- COVID-19 pandemic has brought a paradigm shift in the way people work and communicate.
- Although several companies have struggled during the pandemic, COVID-19 has created both opportunities and challenges, in the form of increasing level of cyber threat, for the technology sector.
- The common scams during this period, as reported by ACCC-managed Scamwatch, were phishing for personal information, online shopping, and superannuation scams.
- The Australian federal government would be investing A$1.35 billion for improvisation of the cyber-security systems in the upcoming years.
- Some of the technologies predicted to play a vital role in the future include AI, Cloud Computing, Digital Health, Smart Cities, Supply Chain Expansion, and Human Augmentation, among others.
By now, most of us are aware of the impact of coronavirus pandemic on various businesses at different levels. COVID-19 has not left any corner of the world untouched. The challenges and difficulties imposed by the coronavirus have not only impacted the cash flow of companies but also forced them to rethink about their business model.
As most people from businesses across different industries have started operating from remote locations, it appears that working from home has become the new normal. From a business point of view, work from home has resulted in improved productivity. Communication became efficient, thanks to the technology which helped in keeping all communication, files, and documents at a single place; hence, making it more accessible for the Company and the authorised people. Other than this, work from home has also helped to save some administration expenses like electricity and internet bills.
From an employee’s point of view, the work from home option made them productive as they could save their travel time to the office. At the same time, they can protect them from the deadly virus.
In the entire journey during the pandemic, we would see that the technology sector has played a significant role. It has acted as a backbone for many industries.
Let us look at the critical challenges the industry has faced recently, the technologies gained prominence during the period, and what can we expect looking ahead.
Some Challenges Faced by Businesses During COVID-19 Pandemic:
To protect their employees and customers from getting infected by SARS-CoV-2, many businesses switched to remote working style as a response to the pandemic. However, the primary threat in the process was cybersecurity.
The most common cybersecurity issues faced by people working during the period worldwide were:
- Phishing Scams
- Insecure Password
- Home Wi-Fi Security
In Australia, the most common cyber scam during this period included phishing for personal information, online shopping, and superannuation scams.
As per Scamwatch, there were over 3,400 scams which happened during the period and resulted in A$1,790,000 in losses.
On this front, the Prime Minister, Minister for Home Affairs, and Minister for Defence on 30 June 2020 declared that the Federal government would be investing A$1.35 billion for improvisation in the cyber-security systems in the upcoming years.
Interesting Read: Australia On Tightening Its Cyber-Regulation: Glance at AR9 and TNT
Popular Technologies During COVID-19 crisis:
As per a famous quote by Albert Einstein “In the Middle of Every Difficulty Their Lies Opportunity”. The statement was vindicated during the pandemic as many tech companies were able to bloom during this period.
Some of the technologies in demand during this duration:
- Cloud Computing
- Artificial Intelligence
- Remote Learning
- Financial Technology
- Video Conferencing
What trends might we see post-COVID-19?
Looking at changing dynamics of how people are living in the present environment and the rising demand of various technologies to support the working pattern in the upcoming period, it may be of interest to know those technologies which would help to reshape the industries post the end of COVID-19 era.
Below are some of the trends which we might become common in the future.
- Connected Workplace: In the upcoming period, it would be possible to see companies provide their employees with digital exposure to give their business a distinct edge. This would result in an increased demand for cloud computing technology.
- Rise in the contactless services: In the present time, the contactless services are gaining ground, and the increased usage of this technology would result in home automation and security market. The system with voice activation technology would become popular amongst the people.
- Increase in Remote Working: Looking at the benefits of remote working in the present environment, it is likely to grow significantly. In a recent poll by Gartner, it was found that 48% of the employee would work remotely at least for some time post the COVID-19 era.
- Growth in Asset Management Solutions: When more and more people would be working from remote locations, there would be a need for a remote data recovery centre which would provide remote data recovery services via remote management software. It would increase the demand for remote asset management solutions.
- AI implementation and Innovation: Artificial Intelligence has played an essential role in almost all aspect in response to the COVID-19 crisis. The role of AI during this period was seen in understanding the virus or accelerating medical research drugs and treatment, detecting, and diagnosing virus, preventing, and reducing the rate of virus spread and many more.
It might be possible that we see a growth in the implementation of the AI and speed up the innovation.
- Smart Cities: With the advancement in technology, there would also be a rise in smart cities. This, in turn, will increase the demand for digital tools like crowd analytics, increased focus on the digital platform as well as applications.
- 5G Networks: Days are not far when we see future communication via 5G networks. Big companies in developed nations like Telstra (ASX:TLS) has started the expansion of the 5G network in various parts of the country.
- Supply Chain Expansion: To maintain a secure supply of goods, technologies which support traceability, sustainability and transparency are predicted to grow.
- Digital Health: During the COVID-19 crisis, when most of the medical practioners were engaged in treating the COVID-19 infected patients, it was Digital Health which supported people with other medical issues to get medical assistance and get themselves treated. Digital health also includes the usage of technology such as AI, Robotics, and applications to improve the health of the patient. Digital Health would become popular in the post-COVID-19 pandemic ends.
- Perimeter Security: Perimeter security includes systems like video sensors, sensor cables, CCTV camera, fences, microwave, and infrared barriers and many more. The advancement in technology has simultaneously brought threat with itself. Security being the primary object at personal, organisational, and country level, there is also a possibility that we see a rise in technology that support perimeter security.
With the pandemic continuing to affect the globe, healthcare companies are evaluating their lead compounds for COVID-19 treatment. Future revenue for these stocks depends on the probability of launching an approved treatment in the market.