The output of IT services in Canada rose steadily from 2013 to 2023, reaching 96.71 billion Canadian Dollars by 2023. This signifies consistent growth, with notable year-on-year variations: from a peak of 11.29% in 2019 to a more modest increase of 5.58% in 2023. The CAGR over the past five years leading up to 2023 was 7.09%, reflecting solid performance in the IT services sector. Looking ahead, forecasted annual growth will moderate, with a projected 5-year CAGR of 3.61% from 2024 to 2028, indicating a shift towards a slower but steady expansion.

Future trends to watch for:

Emergence and adoption of new technologies such as AI, machine learning, and blockchain.
Increased demand for IT security services amid rising cyber threats.
Continued growth in cloud computing and data analytics services.
Potential impacts of economic conditions and market competition on growth rates.
Expansion in remote work solutions and digital transformation initiatives across industries.