The Impact of COVID-19 on the Technology Sector
COVID-19 has caused many organizations to restructure their employees and many are continuing to encourage them to work from home. This new way of working has resulted in an increased demand for cloud infrastructure services as well as increases in spending on specialized software. Combine that with schools that are considering online courses continuing in the fall, it is anticipated that the demand for more robust communications equipment and telecom services will rise dramatically.
Most organizations do not have a tech stack in place for a reliable business-continuity plan (BCP). Due to enhanced remote work scenarios, IT departments will play a larger role in future BCPs and will need help from IT staff in procuring devices, setting up a resilient flexible and secure network, disaster recovery systems, IT security, etc.
The need for ever-faster access to data and automation will enhance the focus on network equipment and communications as never before, speeding up 5G network deployments and adoption of 5G equipment. This will help increase connections that support the primed remote interactions and it has become a top priority for many organizations.
Not many organizations will be able to escape the effects of Covid-19, but for tech companies, the consequences could be overwhelming. However, if a response is quick and strategic, some will likely have higher chances of minimizing the damage and potentially emerge stronger than before.