The IT services output in Canada reached 101.25 billion Canadian Dollars in 2023, marking a stable growth trajectory. Over the last decade, the sector consistently expanded, with a compound annual growth rate (CAGR) peaking at 8.69% in 2019 but showing a slight decline to 7.41% in 2023. The year-on-year growth rate, while fluctuating, demonstrated a healthy increase, with a notable peak in 2019 at 11.01%, followed by a gradual slowdown to 6.02% in 2023. The forecast for the period from 2024 to 2028 suggests a CAGR of 3.79%, indicating a more moderated growth pace.
Future trends to watch for include:
- Increased digital transformation initiatives across various sectors driving demand for IT services.
- The rise of AI and machine learning altering service offerings and enhancing productivity.
- Strengthened cybersecurity measures becoming a key service area due to increasing cyber threats.
- Potential economic and regulatory impacts influencing market dynamics and service delivery models.
