The coronavirus pandemic has affected all lines of business to varying degrees. Many office workers have been able to adapt to working remotely – with the help of video-communication services, task-trackers and other technological solutions. Other industries are just trying to get back on their feet, such as restaurants and hotels.
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At the same time, the situation has pushed businesses to develop. Innovation has come to the forefront as a means to solve current problems and as a tool for future development. Analysts of research company Frost & Sullivan listed nine major trends that will develop in all areas of business after COVID-19.
Development of non-contact technology
During a pandemic, people try to have as little contact as possible with surfaces and objects that may have the virus on them. This will encourage the development of home automation and smart home technology. Frost & Sullivan estimates that the market for smart home devices will grow by 30% year-over-year in fiscal 2020.
Workspace Unification
During the pandemic, technology for collaboration has become especially in demand. According to analysts, Unified Communications as a Service (UCaaS) will replace subscription models. We are talking about single platforms through which employees carry out all communications: calls, correspondence, negotiations.
Digital Health
Digital health care will be the new standard of care. This includes remote medicine and robotics. Robotic devices are already being used to gather patient information, pre-diagnose and even operate. The standardization of the medical care process will require an increase in the number of providers and technologies.
Geopolitical Balance
The pandemic has shown the importance of cooperation between different countries. Countries must work together to keep trade flowing and ensure the supply of critical goods. Businesses will have the opportunity to scale and operate in a global marketplace.
Behavioral analytics market development
Behavioral analytics allows businesses to identify user needs. Big data analytics technologies are used for this purpose. Experts forecast the behavioral analytics market to grow to $3 billion by 2030. By comparison, it was $230 million in 2019. Behavioral data will be used to improve healthcare, financial services, and cybersecurity systems.
Autonomous transactions
Offline operations will increase demand for remote asset management solutions. In turn, service providers will aggressively develop data management strategies and data-driven business models.
Smart Cities
The smart city technology market will reach $2.46 trillion by 2025. The focus will be on digitalizing services and building a strong data analytics infrastructure, leading to increased spending on technology. This will create new opportunities for businesses and developers.
Optimizing Supplies
Supplies of various commodities did not stop during the pandemic, but businesses have had to adapt to the new reality. In the near future, technology will play an important role in this process, experts say. This, for example, augmented and virtual reality, robotics, video surveillance and security systems. Market participants are also exploring the possible use of 3D printing to optimize supplies.
Technological progress
Preparing for pandemic conditions will accelerate the deployment of artificial intelligence (AI)-based solutions and the development of innovations in the field. In addition to treating specific diseases, AI and machine learning tools will be used to digitally transform business initiatives, and it is likely that within a few years, AI will so overwhelm the world that we will encounter it even in online casinos, when making a deposit or selecting a desired slot machine.
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China
In 2020, China has regained its status as the leading country in international online commerce. In Q1 2020, revenue from cross-border merchants grew 25% year over year. Many managed to avoid large losses in sales due to the pandemic, as they had time to purchase goods before the Chinese New Year. The main problems were in the logistics industry. To overcome supply chain difficulties, many companies began to use commercial charter flights, despite the high cost. Starting in Q2, there are signs that China’s e-commerce market is starting to recover.
U.S. and U.K.
Online sellers in the U.S. and U.K. saw an overall year-over-year increase of 53% in Q1 2020 sales. Significant increases in sales have been reported since the COVID-19 pandemic began, especially for items that are considered essential or that customers would use at home in quarantine.
Korea
The Korean e-commerce industry saw a 45% year-over-year increase in sales in Q1 2020. However, due to the impact of the pandemic, Korean sellers have had to contend with strict border controls throughout Southeast Asia. This led to a 50% drop in sales in the region. Since the second quarter, Korean online sellers have been seeking to expand their business by exploring various marketplaces, hoping that the situation will soon improve.
Europe
According to the survey, the number of online sellers, compared with last year, increased by 30% in Spain, 13% in France and 85% in Italy. During a challenging first quarter, sellers in France managed to increase international sales by 12% year-over-year. This was probably due to a more mature e-commerce ecosystem. On the other hand, the pandemic hit sellers in Italy and Spain hard, with their sales volumes dropping by half. Forecasting the future after COVID-19, there are signs of not only a recovery in the European e-commerce industry, but also its prosperity.
India
International online commerce in India has been growing steadily in recent years, as evidenced by an 8% increase in sales in Q1 2020, compared to the same period last year. However, due to the impact of the coronavirus, the forecast for Q2 and beyond is less optimistic. For example, the isolation of 1.3 billion people and serious supply chain disruptions led to the suspension of Amazon and Flipkart services in India.