Impact of COVID 19 on Tech Industry.
The novelist Coronavirus (Covid19) is still causing hardships and concerns not only for consumers but mainly for industries across the globe. The Tech industry is the major among them which has been affected by the virus. Because of this pandemic, some of the major tech conferences like Barcelona’s mobile world congress, facebook’s f8, and Google’s IO got canceled. 12 high profile tech conferences have been canceled. These conferences are a great opportunity for the partnership to widen their sphere. Different estimates show that there has been a loss of US$ 1Billion due to the cancellation of these tech events. According to a report, the cancellation of these events has resulted in US$ 1Billion economic loss for the d Most of the tech giants get their raw materials and other components from the Chinese vendors. Some have their production plants in China. China went under a strict and long lockdown duration after the outbreak of Covid19. Due to disruption in the supply chain, Apple Inc, and Foxcom were forced to suspend their assembly line production. This lockdown resulted in delays in the launch of new smartphones and other company products. Experts are predicting that Apple Inc. will face a 10% fall in its shares. After facing a bad time, when comparing with other business Tech industry is expected to see a large boom. Experts are predicting that the market share of IT industry will be US$ 295Billion in 2025 which is now US$ 131Billion. The reason for such a big rise in the tech industry is innovation. Demand for different software like zoom, google hangouts, Whatsapp video call, and Microsoft team has increased. These tools allow people to work from their homes by attending virtual conferences during their Quarantine. These tools are also helping doctors in the treatment of their patients. People have now realized the importance of the internet that how it will help time in times of crisis.