The use of AI tools has become rampant in various industries all over the world. Many companies now use AI technologies like machine learning, visualization tools, predictive analysis, and risk management systems in various business strategies. For instance, top-performing companies like IBM, Microsoft, Amazon and Nvidia have adopted these AI technologies to streamline and optimize their services and products.
The real estate industry had a market size of $26.1 billion in 2023 and boasts of some promising stocks. Some of these include Canadian Apartment Properties Real Estate Investment Trust Shares (TSX:CAR.UN) and Riocan Real Estate Investment Trust Shares (TSX:REI.UN). Both have an earnings growth of 35.8% and 44.15% respectively with anticipated increases across the year.
With the continuous advancement in AI technologies, the industry is expected to witness continued growth and dominance in the stock market. In Canada, the AI industry in Canada is gradually gaining momentum but is yet to attain the level at which real estate is. According to the Forbes Advisor, the AI industry is expected to see an annual growth rate of 37.3% from 2023 to 2030.
The adoption of AI in several industries is contributory to the increase in the industry's value in the stock market. We’ve explored some industries benefiting from innovative AI features.
In the gaming and online entertainment industry, AI technologies like machine learning and predictive analysis are used for Random Generated Numbers (RNGs) to ensure game fairness and transparency of outcomes. New online casinos like Zetbet casino which offer RNG slots and tables have adopted AI to streamline their processes, for instance, using chatbots to deliver customer services and personalized gaming recommendations.
Online casinos also use AI technologies to ensure security measures for players and the casino itself. They use algorithms to analyze players' behaviors which helps to create a safe and reliable gambling experience for players.
The finance industry has used AI technologies to automate specific processes and service delivery, creating a chance for possible growth in the future of financial services. Machine learning and big data analysis have helped the finance industry understand future trends and make calculated decisions. AI is also used in the finance industry to predict and prevent fraudulent activities and enhance customer services.
Finance industries also integrate business intelligence (BI) to enhance business strategies through data-driven decisions and faster data analysis. Some companies in the finance industry are adopting the use of AI cloud software to automate their services.
The Canadian government has demonstrated a strong commitment to the growth of AI in the country through initiatives like the Pan-Canadian Artificial Intelligence Strategy. This support and the emergence of AI and its integration in various industries have helped companies optimize their services and products, resulting in revenue growth. With ongoing advancements and expanding applications, AI industry stocks are set for sustained growth, making them a key focus in the stock market.