The production of ICT and Information Services in Canada has seen significant fluctuations. Between 2013 and 2019, the sector experienced steady growth, averaging a CAGR of 7.12% from 2015 to 2019. The disruptive impact of the COVID-19 pandemic in 2020 led to a dramatic contraction of 59.24%. However, the sector rebounded robustly in 2021 with a 163.5% increase, followed by modest growth rates. As of 2023, the production value stood at 84.66 billion Canadian Dollars, reflecting a year-on-year growth of 3% and a CAGR of 3.61% over the last five years.
Looking ahead, forecasted data indicate a slower growth trajectory, with a projected 5-year CAGR of 2.22% and an 11.62% overall growth rate by 2028. Future trends to watch for include:
- Advancements in AI and machine learning technologies.
- Increased investments in cybersecurity infrastructure.
- A shift towards cloud-based services and solutions.
- Regulatory changes impacting data privacy and protection.
