A review of the historical data on the Information and Communication Technology (ICT) output in Canada shows a steady growth from 2013 to 2023, with a value of 203.76 billion CAD as of 2023. The year-on-year growth has generally been positive, peaking at 7.05% in 2017 and slowing to 2.98% in 2023. The average compound annual growth rate (CAGR) over the past five years has been 3.17%, indicating a gradually maturing market.
Looking forward, forecasted data from 2024 to 2028 predicts a continued upward trend but at a slower CAGR of 2.09%. This results in an overall 10.87% growth over the next five years.
Future trends to watch for include:
- Increased adoption of emerging technologies like AI and IoT.
- Further digitalization across various industries.
- Potential impact of global economic conditions on ICT investments.
- Expansion of 5G networks and their applications.
