A Canadian guide to different kinds of tech stocks

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A Canadian guide to different kinds of tech stocks

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 A Canadian guide to different kinds of tech stocks
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Highlights

  • The Canadian tech space is so vast that a single tech company can be an active player in more than one industry.
  • Some tech players fall in the telecom sector as well because of their media related services.
  • Investors can roughly place tech stocks in a few segments.

The Canadian tech space is so vast that a single tech company can be an active player in more than one industry. Hence, there is commonly an overlap when it comes to tech stocks.

Some tech players, in fact, fall in the telecom sector as well because of their media related services, such as streaming platform Netflix Inc (NASDAQ: NFLX), social media giant Twitter Inc (NASDAQ: TWTR), etc.

Investors, however, can roughly place tech stocks in the following few segments.

Different types of tech stocks in the Canadian market

Different types of tech stocks in the Canadian market

  • Software stocks

This category includes tech companies that provide various forms of software-based services. They can be business-related solutions such as Shopify Inc (TSX: SHOP) and Lightspeed Commerce Inc (TSX: LSPD) or consumer-focused apps like Facedrive Inc (TSXV:FD).

  • Hardware stocks

Companies that manufacture various tech hardware products, semiconductors and gadgets for computers, electronics, etc would fall under this category, such as Celestica Inc (TSX: CLS).

  • Fintech stocks

This, of course, categorizes companies dealing with financial technology, such as digital payment platforms like Nuvei Corp (TSX: NVEI) and digital banking apps like Payfare (TSX: PAY).

  • Artificial intelligence (AI)

Though a fairly new addition to the world of technology, AI players are climbing up the ladder of prominence quite rapidly.

Many tech players are helping integrate AI features in different lanes of businesses. For instance, Fobi AI Inc (TSX:FOBI) assists retail businesses with market insights, while

AI tech also extends to machine learning  and deep learning.

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  • Cybersecurity

Cybersecurity stocks have, time and again, been on the rage every time data hacking incidents made headlines in the country.

Cybersecurity companies, such as BlackBerry Inc (TSX: BB), provides services meant to guard our computers, smartphones and networks from harmful and unapproved access. Apart from individuals, major institutions like governments, banks, hospitals, etc also use their services.

  • Internet of Things stocks

Look around you and count how many gadgets in your home does or can connect to the internet. Your computer and phone? Sure. Your smart TV? Yes. The watch on wrist tracking your health. Uh-huh. We, in fact, live in a time and age where you can lock your doors, dim your lights and turn off switches using internet.

All that comprises of the Internet of Things. Canadian companies like BeWhere Holdings Inc (TSXV: BEW) and Reliq Health Technologies Inc (TSXV: RHT) fall under this category.

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Bottomline

While the Canadian tech market provides investors with a wide buffet of choice, it is best to know a company’s financials, growth trajectory and future plans before investing in its stock.

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