It was the month of March since then we have seen a massive disruption in businesses all around the world. The main reason why I am quoting this today even you don’t want to recall that duration I know, but the thing is how far we have been traveling so far and how long still our journey is remaining to get rid of that the most dreadful chapter.
I basically belong to the IT services and Internet marketing niche, though I will be discussing the impact and future amid this ongoing crisis.
Let’s understand this one by one:
Auto Industry: This Covid 19 crisis will eat $100 billion appx from the auto industry’s profits, McKinsey predicted it for by the EOY 2020, adding a dropping in sales % by 20 to 30%. However, this industry was already facing a painful heat due to electrical and driverless cars, automation industrial disruption. Prediction for the year 2021 says that it will be a bounce back and regain the loss for sure. Adding further, it also depends on tour and travel industry restoration back to the normality.
Restaurant industry: This is one of the most affected industries ever in this pandemic and its prediction still says that it will take months to restore back to the pre-crisis conditions. McKinsey warns the full serviced restaurant owners to look into a fair reasonable and sustainable economic model and that too should be dealing with the right balance of special offerings and profit margin product base like appetizers, sides, desserts, and beverages. Adding further if the restaurants are tweaking it for a doorstep secure and safe delivery and for on-demand serving capabilities, they will be fine-tuning the losses for sure.
Banking Industry: It’s obvious that banks have operated all the time during this crisis and this industry [we should say the sector either] have suffered a great loss due to the pausing of many infrastructural and industrial projects. Since auto and banking are correlated, they are complementary to each other and hence sharing the proportional loss. IT giant Accenture mentioned the steps banks can take to manage and settle the impact of COVID-19 on the banking sector and their customers. Covid 19 has impacted the way of making a payment and here are a few points the ways it’s affecting:
(1) China, NA and Europe have been affected the most in payment making.
(2) Due to the crisis the consumer spending has been affected and reduced by anything else.
(3) The rising of digitally payment wallets have been seen and hence the associated risks too.
In the future, there is a huge chance that Blockchain-based cryptocurrencies will be in a good flow and embedded payment for a specific purpose will place.
Capital Market Industry: This is the most unprecedented and fragile global industry that flickers on a flip. The main concerned phenomenon for this is stability, reconfiguration, and recovery. If stability comes in, reconfiguration of the segment takes place and hence further recovering the loss so this is totally unpredictable area.
Travel and Hotel industry: As September was approaching, many countries have started lifting restrictions and people were given some relaxations in international journeys but since a new strain emerged in the UK that has shaken the world once again and more restrictions were imposed in the parts of the world. The vaccination program has been started almost all around the globe and things will be back to normal hoping so. But yes, this niche is still affected to date and there is no hope until things come back to stability. One good news for the local travel i.e. people have started roaming here and thereby adopting the essential measures for the Covid 19 i.e. Mask, sanitization, and physical distance for the new places.
Personal vehicle travel is now the new normal until we have successfully fixed the virus and reduced the risk of another mutant strain, we can expect air travel and other forms of group travel to pause, or at the very least, to zero. Fortunately, this doesn’t mean that travelers can’t still board on their own private adventures, as car travel and road-tripping are now lifting up across the globe.
IT service Sector: Despite the ongoing pandemic, compared to other industries, information technology assumed to have a massive market boost from US$ 131 Billion in 2020 to US$ 295 in the next 5-years by 2025. The main factor associated is a boost in the economy for this industry is the increased demand for software and high bandwidth social media channels like Google Hangouts, WhatsApp Video call, Zoom, and Microsoft Teams. All these teleconferencing tools help the people who are in isolation to stay connected with their family members as well as have conference meetings and work at the same time.
Health Sector: The Covid-19 has massively transformed the healthcare sector, including pharmaceutical and medical equipment. The sector has experienced a declining growth in the first quarter of 2020 and it was then predicted that it will further take at least 2–3 years for it to return back to normal. But there was a huge demand generated for the pharmaceutical as well as medical equipment fulfillment and this industry has set a new benchmark when it comes to growth. The impact that the world has seen as
The Kingdom of Saudi Arabia (KSA), (UAE, and Indian telemedicine markets have reached a record high-value point with the growth of more than 200 percent during the pandemic. Disruptive technology artificial intelligence (AI) has changed this sector a lot and offered solutions to address workflow automation and analytics with 100 percent growth in 2020. Some of the predictions for you:
- By the EOY 2021, 7 of the 10 leading wrist-worn wearables businesses will have published algorithms competent for early findings of potential signs of infectious illnesses, including COVID-19 and the flu.
- Expedited by the emergence of the new coronavirus, investments by life science companies in digital enterprises to support the power of real-world evidence globally will twofold by 2022.
- Frightened by COVID-19 pandemic deficiencies, life science, and healthcare provider associations will increase investments in Artificial Intelligence and advanced analytics by 50% by 2022 to avoid future supply chain interruptions.
- By 2023, 65% of patients will have obtained care through a digital front door as healthcare providers look for better ways to improve access, appointments, and practices across all services.
- Fueled by COVID-19, digitally-enabled distant care and clinical cases will drive 70% growth in spending on associated health technologies by providers and life-science organizations by 2023.
- By 2023, 60% of health insurance merchandise will be defined by two societies, standard or individualized, which will be transportable and host social determinants of health.
- By 2024, the reproduction of data will result in 60% of healthcare organizations’ IT infrastructure being established on a data platform that will use AI to enhance process automation and decision-making thus further machine learning will involve attending the optimum results.
- To enable 3 D training for healthcare specialists and enhance the consumer experience, 60% of providers will move from proof of concept to full deployment of augmented/Virtual reality technologies by 2025.
The source of this healthcare prediction technologies Healthcare IT news.