By the year 2023, business enterprise expenditure on R&D in engineering and technology in Canada stood at 19.00 billion Canadian dollars. For the forecast period of 2024 to 2028, there is a clear upward trend with the value set to rise from 19.48 billion to 21.39 billion Canadian dollars. The year-on-year percentage change shows a consistent growth rate, averaging around 2.46% annually. The compound annual growth rate (CAGR) over this five-year period is predicted to be approximately 2.41%, indicating steady investment growth in the sector.
Future trends to watch for include:
- Potential impacts of technology advancements, which may drive increased investment in disruptive technologies.
- Government policies and incentives geared toward fostering innovation.
- The influence of global economic conditions on business R&D capabilities and priorities.
