The coronavirus pandemic is probably the greatest economic disruptor of the century. The consequent global ban on non-essential travel, country-wide lockdowns, office closures and enforced home working are immediate threats to business continuity. It’s understandable that businesses worry about what the future will bring and look for ways to adapt to the new reality.
It’s too early to make any reliable predictions, but the general outlook for the economic future isn’t optimistic. The stock markets are plunging and fears of the global recession are kicking in. McKinsey points out to three scenarios that may unfold: a quick recovery, a global slowdown, or a pandemic-driven recession.
Nonetheless, some businesses may actually benefit from the new reality. Those who are technologically-advanced, prepared for remote work and operate in remote teams are certainly in an advantageous position. In fact, they may even observe increased growth in the current circumstances.
Here’s our list of industries that may thrive amid COVID-19:
1. Biotechnology and pharmaceuticals
As pharmaceutical and biotech companies around the globe are working with governments at heightened speed to address the coronavirus outbreak, all eyes are on them. The development of vaccines and planning for the potential medical supply chain challenges are crucial, so their hand will remain busy in the coming months.
The COVID-19 outbreak will likely boost e-commerce. Amazon has already created additional jobs as the pandemic boosted its sales rates. Businesses which haven’t benefitted from this sales mechanism yet may now be forced to do so, as people will more increasingly rely on online shopping and home deliveries for all kinds of products. The situation provides increased demand for e-commerce systems and all kinds of web, desktop and mobile applications that will help entrepreneurs to present and sell their products.
3. Software development
Software development companies in Europe and elsewhere will see greater demand for programming, and product design services. Many businesses who weren’t selling online may be forced to do so. This means that the demand for .NET, Java, Golang and other programmers will not decrease.
4. VR/AR industries
Systems such as DAZN will undoubtedly be applied more extensively to enable transmission of sports events, theatre plays and music concerts. It’s also possible that students will be attending virtual classrooms and sports professionals will be training in isolation with VR headsets.
5. Video and voice communicators
With bans on non-essential travel and workers being forced to stay at home, many of their office meetings will be moved to video and voice communicators. These tools are instrumental in ensuring business continuity at the time of social isolation.
6. Social media
Social isolation will promote more extensive social media use. People will be spending a lot more time socializing with their friends and closest ones via these platforms. On the plus side, this may bring positive engagement, like mobilizing influencers to share WHO information to keep us all informed.
7. Online streaming
The entire streaming industry will thrive amid the pandemic. Netflix, HBO, online TV and other streaming services will prevail as the most popular entertainment activities. Live streaming providers are expected to have their hands full as well, as numerous public events are being cancelled and switched to online formats.
8. Online entertainment
E-sport, video and gaming will certainly thrive amid country-wide lockdowns and pressure to stay at home. It may be an incentive for many people to entertain themselves in novel ways.
9. Delivery companies
We’re not talking about DHL or DPD only; this also applies to food delivery companies such as pyszne.pl, głodny.pl in Poland or Glovo and Uber Eats globally. With the widespread ban on food consumption on restaurant and store premises, food delivery is expected to skyrocket.
10. Internet providers
This isn’t surprising. Internet access is indispensable for everyone who has to substitute their company office with a home office. With entire households staying inside the premises, many homeowners may be interested in upgrading to faster, more reliable and stable services.
At CSHARK, we’ve been delivering software development services all over the world for the past five years and we are confident we can continue to do so. How quickly will your business adapt to this changing reality? The quicker you do it, the lesser damages you will see.