The gross income of IT services in Canada was valued at 1160 million CAD in 2023. Over the past two years, the year-on-year growth has been relatively steady, with 1.6% in 2022 and 1.67% in 2023. Over the last five years, the compound annual growth rate (CAGR) has been 1.92%. Historically, the market showed higher volatility with peaks such as a 10.01% increase in 2018 and declines like the 1.16% drop in 2020. The growth rate is expected to moderate, with an estimated 5-year CAGR of 1.21% and an overall growth of 6.2% by 2028.
Future trends to watch for:
- An increasing focus on digital transformation and cloud services.
- The potential impact of economic and geopolitical factors on IT budgets.
- Evolving cybersecurity threats and the growing demand for IT security services.
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