Industries likely to boom post COVID 19 Pandemic
Currently, the entire world is hit by a COVID-19 pandemic, nationwide lockdowns and social distancing which are hampering many businesses. Companies are experiencing huge impacts no matter how established they are. This is prompting them to re-look at how they manage and operate their business including re-visitation of their working business plan. The entire world is halted and everyone is talking about the economic slowdown and financials setback. However, some industries, such as those focusing on home entertainment or dealing in essentials such as groceries, have actually seen profits increase, and are likely to continue to do so post-pandemic. Meanwhile, other industries that may be struggling now will see a boom once the COVID-19 crisis is over.
Expected industries are likely to boom or continue to boom in aftermath of the pandemic:
Cybersecurity:
The COVID-19 pandemic has forced organisations and individuals to embrace new practices such as social distancing and remote working. Governments are reconsidering ways to ensure that their countries are stable by developing and enforcing new economic plans. Nevertheless, while the world is focused on the health and economic threats posed by COVID-19, cyber criminals around the world undoubtedly are capitalizing on this crisis.
From our Cyber Intelligence Centre, we have observed a spike in phishing attacks, Malspams and ransomware attacks as attackers are using COVID-19 as bait to impersonate brands thereby misleading employees and customers. This will likely result in more infected personal computers and phones. Not only are businesses being targeted, end-users who download COVID-19 related applications are also being tricked into downloading ransomware disguised as legitimate applications. Cybersecurity is an area that businesses may now be re-evaluating the importance of and pumping money into so they ensure that all their online users are safe.
Virtual Meeting:
The global virtual meeting industry is expected to gain traction during the coronavirus outbreak. As the enterprises and government organizations are considering video conferencing as an ultimate solution to connect with remote workers, customers, and employees; and, at the same time, it prevents direct contact with the people. Key companies getting affected in the market include 8×8, Inc., Cisco Systems, Inc., Google LLC, Lifesize, Inc., LogMeIn, Inc., Microsoft Corp., RingCentral, Inc., StarLeaf Ltd., Zoho Corp. Pvt. Ltd., Zoom VideoCommunications, Inc., and so other. These companies are envisaging the pandemic situation as a key to increase their growth and at the same time helping the nation during the crisis.
Now that most companies have had to adapt to allow employees to work from home, it’s likely that there’ll be more flexibility for remote working in the future. Having honed their home working space and enjoyed the lack of a commute, many workers may opt to work from home more frequently and platforms provided by Microsoft, Google, and Zoom are likely to still be in high demand to keep colleagues connected even when everybody is allowed back in the office.
Movie Streaming Services:
The success of Netflix has always been hard to predict, and its stock prices were fluctuating before the coronavirus outbreak. An open letter to investors suggested that while the number of subscribers had “temporarily accelerated”, the latter half of 2020 is likely to see a decrease in new members as “the person who didn’t join Netflix during the entire confinement is not likely to join soon after the confinement”. Both Netflix and Disney+ will continue to offer a unique service after the pandemic however, and having a larger audience that has become accustomed to unlimited access to international films, addictive original series. and childhood classics is likely to keep those subscriptions consistent, and maybe even increase post-pandemic.
Pharmaceutical industry:
Billions of dollars are being pumped into the pharmaceuticals industry as companies race to find a vaccine against COVID-19. Companies that are ahead of the rest when it comes to scientific breakthroughs are predominantly those with prior research that can be put to use, such as information about other coronavirus strains such as Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS).
The importance of continuing infectious disease prevention and treatment research even once a coronavirus vaccine has been found is huge, so that the world can be prepared for any future pandemics. Stocks in biotech companies, many of which are now battling this novel coronavirus, have shot up, and this global crisis has exemplified how crucial the pharmaceuticals industry is.
E-learning Resources:
Many parents have had to become teachers overnight as schools across the world have shut, and online learning resources have boomed in response. The restrictions put in place as a result of the coronavirus have forced the education system to move online, and now that initial step has been taken it is possible that the traditional classroom will be altered post-pandemic and e-learning will continue to take precedence even once schools reopen.
The internet is also awash with virtual workshop platforms such as Masterclass, and they’ve seized the opportunity to entertain and educate people who are wondering how to kill time. Cookery lessons with top chefs including Gordon Ramsay, writing classes from best-selling authors such as Dan Brown and drama classes from the likes of Natalie Portman are among the courses that users can pay for. As many people take those skills into the real world post-lockdown, the platform’s success has a high chance of growing.
Online fitness industry:
Many fitness fanatics will be desperate to get back to the gym after months of squeezing a workout into their living room, but the finance-conscious and those who appreciate the privacy and flexibility of exercising at home may be keen to stick to their new exercise schedules. The science behind habit formation suggests that exercising regularly over a prolonged period of time – on average between one to two months –will build it into a habit, and so by the end of lockdown home fitness fans are likely to keep up their pandemic workout plans. Potentially good news for the online fitness industry.
Gaming industry:
Once geared towards affluent consumers in developed markets, the video games industry has grown rapidly in emerging economies in recent years, thanks to three principal factors: the proliferation of smart phones; the greater availability of high-speed internet; and, more broadly, the maturation of the industry at a global level.
Parallel to this, games are increasingly being produced within emerging markets as costs decrease, development software becomes more accessible and local talent is nurtured.
One high-potential segment in the global industry is eSports, dedicated to competitive video game playing. It is anticipated that global eSports revenues will be in excess of $1bn this year, with China being the leading market.
Cloud gaming is another online technology that is set to boost the market, enabling users to stream high-end games on handheld devices.
Home delivery industry:
Grocery delivery slots quickly became like gold dust when vulnerable people were advised to stay at home. It has also bolstered business for supermarkets such as Walmart in the US, as well as the UK’s online-only supermarket delivery service Ocado. After reporting a £45 million ($56m) deficit last year, Ocado experienced such high demand that it had to turn away orders in March when its website became overrun with customers. Even now lockdowns are easing, it’s expected that the industry will grow. Online shopping is set to make up 6.4% of the global grocery sales by the end of 2021, which is higher than the pre-coronavirus prediction of 4.6% of sales.
Many restaurants and cafés scrambled to facilitate takeaway orders so that they could continue operating after closing their doors, and some delivery businesses such as Uber Eats waived delivery fees for independent eateries to help keep them afloat during the pandemic.
Perhaps unsurprisingly home delivery services such as Amazon benefited from the pandemic. As most people were stuck at home, online orders were the only way to shop for non-essential items, and shares of the global marketplace have gone through the roof.
Legal services:
As a result, those working in family law have been inundated with cases, and it’s likely that the Western world will see a similar pattern once lockdown life is behind us. Divorce rates normally see an increase after the summer and Christmas holidays, and as coronavirus is likely to out-span both of those periods, the number of couples separating as a result will likely also be greater. There will also be the small matter of the paperwork and legal precautions that need to be put in place for the huge number of new drugs that are in development as a result of the coronavirus.
Cleanliness products:
Shelves were cleared of antibacterial hand gels and soaps as soon as it became apparent that an infectious disease was spreading, and months into the crisis those living in affected countries have become a fait with the art of thorough handwashing. Good hygiene practices have become such an intrinsic part of our day-to-day routine that resorting back to a state where we wash our hands less seems almost unfathomable. With additional hand sanitising stations having been installed in many public places and within businesses, it is safe to say that companies distributing cleaning products are unlikely to go out of business anytime soon.
Personal Protective Equipment:
Personal protective equipment (PPE) has been one of the most talked-about resources of this pandemic. Demand has been off the charts, and nations that rely on imports from other countries such as China have noticeably fallen short when it comes to supplying their own workers.
In light of the devastating damage caused by the virus, there will be a call for hospitals to have stockpiles in place ready to go should similar crises break out in the future. All PPE has expiry dates, and so constant supplies of fresh equipment will be needed to keep reserves at levels that they need to be, meaning that manufacturers will be kept in business to meet the new demand.
Electric Scooters:
Before the pandemic electric scooters were seeing an increase in usage, even overtaking docked bikes in popularity in the US in late 2019. But coronavirus could be the making of the electric scooter industry. Despite controversies over safety in the past, more and more cities are giving electric scooter companies such as Uber’s Bird and Lime the green light. And now that the pandemic has led many cities to impose social distancing measures that restrict cars in many of the world’s urban areas, the perfect storm for scooter rental companies has been created.
Rome authorised electric scooters on 1 March, just as the pandemic was taking hold, but now that the country has come out of lockdown the city is awash with scooters, as Romans avoid public transport and make the most of clearer streets. The Italian authorities also see the scooters as a viable greener alternative to cars and mopeds in the future and on 3 June Rome’s mayor held a press conference with scooter provider Bird to promote their benefits. Other cities are also expecting a boom: the UK has authorised the use of e-scooters from 4 July, the same day that the country’s pubs and bars are allowed to open again, and as London has now created car-free zones – the biggest in Europe in fact – electric scooters are predicted to be popular post-lockdown.
Remote Medical Services:
Both emergency rooms in the US and A&E departments in the UK saw a massive slump in numbers of patients coming in to seek emergency medical attention, with a drop of up to 80% fewer cases in northern England. It is understandable that people want to avoid visits to hospitals and doctors at the moment, and while medical staff are urging the sick to seek help as they normally would, it is likely that many are instead relying on remote medical services for advice.
