The production of ICT services in Canada has shown significant fluctuations and growth over the past decade. From 2013 to 2019, there was a consistent upward trend with notable year-on-year increases ranging from approximately 2% to 13%. This was disrupted in 2020 with a significant decline of around 59%, likely influenced by the global pandemic. However, the sector rebounded strongly in 2021 with a remarkable 164% increase. The following years stabilized with growth rates of 1.25% in 2022 and 3.11% in 2023.
As of 2023, the production of ICT services stood at 15.25 billion Canadian dollars. Future projections from 2024 onwards predict steady growth, with a 5-year forecasted CAGR of 2.29% and an overall projected growth rate of 12.01% by 2028.
Future trends to watch for:
- Adoption of emerging technologies such as AI and IoT, which could drive further growth.
- Impact of global economic shifts and potential new pandemics on the ICT sector.
- Government policies and investments in ICT infrastructure and innovation.
