Advance AI innovation to
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Quickly embraced across industries for its diverse applications
A subset of the AI revolution, Machine Learning is pulling in industries quickly because of it’s varied use cases, especially with the rise of deep learning and new algorithms. Healthcare, finance, retail, and even SMEs are increasingly adopting Machine Learning.
Key drivers propelling this market forward include the escalating availability of data, increase in computing power, and the high demand for automation and optimization across business functions. Additionally, the proliferation of the Internet of Things (IoT) and edge computing are anticipated to catalyze market growth even further, given their capacity to generate vast datasets. The fusion of Machine Learning with complementary technologies such as natural language processing (NLP) and computer vision are also poised to unlock fresh avenues for growth.
Projections indicate the Machine Learning market will grow at a CAGR exceeding 18.7% from 2023 to 2030.
A pivotal player in the world
The Canadian Machine Learning market is projected to reach approximately CA $2.43 billion in 2024, with a CAGR of 36.01% from 2024 to 2030, bringing the market volume to CA $15.39 billion by 2030. Recognized globally for its concentration of AI talent, Canada has seen its cohort of AI professionals grow at an average annual rate of 38% over the past five years, outpacing countries like the United States, United Kingdom, Germany, France, and Sweden.
Generative AI is a rapidly growing segment within Canada’s AI ecosystem, with 30 generative AI-focused companies as of June 2023, surpassing countries like Germany and India. With US $694.5 million in investment, Canada ranks alongside global leaders such as Israel and the United Kingdom in this field.
Canada’s rankings also speak for themselves, currently standing third among G7 nations in per capita AI venture capital investments and fourth globally in generative AI companies per capita. Additionally, it holds the second position globally in terms of elite AI researchers, with 10% of the most highly cited researchers in AI and Machine Learning residing in Canada.
The birthplace of modern AI
Despite broader challenges in the tech sector, AI companies have defied the downturn, attracting investment, generating employment, and driving economic prosperity.
Ontario already hosts major industry players like Amazon, IBM, Google, Cisco, and Shopify, who have invested significantly in AI research and development operations in the province. Additionally, Ontario’s investments into initiatives like the Ontario Vehicle Innovation Network (OVIN) has helped accelerate the adoption of AI and other advanced technologies in collaboration with industry partners and academic institutions.
In 2021-22, around 22,458 AI positions emerged in the province, marking a surge of 210% from the prior year. And there is no dearth of qualified talent to fill these positions in Ontario, in the same year, the enrollment in Vector-recognized AI programs in Ontario saw a significant rise, with 1,110 students joining, marking a 17% increase, and the number of graduates from AI master’s programs surged to 1,007, up from 700 the previous year. Ontario has a burgeoning Machine Learning and AI-based education ecosystem:
Canada’s trade agreements cover markets valued at over US $50 trillion with access to 1.7 billion consumers. Canada has free trade agreements with the largest manufacturing markets in the world: the United States (USMCA), the European Union (CETA) and Asia-Pacific (CPTPP).
Your business can have access to 187 million consumers within a day’s drive of the Greater Toronto Area. Ontario has 4 international and 300 regional airports, 250,000 km of roads and highways, a dozen border crossings and the 6th most internationally connected airport in the world.
See all of our programs and find out how TBDC can maximize the potential in your Machine Learning business.
Largest Machine Learning sector in Canada
largest Artificial Intelligence sector in Canada
densest AI cluster in the world
unique investors directly funding AI companies
new AI graduates with a masters
in venture capital investments
Funding, Resources and Organizations
Using the Business Benefit Finder, you can find many more government grants and incentives relevant to your tech startup.
Canada’s Innovation Superclusters foster collaboration among industry leaders, SMEs, non-profit organizations, and post-secondary institutions to accelerate growth in five promising sectors:
As a startup in the Artificial Intelligence space, you can apply for membership to the AI cluster led by Scale.ai. Members have the opportunity to propose and participate in Supercluster projects. Approx CA $750 million over five years has been earmarked for Canada’s Global Innovation Clusters.
Innovation, Science, and Economic Development Canada (ISED) collaborate with Canadians across various economic sectors and regions to enhance investment conditions, boost innovation, and expand Canada’s global trade share.
is a global research organization that is a forefront authority on AI research in Canada. It was established in Toronto as the Canadian Institute for Advanced Research in August 1981. The organization also takes the lead on the Pan-Canadian Artificial Intelligence Strategy.
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