As well as serious implications for people’s health, COVID-19 (coronavirus) is impacting businesses and the economy day by day. Due to coronavirus many employees lost their jobs and a lot of industries suffered a loss.
In the time of COVID 19 pandemic, software industry adopted the culture of work from home. Many employed in the IT and software industry are working remotely, and this change in work culture helped maintain the economy.
If you look at the stock market, coronavirus has led to a volatile economy, but there are numerous other factors at play. The initial outbreak of the coronavirus in China disrupted global supply chains. A record 3 million Americans filed for unemployment benefits in the week ending March 21 as coronavirus-induced layoffs surge around the US. Even when the short-term effects end, the long-term economic impact will ripple for years.
More than 80% businesses are small business and they don’t have a lot of money in reserve to survive for a long period of time due to which over 2 million people lost their jobs due to coronavirus pandemic.
Not all the effects of Corona turned out to be negative though. Some small businesses were fast to adapt their strategies. Those that previously didn’t see a point in developing online presence, suddenly realized that their survival depended on it. Some started using webshops to sell their products online. Restaurants used their websites and various services to sell their food as take away. They began to invest more time in creating website content, taking care of their social media pages and connecting to their customers and local community who in turn helped them stay afloat.
Coronavirus affected many industries but some industries were affected more than others, such as :
- Travel industry
- Hospitality industry
- Hardware/software companies
- IT services
- Network equipment
While some have stronger defenses, others will struggle to reset to a normal that is constantly redefined—and redesigned.
Cancellation of tech conference due to corona virus.
In an attempt to limit the spread of the coronavirus most of the countries have implemented a lockdown which meant banning of group gatherings and social events. Combined with travel bans, cancellation of big events like conferences in the software development service industry around the globe was inevitable.
Apple has postponed the date of its famous conference. Apple’s worldwide developer conference is held to connect millions of software developers and the event will now take place in June.
The conference, which was going to be held in May, has now been canceled.
Microsoft has also shifted its developer’s meet program. Microsoft’s conference, which allows the developer to meet and share the latest technologies, is also postponed to May 19-21.
As the local governments are making a huge effort to save their population from the COVID outbreak all offices and institutions are ether closed or work under exceptional measures
At the same time, the IT industry is taking the innovative efforts for coping with the challenges in web application development, hardware brands are facing delays in shipping, B2B tech platforms are spoiled, streaming and gaming services are increasingly in demand, online video streaming apps are highly respected and online presence of businesses is growing in importance.
Therefore, there is a mixed effect on various industries as they are moving forward with preventive health measures.