Corona Virus and its Impact on the IT market
The Novel Coronavirus has now been documented in more than 100 countries and territories. The ongoing spread of the new coronavirus has become one of the biggest threats to the global economy and information technology markets.
As the coronavirus outbreak continues to develop, now is the time for the Technology Industry to consider response actions to help their risk and prepare for how they will deal with the fallout from the coronavirus. In recent days, the government strongly advised implementing “work from home” practice to technology companies. In recent days, tech companies are disrupting due to Coronavirus. Organizations are telling investors that deals are drooping a result of this, meetings are being dropped, and employees are being told not to travel. Global supply chains are set for a major reshuffle as the coronavirus pandemic exposes the vulnerability of countries and companies that rely heavily on a limited number of trading partners. The telecommunications and consumer technology industries continue to feel the impact of the coronavirus.
This is what companies have been saying:
- Microsoft warned in February that earnings would fall short of expectations due to the virus, but that related to the supply of PCs coming out of China, not the broader impact of the pandemic.
- Apple will miss the revenue forecast as coronavirus impacts its manufacturing and sales. They warn coronavirus will hurt iPhone supplies.
- Facebook cancels the global marketing conference due to the coronavirus outbreak.
- AT&T CEO addresses major surge in mobile, Wi-Fi usage as more people work from home.
- GameStop will temporarily close all storefronts to customers.
- Amazon to temporarily stop shipping non-essential products in Italy and France.
- JCB cuts production because of coronavirus.
- Google Chrome, Microsoft Edge ‘pause’ updates because of coronavirus
According to Trend Force report
- Smartphone production is projected to decline 12 percent year-on-year this quarter, which would make it the lowest quarter in five years.
- Several fibers optics suppliers are based in Wuhan, where the coronavirus outbreak originated, and together account for 25% of global production.
- Smartwatches are set to drop 16 percent from prior expectations.
- Video game console manufacturing has been heavily hit, but next-generation production shouldn’t be impacted if the outbreak can be mitigated by the end of this quarter.
Trend Force expects smartwatches, laptop PCs, and smart speakers to see the biggest decline in previous forecasts.
The Novel Coronavirus has driven organizations to shift to more virtual and remote operations, highlighting flaws in the connectivity, as well as challenges with the current collaboration and other business applications. The Coronavirus situation has now evolved into and pandemic around the globe, especially in the USA and India. We at NGenious Solutions to think about how we will manage to continue our entire work operation, communication, collaboration and engagement during this situation. In this way, we are working remotely. As an IT company, we can do remote work 100% from anywhere, anytime using the SharePoint intranet and Microsoft Teams.