What kind of impact has COVID-19 had on the Technology Industry?
Technology is an integral part in all industries. With so many verticals within the technology sector, many people have begun to believe the stigma that technology is immune to an economic upset. The amount of layoffs has proven this stereotype to be false, yet we are relying on technological resources more than ever before. In a matter of weeks, COVID-19 has influenced a drastic shift in how technology is being used, and further developed, providing a glimmer of hope for those whom have been displaced.
Technology is only as strong as it’s end user. Supply Chain, Sports & Entertainment, Tourism, and Financial Services are only a few of the industries we are hearing about in the news as layoffs surge, and revenue is slow to recover. Technology is the backbone of many organizations and without the financial support of its brick and mortar clients, certain sectors of technology have become obsolete for an undisclosed period of time.
It’s not all bad though. Many industries have pivoted their technological focus, which has redirected the economy as a whole. Withing days, the Healthcare industry organized “pop-up” clinics utilizing LTE networks for quick and convenient testing sites to limit exposure to the virus. With mandatory stay at home laws, companies and schools were required to develop a virtual platform for individuals to carry on, with minimal disruption to standard operations. Companies geared toward hospitality, with fluid capital, are taking advantage of this time to upgrade their networks to optimize guest’s experiences. New sectors are forming, and existing resources are being strengthened to facilitate a world in need.
Technology is not immune to this pandemic, but companies within the sector are leading the charge in adapting to an unrelenting environment, and setting the foundation for a world “post COVID-19.” Only time will tell what the rest of 2020 will bring, but we can all look at how we are adapting to come out of this stronger than before.
This is a difficult time for all. Know the resources available to you, and reach out when you need help. The substance abuse and mental helpline is free and always open at 1-800-663-HELP (4357.)