Highlights
In the period between 2017 and 2019, the video game industry in Canada had a growth rate of 20% of GDP which thrived on the worldʼs third largest development and production hub. During this time, it contributed close to Can$10 billion to Canadaʼs GDP and supported over 100,000 jobs. During the same time, 181,000 jobs in the film and TV industry were created making Canada the 3rd most filmed country in the world. In 2018 alone, film and television contributed Can$12.8 billion to Canadaʼs GDP.
Whilst much of the software and related equipment is designed and produced within global tech giants such as Alphabet, Microsoft and Facebook, there is a significant opportunity for smaller companies to provide components, software and content for VR-related products, as VR moves rapidly into the mainstream.
Virtual reality, augmented reality and mixed reality are forecast to grow exponentially over the next couple of years. Merril Lynch recently forecasted that the growth of the global VR industry will reach US$560 billion by 2025.
Regions across Canada recognise that interactive digital media holds enormous potential and Vancouver is emerging as a global hub of the VR and AR industry. With more than 230 VR/AR and immersive technology companies Vancouver is the second largest VR and AR ecosystem in the world, surpassed only by Silicon Valley-Bay Area. With 92% of its ecosystem predicted to see annual employment growth of around 44% over the next few years, Vancouver will remain a key hub for media technology.
In Ontario, the rate of VR industry employment has grown over 50% a year, indicating tremendous potential in an industry that employs over 50% of its workforce directly from graduation. Commercial applications of these technologies means that other businesses not directly involved with VR software and equipment production, are investing in AR and VR. Some of the leading Canadian developers include The AppLabb, Countable Web Productions, StudioKrew, and SaaSberry Innovation Laboratories Ltd.
According to The Next Era of Human-Machine Partnerships report, the VR and AR industries, predicted to be worth US$90 billion and US$30 billion respectively, will continue to accelerate their growth over the next few years as they make greater in roads into healthcare, education, transport, travel, construction and manufacturing.
In addition to AR and VR, some of the biggest names in design, media and entertainment technologies have become integral to the science and technology innovation ecosystem in Canada. Global developers such as NVIDIA, Unreal Engine, Unity Technologies and Autodesk have set up offices close to key industrial hubs, becoming part of the innovation and new technology adoption across all industries including engineering, design and manufacturing, and training simulators.
