From 2013 to 2023, the Gross Value Added (GVA) in Canada’s IT services sector experienced notable growth, reaching 59.29 billion CAD in 2023. Over this period, the sector saw a compound annual growth rate (CAGR) of around 7.45%, with year-on-year growth rates averaging 7.43%. The growth was particularly robust between 2017 and 2019, peaking at a 12.35% increase in 2019.
Looking at the forecasts from 2024 to 2028, the GVA is expected to continue growing, reaching 75.06 billion CAD by 2028. The future annual growth rate is projected to moderate, with a forecasted 5-year CAGR of 3.72%, translating to an overall growth of 20.02% over the next five years.
Future trends to watch for:
- The impact of digital transformation initiatives across different sectors.
- Increased investment in cloud computing, cybersecurity, and advanced analytics.
- Growth potential from the adoption of emerging technologies such as AI and IoT.
- The influence of policy and regulatory changes on the IT services landscape.
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