a profession that matches your interests and skill set. In this article, we will discuss growth industries in Canada or the top 5 fastest growing industries in Canada for Indian graduates, such as Renewable Energy, Software Development, and Technology.
Reasons to Work in the Fastest Growing Industries in Canada
Fast-growing industries in Canada may be able to provide more and better chances for professionals. Working in a rapidly expanding industry should be a top goal for the following reasons:
-
Fast-growing industries typically strive to be inventive, explore novel ideas, and upset established procedures. This could increase the interest level of the jobs involved and raise your level of job satisfaction.
-
Fast-growing industries expand since there is often greater consumer demand for their products. This can enable employers to pay you extra for your work.
-
The fastest growing industries in Canada are expanding at a rapid pace, which will result in more jobs and possibly better job security.
Working in a rapidly expanding industry is probably for you if the prospect of more career opportunities, higher remuneration, and more job satisfaction appeals to you.
Planning to Work in Canada After Graduation?
What are the Fastest Growing Industries in Canada for Indian Graduates?
Whether you reside in Canada or planning to move to Canada, you probably have your eye on the competitive job market there. There are developing businesses and industries in Canada that are growing at remarkable speed since the world has evolved drastically in the past ten years and will keep changing even more in the next several decades. By breaking into these highly sought-after sectors, prospective students can put themselves in the driving seat. The following is a discussion of the fastest growing industries in Canada for Indian graduates:
#1 Technology
It is understandable why the IT sector has witnessed one of the sharpest growth rates both domestically and internationally. There is a great need for people with excellent technical competence as our society is becoming more and more dependent on technology for all facets of business and manufacturing.
The US International Trade Commission estimates that there are approximately 43,000 businesses in Canada's information and communications industry, with the software and computer services sectors accounting for the vast bulk of these businesses. As businesses devote more time and resources to safeguarding their sensitive data, sub-sectors like cloud computing and cyber security continue to expand.
A lot of technology start-ups are concentrating their research efforts on the multiple uses of Artificial Intelligence (AI), which has advanced significantly in recent years. Entrepreneurs are urged to differentiate themselves because businesses focused on technology can confidently predict a very aggressive market in the years to come.
#2 Cryptocurrency
When it comes to accepting cryptocurrencies, Canada has been among the most forward-thinking nations. Humans naturally resist change, especially when it involves the most essential elements of our society, like money. This is why banks and government agencies recurrently ignore cryptocurrency, however, Canada is not among them.
For cryptocurrency and the fintech firms connected to it, Canadians have laid out the white carpet. For instance, Canadian KFC outlets were among the first fast-food franchises in the world to allow customers to pay with Bitcoin, specifically for the Bitcoin Bucket. This new monetary system, which has shown to be better and faster, safer, and less expensive for customers, is driving businesses to adapt. And to achieve that, they need personnel with knowledge and expertise in business technology.
Related Reads:
|
What Next for International Students in Canada After Graduation? |
|
#3 Software Development
Canada has a long history of having some of the top experts and cutting-edge businesses in the world. Software development is a subset of that larger business and is predicted to expand globally as a result of Covid-19 and the projected rise in remote work.
New technologies will be required to maintain processes' efficiency and effectiveness when carried out remotely if more companies start to provide remote work, as Twitter announced with permanent remote working for some employees. Software developers typically hold some kind of high-level qualification, but given the job's technical nature, this may be one profession where online degree programmes are most suited.
#4 ESports/Video Gaming
Live ESports tournaments have gained enormous popularity recently, and many predict this trend will persist. To watch their beloved teams and players compete live in video games, many of those watching decide to stream the events or purchase tickets, and many of these individuals are quickly building devoted fan bases. Organisations like Twitch have introduced video gaming streaming to the mainstream, and several content creators broadcast as their full-time employment.
By the end of 2023, the country's video games industry and other sectors are anticipated to generate USD 2.8 billion in sales, representing a 5.5% compound annual growth rate (CAGR). Between 2018 and 2023, the Canadian eSports market is predicted to increase by 14.5%, nearly twice as fast as the global average. Investors seeking to enter into the business have a great opportunity with esports' capacity to influence the way gamers play and engage.
#5 Renewable Energy
As businesses and consumers try to make the switch to advanced biofuels, the world of renewable energy is positioned to exhibit substantial growth as climate change is becoming increasingly widely acknowledged, eventually reaching the status of a crisis. Electronic cars, or EVs, have grown from a controversial niche market to a prominent player in the market, with several top manufacturers now providing all-electric alternatives.
By supplying renewable energy while minimising its negative effects on the environment, wind, solar, and other energy sources pose a threat to the fossil fuel sector. The field of renewable energy may be a worthy undertaking for multinational companies and people alike, affording both a fiscal and social impetus for innovation.
For people wishing to further their careers, switch professions, or launch a business, these fastest growing industries in Canada for Indian graduates, among others, point to significant development potential in the coming decades. However, you will likely need a work permit to enter Canada to work. Before applying, you must have received a job offer from a company. Oddly enough, while the best jobs typically do require a work permit, some of them do not.
Feel this information is insufficient or need detailed information about other fastest growing industries in Canada for Indian graduates? Write to us at abroad@collegdekho.com. and we will get back to you as soon as possible!
Need Expert Help to Find Graduate Jobs in Canada?
