The COVID-19 has proved to be a great financial and economic debacle for most major industries worldwide. However, there are certain chunks of the tech industry that are actually benefitting from the pandemic.
The FTSE 100 Index closed at below 5,000 last month, around 27% decline throughout March, the case is more or less the same with other stock markets as well. While some other sectors are experiencing lucrative gains temporarily, if not permanently.
Here are the industries that are benefitting greatly from the COVID-19 pandemic.
Cloud computing
Even though the cloud computing business has been up and running for many years now, but employees around the world forced to work remotely have increased the need for effective data migration on cloud in order to ensure a smooth running of business proceedings.
The remote working trend is increasingly forcing numerous companies to undergo a massive digital transformation shift and opt the changes in mobility and on-cloud working. In doing so, IaaS-based firms are making more money, SaaS registering more engagement, and PaaS availing great opportunities.
Obviously, names like AWS, Microsoft Azure, and Google Cloud are already reaping huge benefits from the shift. However companies like Oracle, who are still working with somewhat traditional methodologies and industries, might need to revise their workforce management conduct.
Videoconferencing
Despite the lack of substitute of in-person, in-office meetings and communication, we are going through desperate times where all the corporate and project proceedings are mostly being done from home now.
Many businesses are encouraging meetings and collaboration over videoconferencing not only to get updates on routine tasks, but also acquire a check on the employees’ wellbeing.
Again, Microsoft is availing the opportunity as the company announced last month the number of daily users for its Team Collaboration product has increased by 12 million. Zoom Video Communications, a California-based remote conferencing service provider, has registered their market share price jump by 130% since the beginning on the year. Numerous digital marketers and professional trainers are opting different webcasting and webinar services to facilitate their lead generation work.
Similarly, there are other names in the IT sector as well that are utilizing the shift and will continue the remote working trend over the long-term.
Electronic payments
As the use and circulation of cash has been discouraged by WHO and advised to avoid for stopping the spread, the use of Visa, MasterCard, and AMEX is stating an increased use since the outbreak.
Currently, people and some shops are willingly conducting only digital transactions, however, the number of total transaction are somewhat decreasing, hence, the sales. Consequently, this trend could enhance the use of digital payment is many markets worldwide.
It might be too early to say that cash will be replaced entirely, as some industries still operate on cash as the only unit of transaction. But the trend for digital payments will gradually gain momentum as more people and businesses will be inclined to go cash-free.
Ecommerce
Easily, one of the only sectors acquiring full advantages from the worldwide lockdown of businesses and public dealings. Not out of choice, but out of option, households are increasingly ordering their groceries, food, and daily routine items from online platforms in order to minimize going outdoors.
As 28% of US internet users not willing to go outside, and 58% more plan to stay indoors if the pandemic out of control, this presents a lucrative window of opportunity for various ecommerce platforms and online delivery services.
Besides the routine shopping and household items, even the retail housing market, which makes up around 85% of the total US retail sales, is in the process of going digital. Moreover, we could see the adoption of omnichannel commerce like buy online and pick up in-store (BOPUS).
Video content and online gaming
As we are spending more time within the confines of our home walls more than ever, the online video consumption and video gaming has increased exponentially. Apparently, kids need to pass their time through gaming, and adults are spending more time on Netflix, Amazon Prime, Disney+ and similar online entertainment channels.
Besides all the other channels, YouTube is enjoying a considerable success. Also because the curious population is constantly inquiring the updates on COVID-19, solutions, impact, and related content.
Unsurprisingly, the move has tempted many game development companies in creating top gaming applications for users to spend their leisure time home.
