Canada Artificial Intelligence Market Size & Outlook
Canada artificial intelligence market, 2017-2030 (US$M)
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Canada artificial intelligence market highlights
- The Canada artificial intelligence market generated a revenue of USD 18,783.7 million in 2023 and is expected to reach USD 152,686.3 million by 2030.
- The Canada market is expected to grow at a CAGR of 34.9% from 2024 to 2030.
- In terms of segment, software was the largest revenue generating solution in 2023.
- Services is the most lucrative solution segment registering the fastest growth during the forecast period.
Artificial intelligence market data book summary
| Market revenue in 2023 | USD 18,783.7 million |
| Market revenue in 2030 | USD 152,686.3 million |
| Growth rate | 34.9% (CAGR from 2023 to 2030) |
| Largest segment | Software |
| Fastest growing segment | Services |
| Historical data | 2017 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Hardware, Software, Services |
| Key market players worldwide | Advanced Micro Devices Inc, AiCure, ARM Holdings PLC ADR, Baidu Inc ADR, Alphabet Inc Class A, International Business Machines Corp, Intel Corp, Microsoft Corp, NVIDIA Corp |
Other key industry trends
- In terms of revenue, Canada accounted for 9.6% of the global artificial intelligence market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. artificial intelligence market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 152,686.3 million by 2030.
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Artificial Intelligence Market Scope
Artificial Intelligence Market Companies
| Name | Profile | # Employees | HQ | Website |
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Canada artificial intelligence market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to artificial intelligence market will help companies and investors design strategic landscapes.
Software was the largest segment with a revenue share of 35.44% in 2023. Horizon Databook has segmented the Canada artificial intelligence market based on hardware, software, services covering the revenue growth of each sub-segment from 2017 to 2030.
The Canadian government has taken proactive steps to support AI initiatives in the country. The Pan Canadian Artificial Intelligence Strategy is one of the main initiatives and has been instrumental in advancing AI research and development. Through this strategy, the Canadian government has provided significant funding and established policy frameworks to promote AI innovation and growth.
Numerous renowned universities and research centers for artificial intelligence (AI) are in Canada. These institutions have contributed to groundbreaking discoveries and the development of advanced AI technologies. Vector Institute for Artificial Intelligence, Mila - Quebec Artificial Intelligence Institute, University of Toronto are just a few examples of the numerous AI research institutions.
Machine learning innovation in Canada is witnessing significant growth. The country continues to be a hotspot for AI research and development, making valuable contributions to advancing machine learning technologies, algorithms, and applications on the world stage.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada artificial intelligence market , including forecasts for subscribers. This country databook contains high-level insights into Canada artificial intelligence market from 2017 to 2030, including revenue numbers, major trends, and company profiles.
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Canada artificial intelligence market size, by solution, 2017-2030 (US$M)
Canada Artificial Intelligence Market Outlook Share, 2023 & 2030 (US$M)
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