The significant loss that the IT industry is facing now is because of the fall of the economy As a lot of businesses and companies have been forced to go work from home and become remote due to lockdowns and respecting lockdown rules. Due to this, there has been and still is a massive loss when it comes to the opportunities of companies and businesses that have international dealers. A very good example of this is Apple inc, it is estimated that they have lost at least 10% of shares due to the lack of availability of iPhones in the market. The parts that are required to build the iPhone are supposed to come from China and which we know was facing a major lockdown.
The spread of this virus has been around now for over a year and impacted all of our lives in different ways. But it has caused a lot of tech conferences to get cancelled, which could have been very good for various tech companies to connect with each other and expand their horizon. There has been a shift towards teleconferences but these do not have the same reach and the conference attendees will not have the same opportunities they do at actual tech conferences. There has been an estimated loss of us US$ 1 Billion because of the cancellation of these major tech conferences.
The unspoken benefits in this pandemic:
However, after all of this, the IT industry is expected to have a massive market boom in the next 5 years. One of the main reasons for this increase in the industries economy is the big demand for social media platforms and software such as Whatsapp Video Call, Google Hangouts, Zoom and Microsoft Teams. All these telecommunication tools help the people who are at home connect with work as well as their families/ This will help the economy grow because during this pandemic nearly the whole world saw the importance of the technology and internet that we have on hand which is helping us in our everyday life when it comes to the news, to contacting to doctors, to shopping as well as working
Great Opportunities and Threats in the IT industry:
Fortunately, a lot of opportunities opened up in the IT industry due to the coronavirus. Such as the growing need for 5G (5th generation) technology. This will increase the connections between devices and people/
There are some threats to, such as after the pandemic is over what will really happen to the IT sector? Some feel like due to the limit of exporters the sector may not be able to stabilize after all of this.