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Calgary, AB, May 21, 2019 (GLOBE NEWSWIRE) -- Companies are forecast to spend $18.4 billion in Alberta on the digital transformation (DX) across all industrial sectors by 2022 as business embraces opportunities in the new economy, says research conducted for Calgary Economic Development.

Calgary is the first city in Canada to measure the digital spend forecast across its key industries associated with Internet of Things (IoT), Next Gen Security, Cognitive/Artificial Intelligence (AI) Systems, 3D Printing, Augmented Reality/Virtual Reality (AR/VR), and Robotics.

Spending on digitization by companies in Alberta is forecast to increase at a compound annual growth rate of 20 per cent through 2022, determined by data compiled by IDC Canada for Calgary Economic Development.

The energy sector will account for approximately 25 per cent of all spending on digitization in Alberta. A total of $4.2 billion in spending is forecast by companies in oil and gas, electric utilities and power companies, renewables and cleantech.

“There is a fast-growing tech scene in Calgary and we wanted to quantify the spend for the key engines of growth and innovation to ensure companies and top talent realize the scope of opportunity we have here to take on global challenges,” said Mary Moran, President and CEO at Calgary Economic Development. “We intend to be disruptors in industry in the new economy not the disrupted.”

Companies will spend $7.5 billion over the next three years in Calgary.

Spending in digitization will take place across all Calgary’s core sectors. Agribusiness is forecast to be the fastest adopter of digitization, followed by creative industries and other sectors including manufacturing, transportation and logistics, health and life sciences.

Innovation is one of four pillars of the Economic Strategy Calgary in the New Economy. To learn more visit: https://www.calgaryeconomicdevelopment.com/the-new-economy/

Digital Transformation Spending forecasts were developed in partnership with IDC Canada.  They are based on industry classifications provided by Calgary Economic Development and IDC’s Digital Transformation Spending Guide.

About Calgary Economic Development

Calgary Economic Development is an opportunity-maker, helping to spark and fuel Calgary’s growth. Our job is to connect people with resources that can help them grow their careers or businesses, thrive in new locations or markets, and feel at home in our community. We offer a wealth of information to help everyone succeed and we tirelessly promote Calgary, in Canada and around the world. We’re exhilarated about our role in shaping and sharing Calgary’s story and we’re proud to be part of the energy. For more information, please visit our website at www.calgaryeconomicdevelopment.com and follow us on Twitter @calgaryeconomic.

Calgary Economic Development Media Line