In 2023, the number of employees in business services in Canada stood at 9.0 thousand. The historical data from 2013 to 2023 shows a consistent upward trend, with annual growth rates fluctuating between 0.68% and 2.69%. The compound annual growth rate (CAGR) over the past five years up to 2023 was 1.34%, indicating steady growth in this sector.
From 2024 onwards, the employee numbers are forecasted to continue growing, reaching 9.46 thousand by 2028. While the future five-year CAGR is expected to be 0.77%, indicating a slightly slower growth rate compared to the previous period, the overall forecasted growth rate is 3.93% over the next five years.
Future trends to watch for:
- Impacts of automation and artificial intelligence on job numbers and roles within the business services sector.
- Potential economic shifts either driving expansion or contraction in the sector.
- Policy changes that could influence business operations and subsequently employment figures.
- Global trends and their impact on the Canadian market, particularly in outsourcing and service globalization.
