The value added of computer programming and consultancy services in Canada has demonstrated a robust growth trajectory from 23.57 billion CAD in 2013 to 48.25 billion CAD in 2023. Over the past decade, the industry has experienced significant year-on-year variations, peaking at a 12.07% increase in 2019 and averaging a compound annual growth rate (CAGR) of 7.06% over the last five years leading up to 2023. In 2023 alone, the sector grew by 5.4% from the previous year.
Looking forward, the forecast predicts a continued upward trend, reaching 59.91 billion CAD by 2028. However, the pace of growth is expected to moderate with a anticipated five-year CAGR of 3.4%. This deceleration suggests a maturing market with a projected overall growth rate of 18.22% over the next five years.
Future trends to watch for include:
- Increased adoption of AI and machine learning, driving demand for specialized consultancy services.
- Expansion in cybersecurity needs, fostering growth in related programming services.
- Continued digital transformation across industries, increasing reliance on IT consulting.
- Potential economic challenges that could influence corporate spending on IT services.
