While Canada is making strides in adopting AI, addressing skill gaps and investment challenges is crucial to fully realize its potential for economic growth.
A report from the Conference Board of Canada, a think tank focused on economic research, suggests that generative AI could boost Canada's GDP by nearly 2%, but the country is trailing in adopting this technology at the organizational level.
In the same context, according to IBM's Global AI Adoption Index 2023, Canadian companies are progressively embracing AI, with approximately 37% of large-scale enterprises (over 1,000 employees) incorporating AI into their operations.
As more Canadian firms delve into AI, acquiring the appropriate skills and talent to seamlessly integrate these technologies into their existing IT infrastructure and business processes becomes imperative.
Key drivers of AI adoption include enhanced accessibility of AI tools (46%), the imperative to slash costs and automate critical processes (46%), and the growing integration of AI into standard off-the-shelf business applications (34%).
Despite these advancements, obstacles to AI adoption persist, with major barriers including AI skills shortages (41%), data complexity (24%), and high implementation costs (24%).
Amidst the increasing adoption rates, AI investments in Canada are projected to grow at a slower pace. The primary areas of AI investment in Canada are reskilling and workforce development (42%), followed by research and development (41%).
