In 2023, business enterprise R&D expenditure in Canada's data processing, hosting, and related activities, including web portals, stood at an estimated value of 683 million US dollars PPP (2015). Forecasts for 2024 to 2028 predict a steady increase, with projected year-on-year growth rates of approximately 5.90%, 5.50%, 5.15%, and 4.85% through 2028. The 5-year compound annual growth rate (CAGR) from 2024 to 2028 is expected to be around 5.35%, reflecting sustained investment in this sector.
Future trends to watch for include:
- Increased focus on artificial intelligence and machine learning capabilities, likely driving further R&D investments.
- A shift towards cloud-based solutions, influencing ongoing developments and expenditures.
- The impact of regulatory changes on R&D spending and innovation within the industry.
- Potential collaborations and partnerships between Canadian firms and global tech leaders, fostering innovation.
