The value added of the ICT sector in Canada grew significantly from 2013 to 2023, starting at 76.06 billion CAD in 2013 and reaching 114.94 billion CAD in 2023. The annual growth rate varied, with notable peaks—8.87% growth in 2019 and a dip to 1.1% in 2020 likely due to the pandemic. Over the last two years, growth was relatively stable but moderate, showing year-on-year increases of 2.98% in 2022 and 2.86% in 2023. The CAGR over the past five years stood at 3.75%, reflecting a steady upward trend.
Future trends to watch for include the forecasted 5-year CAGR of 2.01% and an overall 10.46% growth rate by 2028. This suggests a continuing, albeit slower, expansion of the ICT sector in Canada. Factors like technological advancements, digital transformation, and policy changes will be crucial to monitor for their potential impact on this sector's growth trajectory.
