Canada ICT Market Size and Forecast (by IT Solution Area, Size Band and Vertical) to 2027
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Canada ICT Market Overview
The Canada ICT market was valued at US$ 113.01 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 10.40% to reach a value of US$ 185.35 billion by 2027. The cumulative revenue generation for ICT providers in Canada is estimated at US$ 867.70 billion for 2022-2027.
Canada ICT Market Outlook, 2022-2027 (in US$ Billion)
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The ‘Canada ICT Market’ opportunity forecast report provides the total addressable market for ICT products/services in Canada from 2019 to 2027.
Market Size (2022) | US$ 113.01 billion |
Market Size (2027) | US$ 185.35 billion |
CAGR (2022-2027) | 10.40% |
Key IT Solutions | • Application Development and Management (3 Products/Services)
• Artificial Intelligence (4 Products/Services) • Business Process Applications (9 Products/Services) • Business Process Outsourcing (6 Products/Services) • Client Computing (10 Products/Services) • Cloud Computing (7 Products/Services) • Communications and Collaboration (10 Products/Services) • Consulting & Integration Services (3 Products/Services) • Data and Analytics (6 Products/Services) • Data Center and Hosting (2 Products/Services) • Edge Computing (11 Products/Services) • Internet of Things (IoT) (3 Products/Services) • IT Management (11 Products/Services) • Mobility (5 Products/Services) • Networking (18 Products/Services) • Security (17 Products/Services) • Servers (4 Products/Services) · Storage (7 Products/Services) |
Key Verticals | · Communication
· Construction · Consumer Goods · Education · Energy · Financial Markets · Foodservice · Government · Healthcare · Information Technology · Insurance · Manufacturing · Media · Medical Devices · Mining · Others · Pharmaceuticals · Retail · Retail Banking · Transport and Logistics · Travel and Leisure · Utilities |
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Canada ICT Market Segmentation by Vertical
In terms of vertical end-use segments, the insurance sector held the highest market share of 7.5% in 2022, followed by the retail banking sector. The travel and leisure sector is expected to be the fastest-growing segment, at an estimated CAGR of 13.70%, during the forecast period.
Canada ICT Market Share by Verticals, 2022 (%)
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Scope
This product provides revenue opportunity forecasts for ICT products/services in Canada from 2019 to 2027, spanning 18 IT Solutions and 133 products/services. The details of the IT solutions and the corresponding products/services have been provided. The forecast data has been provided for 5 employee size bands.
Key Highlights
- The ICT market in Canada is expected to grow at a CAGR of 40% over the forecast period.
- The country’s top three product/service categories – IoT Hardware, SaaS, and Systems Design and Integration.
- IoT Hardware is expected to be the leading ICT product/service segment in Canada during the forecast period.
Reasons to Buy
- Assess the historical data (past 4 years), current state, and expected growth (next 5 years) of the ICT market in Canada.
- Identify the fastest-growing products/services within the Canada ICT market.
- Determine the most lucrative vertical for ICT in Canada, considering their current contribution to the overall Canada ICT market and their expected input toward the growth of the market over the next 5 years.
- Identify products/services that would contribute toward the growth of the ICT market in Canada over the next 5 years.
- Get a thorough, forward-looking analysis of Canada ICT trends and key opportunities in a concise format to build proactive and profitable growth strategies.
Frequently asked questions
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What was the Canada ICT market size in 2022?
The Canada ICT market size was estimated at US$ 113.01 billion in 2022 and is expected to reach US$ 121.64 billion in 2023.
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What will the Canada ICT market growth rate be by 2027?
The Canada ICT market is expected to grow at a compound annual growth rate of 10.40% over the forecast period, to reach US$ 185.35 billion by 2027.
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Which industry vertical led the Canada ICT market in 2022?
The insurance sector was the largest Canada ICT vertical with 7.5% market share in 2022.
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Which type of products/service led the ICT market in Canada in 2022?
The IoT Hardware segment dominated the Canada ICT market in 2022 with a revenue share of more than 7.4%.
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