Artificial Intelligence is frequently identified as one of the most promising areas of technological development. The ability to generate efficiencies, identify hidden patterns or insights, and automate tasks combine to create a transformative technology that may fundamentally alter both the labour market and business operations. Although progress in the field of AI has fluctuated since its inception, we are increasingly witnessing its potential across the economy and labour market.
Prior to the 2008 recession, for many businesses the notion of AI and, in some cases, even basic automation existed more as a concept rather than a tool. Yet, following this period of significant economic downturn, businesses around the world began actively looking to AI and applying it to real-life challenges, which ended up boosting productivity and labour demand. Here, AI began to develop roots in our economy and its development accelerated when combined with increased network connectivity, the availability and affordability of powerful sensors, the advent of big data, and the exponential growth of computational power.
As AI continues to disrupt on many levels, it is critical to develop strategies to ensure that its benefits are not divisive and that AI is deployed and used responsibly. This ethical dimension in AI development is currently an area in which Canada is demonstrating global leadership. Maintaining this momentum is crucial as Canada increasingly embraces a future that incorporates artificial intelligence.
This study also contains the following:
- International trends in AI
- National AI initiatives and research collaborations
- The role of venture capital and corporate investment in AI
- Canada’s strategic sectors for AI deployment