From 2013 to 2016, the value of ICT services exports in Canada experienced a declining trend, followed by a recovery phase beginning in 2017. The period between 2018 and 2023 saw substantial growth, including notable jumps in 2018 and 2019 and steady rises thereafter. The value stood at 16.976 billion USD in 2023. Over the last two years (2022 and 2023), the year-on-year variation was relatively modest, around 1.21% and 3.31% respectively. The Compound Annual Growth Rate (CAGR) over the past five years reflects a stable increase of about 10% annually.
Looking forward to the period from 2024 to 2028, the forecast indicates a more moderate growth rate with a 5-year CAGR of 2.26%, reaching 19.578 billion USD by 2028. This forecasted growth reflects a slower yet steady increase in export value.
Future trends to watch for:
- Impact of technological advancements and digital transformation on ICT services demand.
- Global economic conditions and their influence on trade and service exports.
- Government policies and initiatives focused on boosting ICT sector growth.
