Every country faces numerous challenges for every recession hit, making it difficult for industries to survive and strive. But, they have also accompanied an era of opportunities for new-age industries to sprout and shape consumer behavior for decades.
On similar lines, the global recession induced by the COVID-19 pandemic outbreak will fundamentally change the way humanity works and socializes for years to come. The COVID-19 crisis acts as a stimulant to the unprecedented changes in every industry. In order to transform into new realities that will emerge, every industry will be forced to reform and restructure accordingly to correlate with the situation.
The transformation of industries can be feasible by the following three factors:
2. Digital Transformation
3. Work from Home culture
Agility is about making quick changes in organizational leadership and communicating the same decisively to the organization, partner companies, and customers. Insightful planning and execution would bring efficiency and optimization to proactively seize the emerging opportunities, and create a meaningful impact on society to prosper.
Digital transformation will be about exploring the canvass of opportunities presented by cloud, big data, analytics, AI, IoT, and other emerging realities that shape a new wave of customer behavior.
The “Work from Home Culture” plays a defining role and has the potential to STOP the crisis. It is trillions of dollars industry worth and in many cases, it’s priceless. In elaborate, the Work from Home (WFH) culture has benefits like social distancing (required at the moment), no travel time, no occupancy concern, and pollution-free (since commuting is reduced). IT giants have started to vacate rented buildings at all major IT parks and have planned to open “Supervising hubs” (controlling offices) in small buildings. 75 to 90% of staff are going to work from their natives.
Every industry must find ways to transform. The following industries and sectors are well-composed to leverage opportunities faster than others and create large employment opportunities:
1. Digital payments
The smartphones associated with internet usage are in surge from day to day and their increased use will propel the digital payment market to grow in strong double-digits. Across the globe, governments will take initiatives to promote digital payments. Through digital India initiatives, India is set to create many employment opportunities. Every merchant will switch to digital payment adoption, growing the POS (point of sale) and mobile payment technology platforms.
2. Cloud Computing
An exponential rise in cloud computing will be witnessed post-COVID-19 phase as it is affordable, easy to use, and highly customized to requirements of scalability and it will undoubtedly become the bedrock for every organization in the future. A larger workload of every enterprise application is likely to be moved into the cloud where the cloud simplifies the monitoring of resource consumption, and every service delivery will be capitalized on this opportunity. Cloud services will move beyond foundational infrastructure to cover every facet of the organization process, including sales and marketing.
Healthcare comprises hospitals, medical equipment, diagnostics, pharmaceuticals, and telemedicine which assure tremendous growth. From testing, medicines, health cards, and telemedicine, digital health will impact the entire value chain. This healthcare sector will certainly benefit a lot of medical schemes and other healthcare expenditures, by the government.
To attract customers, all major networks and studios will launch ‘direct to consumer’ streaming services, and content libraries. The entire scope of video, music, and gaming will be covered by content, and with 5G support, this industry will witness a stratospheric growth. With the possibility of having customized and targeted advertising options, and ad-free content, subscription services are definite to become promising.
5. Cyber Security
In the new era, post-COVID-19, every industry will choose to adopt digital transformation. Hence, the development of safe, and secure payment gateways will drive cybersecurity market growth. This industry involves the use of blockchain technology, application program interface (API), and other advancements to apprehend the occurrence of cybercrimes and financial fraud.
The rise of internet penetrations and data speeds shows an emerging scope of the e-commerce industry. An exciting future of e-commerce can be visualized as a lot of new categories will join the basket of e-commerce with every new product, or service available online. Post-COVID-19, the e-commerce growth rate will outpace earlier levels and this fact is undeniable. This sector is sure to expand from B2C (Business-to-Consumer) to B2B (Business-to-Business), enabling companies to buy products and services for their workforce.
Society will become more conscious from here on about health, natural calamities, epidemics, and the need for social security. So, the insurance industry will become more relevant and important in this context. These insurance companies will provide services, as opposed to the entities that issue insurance policies. Due to this pandemic, individuals will realize the societal value, and importance of insurance against unexpected events regarding health, bankruptcy, retirement, and overall protection for home and families, and hence this industry will have utility value post-COVID-19.
8. Online Education
One of the most affected fields due to the pandemic is the education sector. To revamp with the education, reaching every learner, online learning stands as the only hope. Educational institutions will come up with a strategy to provide classes through the digital platform, and the traditional teaching standards will become a thing of the past. This impact will be seen from pre-school to higher education, with the flexibility of learning to students, and the flexibility of teaching to teachers. This means of education is accessible to a large section of society and the cost of education will become cheaper.
All the above-mentioned industries are sure to make a boom during and post COVID-19. These industries will embrace agility, digital transformation, and work from home culture, which would proactively make our lives easier, and businesses more profitable. These sectors and industries continuously hire for talent and could become one of the largest sources of employment generation.