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Will the technology sector continue to bear up during the COVID19?

Since the outbreak of the pandemic, you all have been concerned about health. While there is no vaccination available, the nation has only one way to contain the virus, and that is a homestay. It has been a couple of months you have been working from your house. You know that this war has decimated the economy, increased the unemployment rate and creating a dystopian picture of the world.

Well, this is the overall picture. If you talk about the technology sector, you will get to know the darker image. In recent months since the outrageous spread of COVID19, the growth has reduced by 3 to 5% and is expected to drop down to 6 to 8%.

The global spread of coronavirus is affecting the demand and supply chain and hence hampering the growth of the technology sector. This blog is going to discuss in detail the impact of COVID19 on the tech sector.

Hardware/Software

Companies have put off the launch of new smartphones due to supply chain constraints. Although some companies are relying on online purchase for mobile phones, demand has reduced, and they do not have enough stock. Further, manufacturing of cellphones is at a halt because of social distancing rule. Due to cut production, companies are likely to face long-term harmful impacts along with short-term effects.

However, if you see companies dealing with remote-working technologies, you will find that they are thriving in this period. There is no doubt that these benefits are ephemeral until the virus is under control. Well, such companies do not need to worry about economic conditions as they will get back to the average demand for their products after the lockdown is lifted.

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The demand for security software has suddenly hiked. Nowadays, companies need to ensure the maximum security of their data and hence encouraging remote employees to use such software. The demand for cloud-based solutions, VPNs, and anti-virus software has increased.

Companies dealing in computers, laptops and other hardware are making the right amount of profits because the demand for such products has instantly gone up as most of the remote employees need them for their office work.

IT services

Experts have predicted that the demand for cloud infrastructure will continue to rise. Apart from its specialised software, communication equipment and telecom services will continue to make profits because employers are encouraging more and more employees to work from home.

This time is encouraging the telecom and communication industry for enhancing the features of 5G. Since people are working from home, they will need the better and faster network. COVID19 is encouraging the IT system to get modernised. Many engineers are manufacturing apps to track, detect and analyse the symptoms of COVID19 among patients. The data will be collected from the smartphone app to prevent the infection from spreading.

Network equipment

The demand for network equipment will increase unless the pandemic subsides. Companies need better and faster network equipment that provides immediate access to data and out most of the work on automation.

AI tools

AI tools like drones and robots seem to be highly in demand during the pandemic COVID19. Hospitals are using drones to supply food to patients. Seeing the rising demand for drones, experts predicted that automated-material handling market would take hold of the market. Now is the time for drone companies to increase their sales.

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The government is also using drones for inspection, monitoring and detection. However, this rise in the drone market is transitory. Once life is back to normal, the demand will dropdown.

Cloud-based IoT solutions

This is the most crucial time for utilities like water and energy companies to identify hot spots of COVID19 so that they could find alternative ways to perform their work. Cloud-based IoT vendors have a chance to associate with them as they will have to integrate ERP system and field service management platforms.

If you analyse the overall picture of the impact of COVID19 on the technology sector, you will find that COVID19 has not much affected it. Although this boost is going to exist for a short period, it is better for the growth of companies. Entrepreneurs are not hesitating to take out text loans to fund their needs.

amiliewilsonhttps://www.fortnitemoney.co.uk/
Amilie wilson is financial consultant at Fortnitemoney for more than 5 years. She has total experience of 10 years in the field of financial management. She deals the borrowers face to face, handle meetings of the company as a senior financial consultant and share her knowledge and experience through the blogs. She writes all about different loan products of Fortnitemoney in detail.
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