Description
No economy, industry, or businesses has been spared from the effects of the novel coronavirus (COVID-19). Some industries have naturally been affected more than others and the impacts have been on a larger scale. Major economies were already experiencing a slowdown due to other factors and this global pandemic has only added to the distress, hastening the decline in the world’s GDP.
Risk mitigation actions become important during times of recovery. Frost & Sullivan has identified an exhaustive list of short- and long-term key opportunities that will emerge from the reshaping of industries caused by COVID-19.
The 9 key trends that will emerge from the opportunity universe include the following:
Connected Work: Reformed connected work scenarios will drive the need for “cloud everything”. New subscription-based models will witness a growing demand for Unified Communications as a Service (UCaaS).
Connected Living: An increased adoption of contactless surfaces post pandemic will drive the home automation and security markets. Systems encompassing voice activation technology will become increasingly popular among consumers. Sales of smart home devices will see a 30% year-over-year (YoY) increase for the fiscal year 2020.
Supply Chain Optimization: Seamless integration of end-to-end digital supply chains will increase traceability, sustainability, and transparency within the supply chain ecosystem.
Lights-Out Operations: Autonomous ‘Lights-Out’ Operations will drive the demand for remote asset management solutions, and service providers will focus on data management strategies and data-driven business models.
Technology Advancements: Pandemic preparedness will speed up the deployment of artificial intelligence (AI) solutions and accelerate the pace of AI innovation. Between 32 million and 50 million US jobs could be increasingly assisted by technology to reduce health risks and safeguard productivity.
Smart Cities: Increased spending on technology by smart cities will lead to a surge in adoption of digital tools like crowd analytics, and an increased focus on developing digital platforms and apps for citizens.
Human Augmentation: The adoption rate of customer behavior analytics by enterprises will grow to 20%-21% from 2019 to 2025. Post COVID-199, behavioral data will be used to enhance healthcare systems, financial services, and cybersecurity.
Digital Health: Digital Health driven by telemedicine and robotic care will become the new standard of care delivery. Standardization of service across the care continuum will require an increase in the number of service and technology providers.
Geopolitical Balance: To protect themselves from economic fallout due to COVID, global organizations are coming together to restore geopolitical and economic balance. Organizations like WHO, the UN, and other public/private NGOs are working on rebuilding nations by ensuring that economic stimulus programs are prioritized.
It is evident that COVID-19 has had an impact on multiple facets of our lives – from the way we work, and conduct business or leisure. While some of these impacts have been shifting into major trends, the underlying technology transformation has been significantly accelerated. While this disruption has highlighted several gaps in the existing operating models, it also provides an opportunity to build more resilience in the system, and this is where companies should strategize, build, and grow in these times of adversity.
In the near term, companies should focus on diversifying their supply chain and leveraging new opportunities arising from changing customer demands. Over the long term, it is important to internally adapt to new technologies that support workplace and operational continuity to have a smoother transformation during the recovery phase of the pandemic.
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