Effect of Lockdown on IT Sector
The IT industry is facing a lot of weaknesses because of the fall of the economy due to COVID-19. A lot of companies were forced to come up with remote-working options to take public health concerns into account. A lot of companies dealing with international dealers lost a lot of opportunities. For instance, Apple Inc. lost 10% of shares because of the sudden lack of iPhones in the market. The parts for building new iPhones are imported from China which was facing a huge lockdown.
The spread of COVID-19 resulted in cancellation of a lot of tech conferences. They would have been significant partnership opportunities for various companies looking to tap into new horizons. Most of these meetings were shifted to teleconferences. However, they don’t have the same reach especially because the attendees will not have the same networking opportunity as they would if they attended the actual conference. Due to the cancellation of these tech conferences, there is an overall estimated loss of US$1billion.
Disguised Benefits in This Pandemic
Even after the devastating effects of the pandemic, the IT industry is expected to enjoy a boom from US $131 billion to US $295 billion from 2020 to 2025. This expected increase can be attributed to the increased demand for software, such as mobile device management solutions, and for social media platforms, such as Whatsapp video calls, Google Hangouts, Microsoft Teams and Zoom. These teleconferencing tools help people working from home stay ahead of their jobs and also connect with other family members throughout the pandemic.
The economy is also expected to boom because during the crisis, people find the Internet and such technology important. These tools are helping people stay safe and promoting communication between the medical practitioners and public.
Smart Solutions to Be Adopted Globally
Many countries who are still in lockdown have invested in various smart solutions to keep everything moving despite the challenge. For instance, in China cops are using drones with thermal sensors to identify coronavirus symptoms and get the affected individuals immediate help. In Australia, a chat-bot was introduced by the government to keep the citizens updated on the coronavirus situation. Here, they could get answers to their questions and avoid spreading misleading information. As such, there’s an overall reduction in panic. In South Korea, the local government launched a smartphone app to keep any employees in self-quarantine in touch with their co-workers. As such, they can remain updated on their job and ask any relevant questions they might have about the remote working process.
In China, AHS, a telecom company came up with a 5G powered system. It was used to facilitate consultations and diagnosis of people infected with Coronavirus. The system connected physicians in West China Hospital to at least 27 other hospitals in the area to allow proper treatment of people affected by the illness. Thanks to the system, doctors can communicate faster and come up with faster diagnosis. Also, it is used to keep track of patients who need emergency care. For instance, if a patient who needs immediate care but the closest hospital can’t provide it, he/she can be shifted to the nearest hospital for assistance.
Of course, just like any other system, there are threats in place. For instance, what would happen to the IT sector, once the pandemic is over? Most of the exporters in the industry feel that it might not stabilize accordingly after the effects of the pandemic. Note that, in the 2008 global financial and economic meltdown, the industry picked up very fast. At that time, the central banks facilitated the stabilization of the market. However, the 2020 coronavirus pandemic has left everyone helpless including the central banks. Therefore, there are a lot of measures that need to be done to help the IT industry get back on its feet without any hassles.