The rapid spread of coronavirus in numerous countries across the world has compelled governments across various countries to take strict measures. These measures have indirectly taken a toll on businesses across the world. In its latest report titled “Impact of covid-19 on Information, Communication and Technology (ICT) Market Size, Share, Industry Analysis and Regional Forecast,” Fortune Business Insights highlights the major industry developments that have taken place since the corona virus outbreak emerged. The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Covid-19 Pandemic to Create New Opportunities for Cloud Service Vendors
The coronavirus outbreak has brought about a sense of hesitancy and negativity among people as well as businesses across the world. Given the seriousness of the disease, governments in numerous countries across the world have taken strict measures and advised people to stay indoors. As more people are following and practising social distancing, several companies are asking their employees to work from home. As majority of the data transfer, process, and exchange take place over the internet, there is a sudden rise in the use of cloud platforms across the world. In March 2020, Microsoft announced that the coronavirus outbreak has led to a surge in the adoption of cloud services. The company announced that the team’s communication platform ‘Microsoft teams’ reached 44 million users. Besides this, other companies that operate cloud-based platforms including Skype and Zoom also announced that there has been a massive rise in the demand for online services since the emergence of the coronavirus outbreak. Altogether, the Covid-19 pandemic has created a huge platform for the cloud-based service vendors in the information and communication technology sector.
Virtual Reality Sector to Witness Huge Downfall
The virtual reality operations have almost come to a standstill in the past two months. The strict measures taken to stop the spread of the disease have brought down the businesses involving virtual reality products and entertainment medium. Additionally, augmented reality is another sector that has witnessed downfall. AR and VR service vendors are likely to turn their focus on development of enhanced video tools for indoor tools. Having said that, the online VR services that are compatible with VR tools that are used indoors will create new opportunities for the companies operating in this domain. The report discusses the global impact of the Covid-19 pandemic on VR and AR businesses worldwide. Additionally, the report highlights a few of the major sectors in the ICT domain that have been affected by the Covid-19 pandemic.
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