Press Release: August 11, 2020
The COVID-19 pandemic has greatly affected various industry verticals resulting in a global crisis. There is a need to analyze the current situations, economic outlook, impact, forces that can lead to the next normal. Also, new measures should be implemented to cope up with the present situations and maintain sustainability. Amidst this pandemic, the economies around the world are cautiously reopening. There is a need to keep an eye on present situations, and the factors that can shape us as a great reset.
The COVID-19 situations remind us of how underprepared the world is to combat and fight emerging infectious diseases. We must take this as a lesson and be prepared to fight against any pandemic in the future. This is the main reason behind the thrive in the healthcare & pharmaceutical industry. The society that emerges from the pandemic will be different. Adoption of new technologies in healthcare segment like telemedicine may see a boost. The world is looking at bio-pharma & medical products industry for various devices like ventilators, vaccines, therapeutics. How these healthcare & pharmaceutical companies evolve themselves in the coming weeks or months will shape the future of this industry vertical.
Pandemic proof your business with Covid-19 impact analysis and future growth opportunities: Explore the latest industry reports.
Many pharmaceutical companies like Novartis, Sanofi, Bayer have come forward to donate funds and products like Chloroquine which may be effective in fighting the virus
The automotive industry will be a bad hit due to this pandemic. The uncertainties continue in the automotive sector due to rising COVID-19 infections across several countries like the US, South America, and Asia. However, China is showing encouraging signs of recovery. The automotive industries in Europe and India remain sluggish and sales volume may see a 25% decline compared to 2019.
In the United States, the recovery prospects for the automotive industry remain fragile as key states like California, Texas, Florida still sees a spike in the number of COVID-19 cases, lockdown, curbs on the movement of citizens.
In Europe, there are some improvements seen in the vehicle market due to some increase in demand and subsidy programs implemented by the government. The car sales in France rose for the first time in June followed by Germany and Spain. In India, two-wheeler sales have shown sharp recovery in June due to ease of lockdown, resumption of movement of goods in June.
In the short term, the pandemic could delay the development of advanced technologies like autonomous driving, divert research budgets to immediate requirements, and decline in ride-hailers around the world.
The impact of COVID-19 on technology and high-tech firms is unprecedented. Companies need to protect their employees and ensure business continuity. The impact on the supply chain, market demand & employees is a major concern. The new operating ways and working style will change how companies operate in the mid and long term. The lack of component supply, industry event cancellations, business travel bans will lead to fewer client interactions, fewer development opportunities, and uncertainty.
However, the shift to working from home across many countries with the help of new digital collaboration tools will drive demand in the technology industry. With the need to grow infrastructure, cloud computing, and broadband consumption will see a boon in this industry.