What changes to expect in the tech-space post COVID-19 pandemic?
In the ongoing global pandemic caused by novel coronavirus COVID-19, while the world remains at a standstill, the humankind is witnessing drastic changes in its usual living patterns. In the wake of quarantine regulations passed by governments across the globe, consumer trends and preferences have seen sudden inclinations particularly towards tech products offering remote access and at-home services, amongst other solutions. Such shifts in public attitudes and adoption of e-ways of getting things done is undoubtedly expected to leave an indelible mark on the IT sector, welcoming an immense amount of tech-innovations and will see a boost in proceeds from their sales globally.
The need for hi-speed 5G wireless connectivity
Where the scenes outdoors once used to be dominated by people traveling to-and-fro their workplaces and educational institutes, constituting heavy road traffic running 24/7, the current sight of once busy city centers comes along with utter shock and awe. The work-from-home culture has seen immense promotion amidst the ongoing crisis, along with schools and academies opting for online classes via videoconferencing software and apps, thereby promoting telecommuting and eliminating the need for unnecessary travel. Resulting from such travel restrictions and recognition of tools to facilitate remote working and online document collaboration, it can be expected that the already emerging need for hi-speed 5G wireless connectivity will be highlighted even more, the pace of development and penetration of which in the market will be potentially accelerated globally. Distributed locations of employees who will now be working from their homes rather than a single workplace would mean that hi-speed connections will necessarily have to be provided to a lot of people now than before.
Branching out from at-home learning platforms, companies might look towards Virtual Reality to train their employees rather than conducting off-site trainings, which cause disruption in the employees’ daily course of jobs. According to a Perkins Coie survey, 49% of business respondents are looking to use VR and other extended reality tools to mirror real-world training conditions. Though it can be argued that businesses have already considered VR as an important resource to improve employee training, but the current pandemic is set to expose an efficient and cost-effective outlook upon the companies for their skill-development programs, making most of them to actually implement the technology.
Shifts in consumers’ buying habits & use of WHDs
While attempting to trace the relatively obvious shifts in consumers’ buying habits globally, experts also see a soaring increase in consumer appreciation for online shopping, even for goods which have always recorded major sales through conventional stores only. Such change in preferences is susceptible to boost sales of e-commerce tools offering digitization and automation of procedures including targeted engagement and online customer services. Increased usage of Wearable Health Devices (WHDs) is also anticipated by healthcare professionals thanks to increased health monitoring concerns amongst individuals.
For long term implications of the ongoing crisis, bitter uncertainty looms over the global atmosphere with questions as to the speculated scale of losses that are to be incurred. The global technology industry, amounting to more than $3.9 trillion of worth is also on the verge to suffer heavily during the said crisis, though exactly how much remains unclear and is yet to be ascertained. On the other side of the table, the ongoing pandemic goes on to reform market trends and accelerate emigration from conventional methods to modern living, thus striking as an opportunity much longed for by the tech industry. Hence, owing to the anticipated increase in adoption of technology in all of the ways mentioned above, major tech companies are confident about having an immensely profitable financial year ahead.