As one of the smallest provinces and territories in Canada, you wouldn’t think that Nova Scotia has a diverse economy, but its inhabitants delve into a range of industries. In recent years, we have seen a rise in the growth of online economies in the province.
Historically, Nova Scotia’s economy has been largely physical, with its main areas of business being fishing, agriculture, manufacturing, and energy production. However, new industries have arisen in past decades, including tourism and hospitality, healthcare, and information technology.
Many of these have started to include online elements that allow businesses to expand beyond the relatively limited borders of Nova Scotian territory. Indeed, we are witnessing new online industries sprouting up, which we will explore below.
Information Technology Industry
The population of Nova Scotia is generally well-educated, capable, and highly skilled, and new industries have sprung up in response to cater to this educated population seeking higher wages. One such boom has occurred in information technology, which is now one of the major areas of growth in the province.
Cybersecurity
Halifax is now rated as one of the top tech markets in North America. With the rise in cybercriminal activity and scams around the world, the province’s cybersecurity industry continues to grow. Many top online cybersecurity companies like IBM have operations in Halifax, for example.
Data analytics
Data analytics is a big business, and with the advent of AI and machine learning, this online industry is only expected to grow further. IT companies like CGI and NTT Data have bases in Nova Scotia and often require data analytics roles.
SaaS development
Software as a Service is trending in the world of information technology and is another area where Nova Scotia is seeing growth. There are so many career opportunities in the province, and the diversification into different areas of IT, like SaaS, analytics, and cybersecurity, means that this online industry will flourish in years to come.
Online Casino Industry
Nova Scotians have access to a huge range of offshore online casinos, and this industry is expected to grow, too. Although online gambling laws in Canada are stricter, there is no prohibition on using offshore casinos, so there are many platforms that cater to Canadian customers in Nova Scotia.
These platforms are easy to use, accessible on mobile and desktop devices, and generally offer some of the best payouts available. Average payouts at Canadian online casinos are regularly above 97%. The Atlantic Lottery Corporation also plays an integral role in the online casino industry as it oversees online activity in the province.
Online Sports Betting Industry
Sports betting was popular before online casinos in Nova Scotia and is another online industry that has huge potential. It is controlled by the Atlantic Lottery Corporation, and in most cases, they only allow parlay bets (also known as an acca bet, where your wager must include at least two selections).
However, recent legislation passed in 2021 may pave the way for future change and the availability of more sports betting options. Another sub-industry within this online sector that is experiencing growth is daily fantasy sports. Fantasy sports betting is huge in North America. It allows you to pick your favorite players to form fantasy teams and potentially win cash prizes.
Tourism
Tourism is an ever-popular industry in Nova Scotia, and it’s easy to see why! Our province is incredibly wild and beautiful, and we enjoy some of the most fantastic coastlines in North America. Places like the Cape Breton Highlands National Park, Peggys Cove, and the Bay of Fundy continue to draw flocks of tourists from around the world, and this, of course, has made the need for an online tourist industry.
Nova Scotia has hundreds of dedicated tourist sites and online companies that provide information for visitors or allow them to book day trips and complete package holidays online. This industry will only grow as more people discover the breathtaking scenery of the eastern shores of Canada.
Nova Scotia Continues to Diversify and Grow Its Economy
Traditional industries such as fisheries and agriculture show no signs of slowing down. Indeed, these will remain staples of Nova Scotia’s economy whenever there is a demand, and they have become symbols of the province.
However, as you can see from the above, the province continues to provide new economic opportunities and venture into new markets to provide diversification for the region, which is always key to economic growth. Industries like healthcare, manufacturing, and tourism continue to grow, and online industries such as online casinos, online sportsbooks, and information technology will play a prominent role in the province going forward.
