The coronavirus pandemic caused an economic crisis that has completely overshadowed the recession of 2008 and even the Great Depression of the 1920s. We are experiencing an unprecedented situation that the world was not prepared for.
- What Is the Current Economic Situation
- What Technologies Are on the Rise Now?
- Post-Pandemic Technology Predictions
However, technology has helped many industries and companies survive the economic collapse. Technological innovations have helped people around the world keep in touch and work remotely. But what can we expect in the coming months?
The Cprime Studios team and our in-house experts conducted a study to find out what technologies will drive business and life soon. Below in this article, you will find predictions of our leading specialists who are dealing with management and analysis of projects.
One of the respondents is Dmitry Kostarev, a project manager at Cprime Studios, and he is positive the whole world will change, and this process is inevitable. The role of digital technology will be leading in the interaction between people and their socialization, qualitatively new tools will be offered for remote collaboration.
Here are several upcoming technological trends and general forecasts for various industries that Dmitry expects to see in the future.
What Is the Current Economic Situation
Ten million people worldwide have been infected with COVID-19 since the disease first appeared in late 2019, and millions have lost their jobs. Over 100,000 small businesses in America have closed their doors as a result of the economic downturn However, there are still industries that have been able to maintain business and even turn a profit. Let’s take a look at how a few industries are faring.
Retail store sales fell due to store closures during lockdown and reductions in consumer purchasing power due to unemployment. There was still a high demand for products like toilet paper and other essential goods that people stockpiled, which helped retailers generate revenue during the crisis Fitness products also helped buoy some retailers.
The need for social distancing led to an increase in the growth of e-commerce, which also helped retail stores stay afloat as consumers purchased more goods online and had them delivered, a trend that is likely to continue after the crisis has passed.
The healthcare sector, which is powered by technology, wasn’t ready to cope with such a huge load when infected patients filled hospitals beyond capacity. Experts say that the pandemic has created a need for a revolution in healthcare. If we make the right choices, we can optimize processes and increase the quality of medical services while making them more affordable with the help of technology.
Even the sinking of bitcoin did not prevent the financial technology sector from continuing to develop. A strong recommendation to avoid using cash and even credit cards in favor of contactless payments has led to the development of digital transaction services and financial mobile applications. It is expected that financial technology will continue to flourish going forward forcing traditional financial institutions to rethink their approaches.
This is the industry that has suffered the most, and its prospects for recovery remain vague. With summer upon us most countries are just starting to develop their strategies for opening borders to tourists, deciding which citizens are allowed to cross them, and what rules need to be in place for carriers, travel companies, facilities, and attractions to ensure maximum safety.
Dmitry Kostarev thinks that virtual tours are expensive to create and may not be worth the investment by cash-strapped tour companies because travelers like to see and experience the real thing:
“The travel sector has become one of the most vulnerable during this crisis. The peculiarity of tourism as a business is that people buy not only the emotions that come with travel but also impressions of a new place and they must be real. Virtual tours can solve this problem in part, however, it is necessary to use satellite Internet, which is a rather expensive solution. Given that the tourism industry has already lost half of its profits, most companies simply do not have the opportunity to invest in this technology.”
What Technologies Are on the Rise Now?
Many businesses survived during the pandemic thanks to technology and the ability to adapt quickly. Below we outline the main technologies that are currently popular and in demand.
The organization of remote work was the first challenge business owners faced when countries went on lockdown. This led to an immediate increase in the popularity of Zoom, which currently hosts 200 to 300 million online meetings daily. Many companies may decide to continue having employees work remotely even when the crisis subsides. And many workers have gotten used to this option and plan to continue working this way if possible.
What we are seeing now is a conflict with bureaucracy as the workforce shifts towards flexibility, maximum optimization, and safety. Our experts believe that more advanced applications for remote work and collaboration will be released in the market soon.
Watch this video: Beginner's guide to remote teams management
According to the DeVere Group, social distancing and isolation led to an increase in the use of financial applications in Europe by 72% one week alone. The use of mobile applications also grew by more than 70%. The use of applications by current customers has increased, and there has also been a large influx of new users.
Robotic Assistance and Delivery
These technologies, such as a robot that helps stack goods on the shelves of a store or a drone that delivers goods, are designed to minimize human contact and make delivery faster and safer.
Robotic technologies will also help revolutionize the catering industry. Soon we will see new restaurant designs that feature automated serving of dishes without waiters, as well as the widespread adoption of take-out and unmanned delivery.
Remote and eLearning has been trending in recent years but has become a necessity in the current environment where it is dangerous to gather a large number of people in one room. In response to the pandemic, many colleges, universities grade schools, and even kindergartens have organized distance learning using Zoom and other teleconferencing technologies.
Fitness centers, dance schools, and yoga studios are also trying this model by offering online classes. According to our experts, distance education will be complemented by virtual and augmented reality very soon to ensure the best possible experience.
Live broadcasts of concerts and theatrical performances, raves from nightclubs, applications for joint games, and lots of video streaming are what we saw in March 2020 during the most dangerous and uncertain period of the pandemic. The approach to organizing other events is also in the midst of change.
Our experts believe that the trend for organizing remote events will intensify, but once we return to attending events in person, technologies will be implemented to monitor the temperature of visitors and ensure that they keep the necessary distance from one another.
5G technology is great for all the technologies listed above. It provides almost instant data transfer and is a real lifeline for companies that work with large amounts of data in real-time like online events and telemedicine.
Post-Pandemic Technology Predictions
We asked our experts what technologies will help businesses run more efficiently in the near future. Below are a few insights.
Augmented Reality for Remote Sales
Even after the acute phase of the pandemic is behind us, most people will not rush to shopping malls. This will lead to the need to revise the approach to sales by using augmented reality (AR) applications for example. A simple example is a virtual fitting room where a user can “try on” clothes virtually, consult a chatbot for advice(an approach already implemented by H&M), and place an order online.
A more complex example is the AR used in car dealerships. In this case, augmented reality will help a consumer test the car without human contact and provide information on the vehicle without dealing with a salesperson.
According to our experts, medicine will become more advanced thanks to a number of technologies including:
- Applications for remote monitoring using wearable devices;
- Telemedicine and 5G remote surgery;
- Remote patient consultations and examinations using AR and Virtual Reality (VR);
- Using AR and VR to train future doctors and for continuing education in a remote education format;
- The use of blockchain in medicine for the safety of patient data;
- Artificial intelligence and machine learning for hospitals to prevent corruption, overbilling, health insurance, and drug fraud.
Data security will be a key issue for these advancements to take place. Medical information is the most sensitive and one of the most expensive pieces of data found on the dark web and in the black market. Therefore, healthcare companies will be forced to use additional measures, from traditional security protocols to blockchain and artificial intelligence (AI) anti-fraud software to protect medical information.
There are two main conclusions that can be drawn:
- Coronavirus is here to stay.
- Innovation is here to stay.
Hopefully, technological innovation will help with the battle against COVID-19 as we struggle to recover.
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