In 2023, business enterprise expenditure on R&D in Canada stood at 24.78 billion Canadian dollars. The forecast for 2024 is 25.41 billion Canadian dollars, which reflects a year-on-year increase of approximately 2.54%. This upward trend is anticipated to continue, with subsequent annual growth rates ranging between 2.42% to 2.46% annually, culminating in an estimated expenditure of 27.96 billion in 2028. The compound annual growth rate (CAGR) over the forecast period is projected to be approximately 2.41%.
Future trends to watch include the impact of government policies on innovation, shifts in global markets influencing Canadian enterprises, and technological advancements that could alter R&D investment patterns. Monitoring these factors will be crucial for understanding longer-term potential deviations from the current trend.
