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Recovery will depend on the technology consumption patterns in other sectors
The technology and services industry has become the backbone for other industries, driving growth, transformation, and innovation in those sectors. COVID-19 will continue to impact the technology and services value chain across different levels:
- Technology is core to the life sciences and healthcare industries, which are at the forefront of battling COVID-19
- The use of virtual collaboration tools has skyrocketed, not just for personal use but for workplace communication, but challenges of bandwidth have led to uneven experiences in two-way communication
- Enterprises will be compelled to redesign their supply chain networks, making them hyperlocal
- Remote learning, automation, and the rise of the gig and sharing economies are some new disruptions COVID-19 will introduce to the workplace
- Firms will shift their business models to everything-as-a-service
- Legitimate concerns over privacy due to increased surveillance will push firms to develop robust cyber defense mechanisms
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