From 2013 to 2023, the Canadian computer programming and consultancy industry experienced significant growth, with an initial value of 39.43 billion CAD in 2013, reaching 69.41 billion CAD in 2023. This remarkable increase illustrates a compound annual growth rate (CAGR) of 5.14% to 3.51% over the years. Despite a notable decline of -15.36% in 2020 due to the global pandemic, the sector rebounded sharply in 2021 with a 26.95% increase.
Considering the forecast data from 2024 to 2028, the industry is expected to grow at a forecasted 5-year CAGR of 2.21%, with a total predicted growth rate of 11.53% by 2028. This suggests a steady, albeit slower, expansion compared to the previous decade.
Future trends to watch for include:
- Increased adoption of AI and machine learning technologies.
- Growth in cloud computing and cybersecurity services.
- Continued demand for digital transformation consultancy.
- Potential impacts of economic fluctuations and global market dynamics.
