COVID-19 (also known as Corona Virus) has now documented in more than 100 countries and regions. According to World Meter, till 3rd April 2020, it has affected 1,034,086 people out of these, deaths occurred are 54,463 while 220,023 are recovered. Businesses are now confronting significant and unique challenges around the world. COVID-19 is impacting the global economy and supply chains in the whole world.
It was clear that the virus was going to have a significant impact on the global tech industry. China is home not only to a large part of the global tech market but also its heart, which facilitates producing parts and components send them through the global supply chain. It is difficult to predict what the final impact will be. However, the early analysis predicts growth in the tech good and services is limited to 2%.
Promoting “Work From Home”
As businesses have moved their staff into work-from-home (WFH) during March 2020, tech companies have found themselves on the WFH frontlines. In Pakistan too, all technology industries and Digital Marketing Companies prefer “WFH”. One of Leading Digital Marketing Company “Ziczac Solution” has also encouraged their employees to work from their home.
Delay in shipments
The immediate impact on the global Smartphone market, for example, is already apparent. Vendors exported 37.4M fewer devices in February 2020 compared with February 2019, marking the single largest year-on-year drop in the market’s history. Although the global market is still expected to experience a growth of 9.4% in 2020.
Impact on supply chain
The global semiconductor industry is set to suffer a decline in 2020 due to the COVID-19 outbreak. According to a survey, 70% of global electronics manufacturers and suppliers surveyed reported their suppliers are advising a two to four-week delay. However, manufacturers stated that realistically, they are expecting an additional eight-week delay.
Summary
Technology Industry needs to take actions to decrease their risk of suffering negative impacts from the corona virus. For further information about the corona virus (COVID-19) pandemic, please visit CNN Page.
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