SECTORS THRIVING AMID COVID-19 CRISIS

5 min readMay 17, 2020

The recent pandemic has disrupted the entire world and has caused some major havoc around the globe, which has led to many businesses getting stagnant and has also led to some serious downsizing in many multinational corporations. COVID-19 has affected the economic stability in many countries, and the closure of Chinese factories and supply networks has significantly affected technology companies. The growing impact of the unprecedented human tragedy on the global economy has hampered the functioning of several sectors, including technology, aviation, automotive, pharmaceuticals, banking, consumer electronics, travel and tourism, among others. In India, analysts believe that the $190 billion IT services and BPO sector will lower discretionary spending, posing a challenge to the industry for at least a couple of quarters.

As the world recovers from these difficult times, there are some sectors that are thriving amidst this crisis. Let us have a look at these sectors:

AR/VR

With the lockdown being assigned to various countries, numerous organizations are presently working on the internet. Furthermore, even gatherings and meetings are happening over the web, which has thus required the rising interest for AR/VR advancements. This profound advancement in technology is helping businesses to grow while ensuring optimal comfort and productivity.

Fawaz Syed, Co-author and Director of Digital Jalebi accepts that practically all the organizations around the globe have been influenced, particularly the visual and simulation techniques. He says that people now have a tendency to view the items which they are looking for on the internet with the help of AR/VR, rather than visiting the actual showroom.

There has been a major demand for virtual platforms as many events and gatherings have been called off due to the lockdown. Thus, Digital Jalebi and many other AR/VR companies are developing an algorithm and a platform that can allow its users to take part in all the activities of a physical event such as registration, audience engagement and immersive presentations, fun activities and analytics.

Fawaz Syed says, “Photorealistic visualization techniques and seamless interactions will make the experience as close to the real one.”

Facial Recognition

In lieu of the social distancing norms in the COVID-19 crisis, many firms are searching for an alternate option to fingerprint scanners. This is where facial recognition comes in and plays its part. Developed nations like the USA and China are already advancing towards the solution of facial recognition as it avoids contact between two surfaces and is more reliable.

With the advancement and the growth of the facial recognition industry, many companies and firms like DERMALOG in Germany and Telpo in China are growing and prospering. Another such facial recognition company known as Hanvon, is using this innovation to measure body temperature in people. India is not falling behind, with companies like RAMCO systems and Secureye receiving a large number of applications and customers for their products and services.

Indian police, for example, Pune state has likewise built up a facial recognition programming framework for reconnaissance of the quarantined citizens. It lets an individual register his/her details using this app. They are utilizing AI-based face recognition and GPS calculations to compare and cross-check against the enrolled data. Different governments, for example, like the Karnataka and the Rajasthan government is also using this technology.

Cloud Storage and Cloud Computing

Many firms and MNC’s are moving their data to the cloud to secure it and make it more accessible when the employees of an organization need it, and thus they have a common platform. This product is now needed, more than ever as organizations need a centralized system where they can store their important data. Cloud computing is also very important, and it is being used by businesses to complete their ongoing projects.

4. Healthcare sector:

The healthcare sector is at the center of this epidemic, and the private sector in this field has stepped up and it has provided all the support that the government needs. They are offering a number of services to the government, from providing healthcare kits and preparing isolation beds for the treatment of the COVID-19 crisis, to deploying staff and healthcare workers in hospitals.

Cybersecurity

In these unprecedented times, as businesses are moving online and digitization has dramatically increased, the need for cybersecurity and privacy is needed, more than ever. If appropriate measures are not taken, there are increased chances of malpractices and theft in the workplace.

To ensure proper security, users may turn to cybersecurity companies to use preventive and precautionary tools against any possible threats, especially as remote access and work from home become common.

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Regardless of the havoc created by COVID-19, new business open doors for the worldwide tech segment appear to be inevitable. The human disaster has prepared our attention on potential income openings by embracing a two-fold approach. To begin with, as business pioneers are multiplying down on innovative answers for the emergency like never before, innovation has developed as a basic apparatus for both the living and the working. Several MNC’s and startups are now using drones and AI-based robots for tasks that require a higher risk. Innovation and creativity will bloom in these tough times, and technology will act as a catalyst to facilitate these processes.