KPMG

Generative Artificial Intelligence (AI) is gaining traction in Canadian workplaces, with 22% of respondents using it for their jobs, according to KPMG’s Generative AI Adoption survey of 4,515 Canadians.

The research indicates a growing trend, with 61% of users employing generative AI multiple times a week, up from 52% six months ago. The study also revealed that 20% of users now utilize generative AI daily.

The adoption is growing at an annualized rate of 32%, suggesting that half of Canada’s workforce could be using it within three years. The Generative AI Adoption Index stands at 14.6, reflecting a 28% growth rate since May.

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Canadian businesses are reporting gains from their digital transformation endeavors but continue to trail behind global counterparts in technology adoption, presenting potential risks to their competitiveness and profitability.

The KPMG Global Tech Report 2023 reveals that Canadian organizations prioritize technologies like AI and ML to catch up but grapple with limited resources. Economic challenges amplify the struggle, with 76% facing pressure to achieve more with reduced budgets.

Stakeholder value remains a focus, requiring intentional and strategic technology investments aligned with specific business goals. Utilizing XaaS solutions and embracing generative AI are identified cost-saving and growth strategies.

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Canadian fintech investment has declined threefold in H1 2023, mirroring a slide in valuations not seen since COVID-19’s onset.

KPMG Canada reveals a drop in investment to $353.7 million across 57 deals, down from $1.09 billion across 87 deals in H2 2022 and $834.1 million across 109 deals in H1 2022.

Macro concerns drive the decline, affecting valuations and geopolitical confidence. Venture capital investments sank to early pandemic levels, with early and seed-round deals indicating support for innovative startups at reasonable valuations.

While challenges persist, positive signs for Canada’s fintech ecosystem remain in young companies securing early financing.

Want to know more? Check out the source code on Fintech.ca.