A Blessing OR A Curse FOR IT INDUSTRY
Around the world, COVID-19 continues to haunt people. It has been almost five months, and things are getting worse with each passing day. The only possible way to stay safe from the novel Coronavirus is to stay at home.
COVID-19 impact on the tech sector is less than in other industries. coronavirus (COVID-19) is still widely visible and significantly impacting a number of industries. Unemployment rates have skyrocketed, and the public health crisis has escalated in many countries.
Covid-19 knock on Cloud Computing
COVID-19 bang on cloud market size is expected to grow from USD 233 billion in 2019 to USD 295 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period. Major factors driving the growth of the market include enterprises’ need to support a remote workforce to induce investment in IT infrastructure.
"COVID-19 Impact on Cloud Computing Market by Service Type (Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS)), Vertical and Region - Global Forecast to 2021”
Software as a service (SaaS) solution segment to hold the largest size of the cloud market during the forecast period. The software as a service (SaaS) solution segment of the market is projected to hold a larger market size during the forecast period. With the rise in the cases of COVID-19, cloud software solutions are facing substantial hit. The growth of SaaS software solutions will be judiciously impacted by verticals, such as transportation, logistics, and manufacturing.
AMAZON WEB SERVICES (AWS) (US) is one of the top players in the cloud market. The company provides cloud computing services to enterprises and SMEs across the globe. Recently, AWS launched AWS Diagnostic Development Initiative (DDI) to accelerate COVID-19 research, diagnostics, and testing. Additionally, the corporate has made COVID-19 data sets freely available to its customers for performing research. Cloud technology adoption is predicted to extend in sectors where’ work from home’ initiative can help in sustaining enterprise business functions. Those sectors include IT & ITeS, telecommunication, BFSI, Government.
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Adopting such technology and data science to stay anticipated healthcare needs under the edge of availability during a region requires multiple privacy trade-offs. Data science can provide ongoing, precise estimates of health system demand. We need to follow a dynamic approach of data collection, analysis the recommendations from the health IT community around accurate and fast public health reporting.
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The COVID-19 led lockdown has forced companies around the world to switch to remote working during the lockdown. As companies switch to remote working, they are trying to improve infrastructure security. There is an increased demand for cybersecurity roles. Tech firms are onboarding employees amid lockdown to combat the Covid-19 virus outbreak.
Cybersecurity incidents involving video conferencing apps like Zoom and IT service providers have forced companies to take cybersecurity seriously. This has increased the demand for cybersecurity roles.
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DevOps strategy is also helping organizations in delivering better quality software to the end-users at a faster pace. Especially since the COVID-19 outbreak, DevOps has been very exciting for a lot of developers and the different members – and maybe there’s a more democratic process with different people engaging in it. Our main goal is helping security admins in those organizations work with the developer, work with the DevOps engineer, the build engineer, and make security a standard part of the process, even if they move to a close-knit DevOps process.
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To safeguard people from this life-threatening disease, many countries around the world including India are going through a nationwide lockdown. This has forced almost all the businesses to work from home. Further, people in the essential services sectors such as healthcare, pharma, and law enforcement etc. are working relentlessly to win the fight against this pandemic.
In this time of crisis, information and communications are critical. Mobile networks are an essential part of the communications backbone that is enabling all of us to stay connected. In fact, telecommunications services are categorized as an essential service by the government of India and it goes without saying that the need to be connected has never been more evident.
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This research measures the future impact of COVID-19 on the global Big Data Analytics (BDA) market. The embedded ecosystem has led to a hyper-connected world and the growth of the Internet of Things (IoT). IoT has connected all manner of endpoints and unveiled a treasure trove of data. This unprecedented volume of data has the potential to empower decision-makers as never before. Especially during the COVID-19 pandemic - including efforts to contain its spread and help businesses stay afloat - the need to extract, visualize, and execute this intelligence in near-real-time is increasingly becoming a mission-critical objective.
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The demand for cybersecurity engineers, systems engineers, and systems administrators was up, 20%, 11%, and 7%, respectively for the short period. Other industries such as manufacturing, construction, and service were down, -8% and -3% respectively. That decline within these five months.
Based on our analysis, the industry most impacted is the airline industry. The median PD at the beginning of March is 9.84% which maps to ccc+ credit score. the most reasons for the elevated PD include. the mass grounding of air-traffic, border closures, and shelter-in-place policies across the world, all of which have caused detrimental impacts on stock performance and lift concerns about the potential viability of some Airlines.
Supply Chain Risks and Business Interruption
The continuing coronavirus outbreak has demonstrated the double-edged sword that global Supply chains are increasingly in danger of disruption and it will be argued that the best risks to business continuity dwell the broader chain of key suppliers and customers instead of within the corporate itself.
Businesses are constantly monitoring things as unpredictable developments still arise a day. As a result of outsourcing, globalization, and volatility within the trading environment, supply chain networks increase in complexity then does disruption.
The coronavirus (COVID-19) pandemic is causing an enormous decrease in occupancy rate rates in the US. 8.3 million Americans employed by the hotel industry, 85% are paid hourly. Knowing that the bulk of employees are paid hourly, we've seen a drastic 71% drop by hours worked over the last five months. we also know that in many markets, hotels had been struggling to seek out enough staff which meant the staff they did have were receiving tons of overtime hours. All of that extra pay is additionally lost, therefore the real weekly impact is even bigger. Meanwhile, the number of employee terminations. If occupancy rates were to drop in 50 percent within the U.S., this is able to potentially end in a loss of 6.5 million jobs within the hotel sector in 2020.
Organized retailers are heavily impacted by the shutdown of malls and shops while the influence on essential goods retailers is minimum. Financial Services believes this huge impact is probably going to remain until the economy is opened phase-wise, having a maximum benefit to online retailers.
The COVID-19 outbreak has severely affected the healthcare ecosystem across the world. The demand has been surging for essential healthcare equipment; however, the availability remained low. Countries are unable to meet the demand which has been surged thanks to the increasing number of hospitalizations due to COVID-19.
The e-commerce market before the COVID-19 pandemic includes strong and steady growth of internet users and rising awareness associated with online shopping. Stay-at-home orders will eventually be lifted state by state, but within the interim, there are millions of consumers creating and reinforcing new online buying behaviors and habits. In many families, online grocery, apparel, and entertainment shopping will replace store and mall visits permanently until a vaccine is available in the market. People trying to limit their exposure to the coronavirus, in this case, by limiting their time within the store.
The COVID-19 pandemic might be one of the foremost serious challenges faced by the financial services industry in nearly a century. The COVID-19 impact on banking is going to be a severe fall in demand, lower incomes, production shutdowns - and will adversely affect the business of banks. The situation is aggravated by staff shortages, inadequate digital maturity, and pressure on the prevailing infrastructure as firms climb to deal with the impact of COVID-19 on financial services. To address the COVID-19 impact on banking, financial institutions must craft a strategic response across the immediate-, short- and medium-term by adopting the suitable digital technology enablers and innovations underpinned by agile delivery models.
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