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Looking at opportunities for the IT sector

A spherical virus of size 125 nm has disrupted our normal lives in some way or the other, making the year 2020 catastrophic for one and for all. The most unfortunate thing is that this wave of pandemic has taken with itself thousands of innocent lives.

The pain of COVID-19 is experienced the most by ones who were directly affected by it and their families, losing loved ones is always the most difficult amongst everything else.

Medical fatalities are not the only setback that people face, there are a host of other drastic consequences that the virus brought with itself.

Be it a starving migrant labourers longing to go home or whopping losses for businesses of all sizes across every industry or brutal poverty making its presence felt in the unorganised sector of the economy, Corona is like an unwanted guest for everyone.

After a crisis of such magnitude that hits people across the globe, every industry stands on a difficult cross-road. The one major industry that we would be discussing in this article would be that of technology.

Hitting a Roadblock?</h3
The IT industry, just like any other, is also facing the wrath of an unprecedented worldwide lockdown and closed operations across all sectors.

Crisil, a rating organisation, predicted that revenue growth for the IT industry will decline to a decadal low of 2% and below.

Some of the major clients like Banking, financial services and insurance which constitutes 28% of the industry revenues are facing losses which will inevitably transfer to the IT industry as well. A ban on international aviation is also going to create a significant impact.

Every now and then, we hear of giant technological companies laying off jobs, cutting salaries, delaying and in some cases cancelling recruitment is a bad signal for the entire economy.

Finding A Ray of Hope

However, the IT industry should look at this crisis from the same set of glasses as others. This industry is the most equipped to deal with a situation that restricts the physical movement of people.
More often than not, the nature of IT projects is such that with little help of technology, they can be easily implemented while the majority of employees are safe in their respective homes.
Another major benefit that this industry enjoys is that while employees working in other industries are getting used to fit in the ‘New Normal’, tech-employees are already more than comfortable in working from home.

Many experts believe that this is the time when the technology industry can go through a major ‘Digital Transformation.’

Artificial Intelligence and Automation is finally going to enter the market at a giant rate. More and more companies will look for ways to automate various departments to comply with pandemic guidelines.

RPA may soon become a household name for IT companies, as they will look for methods to magnify their efficiencies.

Hence, the IT industry is currently in a dark tunnel but they are sure to find a bright ray of hope at the end of it that goes by various names like Automation, work from home, artificial intelligence and maybe some new revolutionary discoveries till the time we get out of this crisis, you never know!

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