The self-employed individuals in the Canadian scientific research and development sector have exhibited a consistent declining trend over the past decade. The value stood at 2.3 million hours in 2023, reflecting a -6.36% year-on-year change from the previous year. Recent data shows a compounded annual growth rate (CAGR) of -3.73% over the last five years, indicating a notable downward trajectory.
Looking ahead, the forecasted data suggests a continuation of this trend, albeit at a slightly moderated pace with a -2.03% CAGR projected over the next five years. By 2028, the sector is expected to see a total decrease of -9.77% in self-employed hours.
Future trends to watch for:
- Adjustments in market dynamics due to technological advancements.
- Potential shifts in funding and government support.
- Impact of global economic conditions on the research and development sector.
