A Significant Shift In Industries With Tech After The Covid-19 Outbreak

The year 2020 will categorize in antiquity by the name of the outbreak caused by COVID19. We all have circumstances & shifts that we have never experienced previously. The way we do things had changed immensely since the beginning of March when COVID-19 started to spread exponentially all through the United States.

The growing effect of the unparalleled human tragedy on the global economy has hindered various industries, including technology, aviation, automobile, pharmaceutical, finance, consumer electronics, travel, and hospitality,  app development agency, among many others.

Industrial Impact Of Covid-19 In The USA

Here, significant research on the effect of the Coronavirus to date on U.S. retail, hospitality, food service, and apparel, and glimpse the post-pandemic market environment:

1. Manufacturing Market:

According to industry analysts, 1 out of 5 top manufacturing companies relies on the Chinese market to supply products and materials needed for production. And since almost all countries have affected this pandemic, finding different routes has also become almost infeasible.

2. Travel & Tourism Industry:

According to the World Travel and Tourism Council (WTTC), three months of international travel losses in 2020 would result in job cuts between 12% and 14%. Companies such as Lafuma shifts have shared their experience in the lockdown period & changes in their sales/demand.

3. Media & Entertainment Industry:

Coronavirus is raising the market for streaming content. People spend time witnessing on-demand streaming apps like Netflix, Amazon Prime, Disney+, and Hulu to admire their quarantine period. In reality, it has noted that 95 percent of users spend more time on in-home media consumption, aka, these online streaming services offering apps and promotions through digital marketing services.

4. Healthcare Industry:

Pharmaceuticals and healthcare are also one of the fields that have witnessed the impact of Coronavirus on industries. Particularly when they have just one-third of the bed capacity needed in hospitals, they face a shortage of protective equipment and supplies due to supply chain issues.

5. Commerce Industry:

The inevitability effect of Coronavirus on the commercial sector has impacted with a tremendous blow. Overall, this resulted in a 9.1 percent decrease in overall retail traffic at the beginning of March – with a 3.9 percent and 14.7 percent decrease in clothing and luxury retail traffic, respectively.

6. Government Sector:

This virus outbreak culminated in the termination of tours or in-person meetings in the White House, USA. Capitol, the Pentagon, and other legislatures all over the world. On the other hand, it laid the groundwork for more robust and more civic federalism, where parties at national, state, and local levels work together to resolve problems, shift virtual events and provide better services as a single body.

7. Finance Sector:

Both private and public sector companies have shortened their operating hours and service only a small number of customers at a time due to social distancing laws. They encourage customers to opt for alternative channels, such as telephone consultation, internet banking, and social media.

8. Real Estate Sector:

Real Estate is yet another sector that has wallop with Coronavirus Disease 2019. Rising quarantines, curfews, and staff cuts have been disrupting supplies and impacting the level of customer expenditure throughout various segments such as SEO services. They also note a decline in demand for home property due to buyer feelings of economic uncertainty.

9. Telecommunication & Technology Sector:

More than 50% of global tech companies export products from China. Due to the partial or complete shutdown of coronavirus-related plants, the tech economy is also slowing down. About 12% and 16% of cell phone and laptop manufacturing declines have been reported since the coronavirus outbreak.

Technologies Creating Major Shifts While Coronavirus:

1. Online Banking:

Currently, most regions shut down, and people ignore cash payments because of a coronavirus outbreak’s concern. Digital payment methods, in this case, allow users to pay payments using the capacity of Q.R. scanning, NFC technologies, and so on rather than cash.

2. Artificial Intelligence:

Technology automates most worldly and repetitive activities, and helps collect and evaluate data in real-time, develop effective business strategies, provide significant communication interaction, and much more.

3. AR/VR Technology:

Augmented Reality (A.R.) and Virtual Reality (V.R.) are now helping to scale-up companies. On the one hand, it allows entertainment companies to organise big shows and award shows in digital expertise.

4. Blockchain Industry:

With its smart contract execution, Blockchain brings transparency, accountability, and protection to the management of the supply chain in hospitals and other industries. Also, Blockchain is easing the process of wages and salaries by cryptocurrency.

5. Cloud Computing:

Cloud-based technologies allow people to operate from home and retain social distance regulations. They allow them to access information and data almost anywhere globally and provide online collaboration solutions to enhance efficiency.

In Conclusion:

Coronavirus (COVID-19), with little resemblance to the outbreaks and emergencies that the world experienced earlier, made it impossible for us to anticipate when this outbreak and its effects would end. This unpredictability has led investors to seek short-term and long-term objectives/profits.

Zazz is a mobile app development company that transforms companies by creating news concepts, building products and stimulating growth. They aim to help venture capitalists, whether alone or part of a thousand-person company, build up and scale their company.

At Zazz, we believe in the improvement of life through technology and design. Lets discuss to create confidence and admiration for a wide variety of organisations from fast-moving startups.

Also Read: How To Stay Motivated During Quarantine?

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