The sector has shown consistent growth from 2013 through 2022, with a notable dip in 2020. Year-on-year variations indicate a slowing growth trend, notably from 8.79% in 2016 to 4.19% in 2023. Looking ahead, the forecasted 5-year CAGR from 2023 to 2028 is 2.82%, with an overall growth rate of 14.93% over the same period, indicating more modest growth compared to the past.
Future Trends to Watch
Emerging technologies such as AI and automation, along with increased regulatory changes, are expected to shape the future landscape of the industry. Firms must adapt to digital transformations and innovations to sustain growth in the coming years.
