Alberta companies will spend $18.4 billion across all industrial sectors by 2022, as businesses embrace opportunity in the new economy and focus on digital transformation. Data also shows that companies across the province will increase spending on digitization at a compound annual growth rate of 20 per cent through 2022. This is according to research conducted by IDC Canada for Calgary Economic Development.
Calgary is the first city in Canada to measure the digital spend forecast across its key industries associated with Internet of Things (IoT), Next Gen Security, Cognitive/Artificial Intelligence (AI) Systems, 3D Printing, Augmented Reality/Virtual Reality (AR/VR), and Robotics.
“There is a fast-growing tech scene in Calgary and we wanted to quantify the spend for the key engines of growth and innovation to ensure companies and top talent realize the scope of opportunity we have here to take on global challenges,” said Mary Moran, President and Chief Executive Officer at Calgary Economic Development. “We intend to be disruptors in industry in the new economy – not the disrupted.”
In Calgary, companies will spend $7.5 billion in digitization across all of the city’s core sectors over the next three years.
The energy sector will account for approximately 25 per cent of total spending across the province. About $4.2 billion in spending is forecast by companies in oil and gas, electric utilities and power companies, renewables and cleantech.
Agribusiness is forecast to be the fastest adopter of digitization, followed by creative industries and other sectors including manufacturing, transportation and logistics, health and life sciences.
Innovation is one of four pillars of the Economic Strategy: Calgary in the New Economy. To learn more visit: https://www.calgaryeconomicdevelopment.com/the-new-economy/
Digital Transformation Spending forecasts were developed in partnership with IDC Canada. They are based on industry classifications provided by Calgary Economic Development and IDC’s Digital Transformation Spending Guide.