Research by Calgary Economic Development indicates that Alberta companies will spend $18.4 billion on the digital transformation across all industrial sectors by 2022 as business embraces opportunities in the new economy.
In a news release on Tuesday, CED said Calgary is the first city in Canada to measure the digital spend forecast across its key industries associated with Internet of things (IoT), next generation 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 CEO at Calgary Economic Development, in a statement. “We intend to be disruptors in industry in the new economy, not the disrupted.”
CED said spending on digitization by companies in Alberta is forecast to increase at a compound annual growth rate of 20 per cent through 2022. It said the energy sector will account for about 25 per cent of all spending on digitization in Alberta.
“A total of $4.2 billion in spending is forecast by companies in oil and gas, electric utilities and power companies, renewables and clean-tech,” CED said.
“Companies will spend $7.5 billion over the next three years in Calgary.
Spending in digitization will take place across all Calgary’s core sectors, it said. Agribusiness is forecast to be the fastest adopter of digitization, followed by creative industries and sectors including manufacturing, transportation and logistics, health and life sciences.
More than 100 companies are joining Mayor Naheed Nenshi and Calgary Economic Development this week at the Collision Conference in Toronto.
The local contingent will include companies in tech, agribusiness, creative industries, energy, health and life sciences, transportation and logistics, and other sectors.
– Mario Toneguzzi