
Top 5 Emerging Tech Stocks to Watch in Canada for 2024
Canada is not just known for its vast natural resources and strong banking sector, but also for a growing presence in the tech industry. With advancements in AI, fintech, and green energy, the Canadian tech landscape is rapidly evolving. As we look toward 2024, there are several emerging tech stocks poised for significant growth. Here’s a look at five Canadian tech stocks you should keep an eye on:
1. Shopify Inc. (SHOP.TO)
Shopify remains one of Canada’s most well-known tech companies, but its continued innovation keeps it in the “emerging” conversation. Shopify’s platform allows businesses of all sizes to create online stores and sell products directly to consumers, and its suite of tools makes it a go-to for merchants globally. In 2024, Shopify’s focus on AI-driven solutions for e-commerce and potential new fintech services could drive further growth.
- Why Watch: Shopify’s recent moves into AI-driven product recommendations, coupled with the rise of online shopping, position the company to continue growing. The company’s investments in fulfillment solutions also signal its ambitions to compete with Amazon on logistics, which could be a game changer.
2. Lightspeed Commerce Inc. (LSPD.TO)
Lightspeed provides point-of-sale (POS) systems and e-commerce solutions for retailers and restaurants globally. The company has been expanding its offerings to include more cloud-based services and inventory management solutions. With the growth of omnichannel retail, businesses need robust software to manage operations both online and in-store, which plays to Lightspeed’s strengths.
- Why Watch: Lightspeed’s recent acquisitions and focus on serving mid-market businesses allow it to fill a gap that large competitors like Shopify and Square don’t always reach. Its international expansion, combined with the growth of its payment processing services, makes it a stock with substantial upside.
3. Kinaxis Inc. (KXS.TO)
Kinaxis is a supply chain management company offering cloud-based software that helps businesses optimize their operations. As global supply chains continue to face disruptions, companies are investing in solutions to improve visibility and responsiveness. Kinaxis has been gaining traction across various industries like pharmaceuticals, automotive, and consumer goods.
- Why Watch: The rise of AI and machine learning in supply chain management is a key trend, and Kinaxis is already integrating these technologies into its platform. With its software’s ability to help businesses navigate uncertainties, Kinaxis could see increased demand in 2024.
4. Docebo Inc. (DCBO.TO)
Docebo is a leading provider of learning management systems (LMS) for enterprises. With remote work and digital training now a fixture in many organizations, Docebo’s AI-powered learning platform helps businesses efficiently deliver training programs. Its international footprint and partnerships with major companies give it a solid foundation for future growth.
- Why Watch: As companies continue to embrace remote work and prioritize employee development, the demand for scalable learning platforms is only expected to grow. Docebo’s AI-enhanced learning tools and focus on user experience give it a competitive edge in the LMS market.
5. WELL Health Technologies Corp. (WELL.TO)
WELL Health is a digital healthcare company that focuses on telehealth, electronic medical records (EMR), and digital health apps. In the post-pandemic world, telehealth has become a permanent part of healthcare, and WELL Health is capitalizing on this trend by acquiring a range of healthcare assets, including clinics, software, and telemedicine services.
- Why Watch: WELL Health’s aggressive acquisition strategy and focus on integrating technology into healthcare services make it a company with long-term growth potential. As more patients and healthcare providers turn to digital solutions, WELL Health is well-positioned to benefit from this shift.
Conclusion
Canada’s tech sector is becoming a hotbed of innovation, and these five companies are at the forefront of that transformation. Shopify, Lightspeed, Kinaxis, Docebo, and WELL Health offer diverse opportunities, ranging from e-commerce and supply chain management to digital healthcare and corporate learning. For investors looking to tap into Canada’s emerging tech market in 2024, these stocks provide strong growth potential backed by innovation and market demand. As always, investors should conduct their own research and consider their risk tolerance when making investment decisions.
Disclaimer: The content provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. Past performance is not indicative of future results. Investing in stocks involves risks, and it’s important to conduct thorough research and consult with a licensed financial advisor before making any investment decisions. The author and publisher are not liable for any losses or damages that may arise from the use of this content.
Leave a Reply