Forecast: Value Added of IT Services in Canada

The value added of IT services in Canada has demonstrated a consistent upward trajectory from 2013 to 2023, reaching 56.10 billion Canadian dollars in 2023. Year-on-year growth rates have shown variability, peaking at 12.82% in 2019 but generally moderating in the following years to 5.32% in 2023. Over the past five years, the compound annual growth rate (CAGR) was 7.04%, reflecting steady but slightly decelerated growth.

Looking forward, the forecasted value for IT services is projected to reach 69.91 billion Canadian dollars by 2028. The forecasted 5-year CAGR stands at 3.48%, indicating a slower yet stable growth trajectory. While the total growth rate over this period is expected to be around 18.67%, the industry will likely focus on advances in emerging technologies, increased digital transformation across sectors, and enhanced cybersecurity measures.

Future trends to watch for:

• Continued investment in cloud computing and software-as-a-service (SaaS) solutions
• Expanding role of artificial intelligence (AI) and machine learning in business operations
• Growing emphasis on data privacy and security frameworks
• Impact of 5G technology on IT services infrastructure and opportunities
• Rising importance of IT consulting in digital transformation initiatives