Post the COVID -19 pandemic breakout and its impact globally, the business world will undergo major changes, business models will change drastically as our views of life change. Most industries will adapt to the new world. While every industry must and will find ways to adapt, some industries and sectors are better poised to leverage opportunities, faster than the others, to create larger employment opportunities.
Due to lockdown the use of smartphones has gone up exponentially even in case of people who in the past didn’t use it much and that has brought around deeper internet penetration, and this will help this industry grow big time. Governments around the world will also take initiatives to promote digital payments. Almost every merchant will move towards adoption of this technology, this will bring a major boost to POS (point of sale) and mobile pay technology.
Cloud will become an integral part of every organisation in the near future. The post COVID-19-phase will bring about rapid growth in cloud computing as it is affordable, easy to use and highly customisable to requirements of scalability.
Every industry is will try to move a major workload of their enterprise applications to cloud. Cloud will simplify the monitoring of resource consumption, and every service delivery will capitalise on this opportunity. In the near future Cloud will also cover every facet of the organisation process, including sales and marketing.
All major TV networks and studios will launch their ‘direct-to-consumer’ streaming services, and content libraries for example Netflix, to attract customers who will consume more and more. Content will cover the entire scope of video, music and gaming, and, with 5G support, this industry will witness exponential growth. Subscription services will become more promising with the possibilities of having customized and targeted advertising options, and ad-free content.
Healthcare comprising of hospitals, medical equipment, diagnostics, pharmaceuticals, medical tourism and telemedicine is poised for tremendous growth
This will be at the centre of the new era as every industry will adopt digital transformation. The development of safe, and secure payment gateways, and security walls will drive this market growth. It will involve the use of blockchain, application program interface (API), and other advancements to stop the occurrence of cybercrimes and financial fraud.
The future of e-commerce is very bright. Due to COVID-19 even the skeptic, who did not believe in online shopping and trade were left with no choice but to use eCommerce services like Amazon and others, whilst, dedicated food order service companies like swiggy and others started delivering groceries to adapt sustain business during pandemic. This means the user base will grow exponentially as more people start using and feeling secured on the platform. Also due to this generation of totally new users and realisation of possibilities a lot of new categories will join the basket of ecommerce, making every product, or service, available online. The growth will be higher in emerging economies like India with the rise of internet penetration and data speeds. It is undeniable that post-COVID-19, the ecommerce growth rate will be much higher than earlier. Ecommerce will expand from B2C, to B2B, for companies to buy products and services for their workforce.
Education will dramatically be affected post COVID-19 as it will embrace the digital world in the fastest, and largest scale. Educational Institutions will adapt to the new technology and methods, and traditional teaching standards will become a thing of the past. The impact will be seen from pre-school to higher education, offering flexibility of learning to students, and flexibility of teaching to teachers. The cost of education will become cheaper and accessible to a larger section of the society.
This industry will become more relevant and important as people will become more serious about health, natural calamities, epidemics, and need for social security. Insurance companies will be seen as service providers, as opposed to entities that issue insurance policies. Individuals will realise the value, and importance, of insurance. Post COVID-19, it will have utility value.
Most Industries and companies are built around delivery models, and post the COVID – 19 uncertainties will bring a larger demand for this industry as the services of distribution will expand. Increased efforts to promote self-sufficiency will lead to expansion between regions and territories. Hyper-Local expansion with a stronger emergence of e-commerce players across multiple categories will play an important role. The future of logistics will be created with high technology adoption and transportation additions would reduce cost, time and waste.
The above are some of the industries which will embrace agility, digital, and a work-from-home culture, which would pro-actively make our lives easier, and businesses more profitable for the companies. These are the industries and sectors which will continuously hire for talent and become one of the largest sources of employment generation in the post pandemic period.