Release date: 30-09-2020SKU: MSG-GL-COVID19-001
MSG explores the top risks and opportunities impacting the ICT sector, owing to the prevalence of COVID-19.
All leading industries have witnessed the impact of COVID-19. Yet, tracking the in the long run, the ICT sector will be expected to find itself standing. Here's what's keeping it afloat.
COVID-19 has already impacted the operation of a large number of nations. It seems to be even inferior to just the strategic, political clashes, and critical economic happening across the globe. The virus's outbreak is still impacting various industries, counting the ICT (Information & Communication Technology) sector.
Technology giant companies and IT companies have hit the suspend of all marketing operations and dismissed main events and conferences, as their announced financial results are below market expectations. For instance, the US tech giant Microsoft Corporation witness a decrease in its revenue estimation in the 1Q 2020, due to the impact of the pandemic results in lowering the sales of Windows software and surface devices in the global market. Also, Apple faced difficulties in generating revenue for the 1Q 2020 to be under forecasted revenue. Although global market demand seems to be in line with prospects, the entire supply chain is recurring to normal operations slower than predicted.
As per the International Data Corporation (IDC), the global IT spending is primarily expected to witness a decline of 3-4% by the end of 2020, considering the 'pessimistic situation' due to the outburst COVID-19 pandemic. The significant impact of the COVID-19 has likely seen on the hardware business, software, and technical services, which are probably slow down and directly impact the growth of any economy in the global market. However, the implementation of collaborative applications and cloud service is expected to witness a positive impact followed by disrupting technologies such as IoT, cybersecurity, AI, and big data where the effect seems comparatively minor.
Even though businesses contend with current damages, in the long race, the ICT sector might be one of the few sectors with limited effect compared to other industries, in many aspects, stronger than before. However, the reductions in consumer spending, the strain on infrastructure networks, reduced accessibility of components, interruptions to supply chain, and the Coronavirus's overall financial impact are taking its toll in the short-term in the ICT sector.
To read more about how we believe the ICT sector can manage the current pandemic scenarios, inquire about our report.
Key Issues Addressed
Considering the COVID-19 impact on the ICT industry is carried out through various lenses, and many critical issues identified in the COVID-19 impact strategic insight report include:
• Specific key trends have begun to accelerate due to the crisis, reshaping both demand and supply across industries
• Other trends that probably decelerate or halt due to the COVID crisis
• Trends that are essential before the pandemic and post-pandemic directions to shape the industry
• Key uncertainties and challenges that should be considered in strategy and business planning
• Detailed consideration of scenarios that compare the reach of the pandemic versus the industry impact arising from changes in end-consumer behavior
• A set of both recovery and thrive oriented actions for market participants and players
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