Technology is taking over the key sectors in Vancouver’s business industry. The city is gradually becoming a hub of technological innovations as more businesses invest in technology to enhance their operations.
According to recent market research, the technology sector has witnessed significant growth while other traditional industries like resource extraction, manufacturing, and hospitality have been negatively affected. A report by the Vancouver Economic Commission reveals that in 2019, technology generated $18.6 billion in revenue, which is a 9.2% increase from the year before.
One of the major drivers behind this growth is the shift towards remote work. Companies are adopting technology to enable their employees to work from home, thereby reducing operational costs. This has also led to a rise in demand for video conferencing tools, team messaging and collaboration platforms as well as virtual private networks (VPNs).
Another sector that is embracing technology is healthcare. Vancouver’s healthcare industry is slowly being transformed by digitalization. Digital health platforms are becoming commonplace in healthcare facilities, and they are providing innovative solutions to healthcare delivery.
One example is the seamless integration of telemedicine. Patients can now have virtual appointments with their healthcare providers using video conferencing tools. This has made healthcare more accessible to patients living in remote areas or those who are physically unable to visit hospitals.
FinTech is another rapidly growing sector in Vancouver. Financial technology is changing the way finance operates in the city, with mobile banking, e-transfers, and mobile wallet technology holding great promise.
One such company, Finn AI, is a leader in the use of artificial intelligence (AI) in the financial sector. Its virtual assistant technology is now being used by over 100 financial institutions across the globe. Finn AI’s headquarters are located in Vancouver, and the company is one of the many FinTech startups contributing to the city’s digital transformation.
In conclusion, Vancouver’s business industry is at the forefront of technological advancements, and this trend shows no signs of slowing down any time soon. The shift towards remote work, the digitalization of healthcare, and the rise of FinTech are all key indicators that the city is rapidly embracing technology and capitalizing on its potential to drive growth and innovation.
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