Canada ICT Market Report and Forecast 2025-2034

Canada ICT Market Size

The Canada ICT market attained a value of around USD 123.39 billion in 2024. The market is projected to grow at a CAGR of 7.9% during 2025-2034, aided by technological advancements and innovations.

Canada ICT Market Outlook

• Computer services and software constitute 91% of Canada’s overall ICT market.

• In 2020, the contribution of Canada’s ICT sector to its GDP increased by 2.9% y-o-y.

• Canada boasts more than 450,000 companies in the ICT field, with a majority falling within the computer services and software segments.

Canada ICT Market Growth

In 2020, Canada’s ICT field employed 3.7% of its entire workforce (671,109 workers) and contributed 96.8 billion dollars (5.1%) to its GDP. While the sub-sector of communication services contributed over 40% to the industrial GDP, computer services and software contributed 47.6% to the industrial growth. With the anticipated increase in investments in innovative technologies like cloud computing, artificial intelligence, 5G development, and digital infrastructure, budding innovations in the field of ICT are expected to propel the market development in the coming years.

As per the Conference Board of Canada, the ICT market in Canada ranks 11th out of 16 countries in the world with a rating of C. To improve its capabilities, it suggests that entrepreneurs be provided a favourable business environment. This includes appropriate regulation, favourable tax rates, access to capital, reliable supply chains, and transportation and communication infrastructure, among other facilities.

According to the World Economic Forum, automation is expected to create 97 million new jobs worldwide, while replacing just over 85 million livelihoods. In February 2023, the Canadian government announced an investment of $48.3 million towards providing training in ICT technologies to Canadian youth. This is expected to drive the market expansion over the forecast period.

Canada ICT Industry Segmentation

Canada ICT Market Report and Forecast 2025-2034 provides an in-depth analysis of various market segments mentioned below:

Market Breakup by Type

• Hardware
  • Network Switches 
  • Routers and WLAN 
  • Servers and Storage 
  • Others 
• Software

• IT and Infrastructure Services

• Telecommunication Services

Market Breakup by Enterprise Size

• Small and Medium Enterprises

• Large Enterprises

Market Breakup by Industry Vertical

• BFSI

• IT and Telecom

• Government

• Retail and E-Commerce

• Manufacturing

• Energy and Utilities

• Others

Market Breakup by Region

• British Columbia

• Alberta

• The Prairies

• Central Canada

• Atlantic Canada

Canada ICT Market Share

Based on industry vertical, the market is divided into retail and e-commerce, IT and telecom, energy and utilities, BFSI, government, and manufacturing, among others. Over the forecast period, the IT and telecom sector is expected to emerge as one of the leading market segments, growing at a CAGR of 8.5% between 2025-2034. This can be attributed to increasing government investments aimed at training the workforce in AI and other emerging technologies.

Meanwhile, the BFSI sector is projected to witness the fastest growth in the forecast period of 2025-2034, growing at a CAGR of 9.0% between 2025 and 2034.  The integration of ICT technologies in the BFSI sector enables banks and financial institutions to conveniently and securely provide services and products to customers.

Leading Companies in the Canada ICT Market

Major telecom companies based in Canada are working towards the expansion of broadband services to offer high-speed internet 24/7 in rural areas, which can foster innovation in the sector and expedite economic growth.

• IBM Corp.

• Microsoft Corp.

• Cisco Systems Inc.

• Salesforce Inc.

• Apple Inc.

• CGI Inc.

• BCE Inc.

• Oracle Corp.

• OpenText Corporation

• Constellation Software Inc.

• Others

Key Highlights of the Report