November 10, 2022
The Vector Institute’s latest Ontario AI snapshot finds that Ontario’s AI ecosystem continued to strengthen in 2021-22, attracting new investment, creating and retaining significantly more AI jobs, and developing new AI talent.
The report, published annually by Vector in collaboration with Deloitte, assesses the health of the province’s AI ecosystem between April 1, 2021 and March 31, 2022. The 10 metrics tracked in the report cover areas such as AI job creation and retention, investment, application, and commercialization—and serve as benchmarks for measuring the progress of governments, businesses, and institutions in strengthening Ontario’s AI ecosystem.
Among this year’s report highlights:
- Ontario sees massive jump in new AI jobs created. An estimated 22,458 AI jobs were created in the province in 2021-22—a 210% increase from the previous year. Approximately one in three of those new jobs are considered well-paying, with salaries of $85,000 or more.
- Ontario’s supply of trained AI talent is rising steadily. There were 1,110 students enrolled in Vector-recognized AI programs in Ontario in 2021-22, up 17% from last year. As well, 1,007 students graduated from AI master’s programs, compared to 700 last year.
- Investment in Ontario AI is increasing. $2.86 billion in venture capital investment flowed into Ontario’s AI ecosystem in 2021-22, a 206% increase over last year. As well, 273 unique corporate investors made direct investments into Ontario-based AI companies, a 29% rise over last year.
- AI R&D funding continues to rise. Between $852 million and $2.75 billion was spent on Ontario AI R&D in 2021-22.
- Ontario business leaders say AI plays a critically important role. 51% of business executives surveyed say that AI plays a strategically important role in achieving their company’s business objectives or that their company has implemented a formal AI strategy within all business units.
Read the report to learn more about the state of the Ontario AI ecosystem.