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Digital economy annual review 2016

The Information and Communications Technology Council (ICTC) is pleased to present the Digital Economy Annual Review 2016, exploring broad trends over the past year in Canada’s digital economy with respect to economic impact, labour market, technology adoption, and more. The report utilizes historical data starting 2001 through 2015 and estimated data for 2016 based on January 2016 – June 2016 results. Skilled Canadians are the foundation of economic growth in today’s globalized digital economy. The latest innovations in ICTs – in particular the internet of things (IOT) as well as Social, Mobile, Analytics, Apps, and Cloud (SMAAC) – have the potential to significantly heighten Canada’s competitive advantage. Over the next few years, the adoption of smart and connected technologies will continue to reshape all sectors of our economy including manufacturing, natural resources, financial services, health, transportation, and more. Looking ahead, the technological subsectors that are primed to grow the fastest and make the largest economic contributions to the Canadian economy over the next few years include Analytics, Informatics and Social Networks, Automation and Robotics, High Performance Computing, FinTech, e-Commerce, Virtual Construction, and Connected Cars. The confluence of these interconnected technologies is creating unprecedented volume and depth of data – widely known as big data – that is increasingly being used by companies large and small to transform products and services to reach new clients, achieve scale, and grow. With all sectors of the Canadian economy adopting more technologies, we will see an increased hiring requirement in Canada for ICT talent. As more retirement occurs in the top-heavy ICT workforce, knowledge retention and a leadership vacuum are two critical challenges facing Canada’s digital economy that must be planned for and addressed in the coming years. Interested readers are encouraged to review ICTC’s related recent research exploring the long term labour market outlook, talent solutions, and the adoption of digital technology by Canadian enterprises of all sizes. These studies provide insights at the municipal level to assist employers, policymakers, educators, and the like in making optimal contributions to the digital economy with appropriate policies and training to ensure jobseekers have the right skills, and employers the human capital they need.