How The IT Sector Was Impacted By Lockdown
Unfortunately, due to the lockdown caused by Covid-19, there was a fall in the economy which exposed a lot of weaknesses within the IT sector. This is especially true since the majority of companies now require their employees to work remotely from home. So, companies who deal internationally have lost many opportunities and potential revenue. One example of this is at Apple Inc. where they experienced a 10% reduction on the price of their shares simply because iPhones are more limited and not as easily available as they once were. Basically, this occurred because some of the necessary components are supplied by China and they were unable to deliver these components due to the lockdown.
Next, the vast majority of technology conferences had to be cancelled due to Covid-19 which reduced the opportunities and partnerships between companies. Now, even though many of the conferences were done as teleconferences, the reach was still greatly reduced and there weren’t much networking opportunities. This is because more networking, interaction and collaborations are facilitated by in-person conferences as opposed to online-only events. This has caused an approximate loss of around 1 billion USD in this industry.
Unseen benefits that arose during the pandemic:
Now, there were a couple of benefits of the pandemic to the IT sector. In the next five years, from 2020 to 2025, a huge boom is expected with revenues from 131 Billion to over 295 Billion dollars. This is because there is a much greater demand for social media, software, teleconferencing software etc. These tools are all necessary for people to work together, safely socialize etc. This sector will surely do quite well since this technology will now be necessary to get work done and for social contact. It is actually what is keeping us safe from the Covid-19 virus and enabling doctors and scientists to safely communicate with the public.
Solutions being implemented worldwide:
There are lots of cities worldwide that are using technology. For example, in China, the police are actually using drones to identify persons who have symptoms of the Covid-19 virus since these drones have thermal sensors. Elsewhere, chat-bots have been implemented so that the citizens can easily and safely receive updated information on Covid-19 and what they should be doing. These chat-bots also answer questions and have worked quite well to prevent the spread of wrong information and reducing panic. Next, South Korea has created a smartphone application that enables employees who are quarantined to easily communicate with their co-workers so that work can continue.
There was even a 5G system created by the AHS telecom in China that enables persons to easily connect with doctors for safer and quicker diagnoses and consultations. It allowed the doctors in West China Hospital to remotely work with 27 other hospitals for the easier and more efficient treatment of more people. This actually helps the doctors to not only diagnose and treat more patients but also keep track of them and keep track of the most critical cases. This enables them to more easily give the right treatment to each patient and ensure that more critical patients can be taken to the best available hospital.
With that said, there are also a couple of threats to the IT sector, especially when the pandemic is over. Many exporters believe that the IT industry would be unable to gain a sense of stability when all of this is over. This economic downturn is quite different from what happened in 2008 where the central banks were able to stabilize the economy. Now, the situation is much different and once this downfall is over, the central banks would likely be unable to help.
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