Last week, I’d discussed how new investors could look to get in on the explosive e-commerce market with stocks like Shopify and Lightspeed POS. Today, I want to focus how Canadians can look to invest in automation.
Automation has been a hot topic since the midpoint of the 2010s. It has been on the tip of the tongue for economists and political scientists alike. The automation revolution will have far-reaching effects, but this transformation will be gradual. Instead of betting on a flip of the switch overnight, investors should be targeted when trying to make it big in this area.
Why Canadians need to get in on automation
When the 2020s began, many economists anticipated that automation and the digitalization of the workplace would bring about huge changes. The COVID-19 pandemic has accelerated these trends. Millions of Canadian workers have seen their homes transformed into offices. Meanwhile, there is greater demand to keep workers out of harm’s way from the retail space to industrial sectors.
Factory automation was a game changer during the 2010s. However, it is expected to be introduced to even more industries in this decade. Allied Market Research recently projected that the global factory automation market would reach $368 billion by 2025. This would represent a CAGR of 8.8% from 2018 through the end of the forecast period. Canadian should be eager to get in on this growth.
This top TSX stock is making strides in this space
The TSX is not rich in factory