The Information Technology industry has faced adverse effects of the downfall of economy and communication challenges due to worldwide pandemic like other industries. IT industries are facing challenges handling international markets, lack of supply of equipment which triggered the loss. The recovery of the information sector will be faster and easier because of the increased use of the teleconference tools, the emergence of software and technologies to find solutions to communicate, to entertain and smart solutions for surveying by the government officials maintaining and managing social distancing.
Usage of gaming apps, teleconferencing apps, drone usage, screen timing of average person has escalated in this lockdown.
Challenges Faced By the Industry
85% of the workforce in the IT industry is working remotely which can be disadvantageous to the current modeling of the industry. Many tech-conferences have been canceled due to the pandemic. Though, teleconference and meetings are being held to put a new structure of collaboration in the model. The entrepreneurs and blooming companies are losing opportunities to interact and collaborate for bigger revenue. This can cause an estimated loss of US $ 1 billion.
As much as IT has impacted positively the supply chain all around the world, the industry itself is getting affected by the cutting of the supply chain due to lockdown. Apple inc. has estimated a 10% fall in its share because of the unavailability of iPhones in the market due to not having a supply of equipment from china.
Positive Impacts and New Model for Video Recovery
Even with the drastic negative effects of lockdown, the IT industry is expecting moderate growth of US $295 billion from $131 billion. Emergence and popularity of telecommunication tools like Zoom, Google meet, WhatsApp video calls has increased enormously in this lockdown as they are the only way to hold, meetings, classrooms, teleconferences. Smart solutions like using drones for surveillance, development of 5G networks, and dependence of other sectors on IT have shown the potential of revenue increase in IT.
In the post-pandemic world to survive and grow, IT companies have to remodel their structure and have to spend most of their revenue in collaborative works of employees, stakeholders, and dealers. Replacing campus work-environment, management of data service, replacing paper works, and engagement in the market are some biggest challenges for the IT industry to overcome.
For all industries, IT collaboration to develop services and combining business intelligence with the market solution is going to play a big role, and providing IT support for all of your business solutions is Unique IT Support’s priority in this economic backlash.
