In 2023, Canada's business enterprise expenditure on R&D in natural sciences and engineering stood at $17.24 billion USD PPP. Over the next five years, from 2024 to 2028, the forecasted growth shows a steady increase. Year-on-year, expenditures are expected to grow modestly by approximately 1.4% to 1.5% annually, leading to a compounded annual growth rate (CAGR) of about 1.6% over this period.

Future trends to watch for include:

Increased investment in sustainable and clean technology spurred by global environmental initiatives.
Advancements in digital and AI technologies potentially driving higher R&D budgets.
Potential policy changes within Canada influencing the scale and focus of R&D investments.