By 2023, the value added of ICT services in Canada was CAD 8.66 billion. Looking back, the sector has witnessed considerable volatility, particularly with a significant drop of 59.23% in 2020 amidst the COVID-19 pandemic. However, the sector rebounded strongly in 2021 with 164.1% growth, stabilizing with modest growths thereafter at 1.35% and 3.2% in 2022 and 2023, respectively. The last five-year CAGR indicates an average annual growth rate of 4.08%, while the forecast suggests a slower growth pace with a five-year CAGR of 2.35% and an overall growth rate of 12.34% by 2028.

Future trends to watch for:

Adoption of emerging technologies such as AI, blockchain, and IoT could potentially drive up the value added further.
Sustained growth in digital transformation across industries may bolster demand for ICT services.
Potential economic challenges and policy changes could impact the sector’s growth trajectory.