How The COVID-19 Has Affected The Technology And IT Industry

Table of Contents

The Impact Of The Lockdown On The IT Industry:

The IT sector faces huge challenges due to the economic decline, as more and more businesses require their employees to work remotely, in order to comply with the health and safety rules and regulations and with the social distancing measures. The public health concerns have changed the paradigm, forcing many international dealers to find creative solutions to make their products available to global customers. For instance, Apple Inc. sees a 10% decline in its shares as a direct consequence of the lack of availability of its products in many markets worldwide. Since some of the iPhone parts come from China manufacturers, it’s easy to understand how the lockdown affected their availability.

As the virus has spread too rapidly, many of the most important tech conferences have been cancelled or postponed. Many businesses relied on these conferences to meet potential business partners and customers and to expand their operations to wide regions of the globe. The lack of conferences has reflected in a lack of networking opportunities. According to some estimations, the total loss due to the cancellation of these global events is about 1 US$ Billion.

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Pandemic Benefits In Disguise:

Despite all downsides of the COVID-19 pandemic, the IT sector is still expected to see a tremendous market boom, at least by comparison to other industries or areas of activity. The estimated growth over the next five years is of at least 150 US$ Billion. Analysts base their estimations on the growing demand for software, social media platforms and video conferencing tools such as Zoom, Microsoft Teams, Google Hangouts, and Whatsapp video calls. Millions of people have been actively using such tools to stay in touch with their families and with their friends, and also to have conference meetings or to handle their work tasks and projects. Thanks to these tools, even people who are in quarantine can stay in touch with their peers and work without having to leave their homes. The economy will also thrive because many people understood the benefits of the internet and of tech tools in staying safe and connected.

Smart Ideas And Solutions Around The Globe:

The shutdown determined many cities and countries to invest in smart city solutions. In China, for example, they can identify the symptoms for coronavirus by using drones with attached thermal sensors. This allows medical doctors to provide immediate help to those in need, without exposing themselves to the lethal virus. Australia has implemented a chatbot that answers their citizens’ questions and provides information on the latest COVID-19 developments. South Korea relies on a smartphone app to enable employees in self-quarantine to connect with their co-workers.

Earlier this year, the China telecom AHS created a 5G based system that enables remote consultations and diagnoses by medical specialists at West China Hospital and 27 other hospitals in the area to find the best treatments for ill people. This is a great method for doctors to keep track of emergency patients in need of immediate medical attention. If a hospital isn’t able to provide immediate treatment to a patient, this system allows for the rapid shift of this individual to the nearest hospital that has the equipment and the specialists required to provide the needed medical care.

The big question is what would happen to the IT industry once the pandemic comes to an end. Many export companies expect turmoil, as they believe the industry will require time to stabilize after the collapse. Back in 2008, the central banks helped many industries and markets to improve their stability and to counteract the effects of the financial and economic crisis. However, in our current situation, even the central banks may need help to survive. Predicting the future is difficult, at least for now.