Covid-19 has scarred the world in more ways than one can imagine. There is a definitive change in how we go about doing business and, most importantly, the market dynamics that dictate business growth and strategy building.
The horrid loss of lives as a result of the pandemic and suffering is something that we are mourning globally; There is also a silver lining to the pall of gloom that covers the world currently. Today the overall ecosystem is abuzz with technological innovations that are rewriting the rules of the game. From generating demand to meeting demand, the tech industry has now become a major driver of growth.
1. DIGITAL RETAILING
When you look at the way retailing is taking shape, there is an increasing thrust towards no contact digital sales. From a safety pin to an SUV, the Covid-19 has surely accelerated the trend of online retailing and given a further boost to e-commerce. Strictly saying this is not something that developed only because of Covid-19, but yes, it has increased the degree of acceptance and usage. As a result, there is a renewed thrust towards creating solutions geared towards meeting this end.
2. RESHAPING SAAS
When you look at SaaS or ‘Software As A Service’, there has been a steady upward movement in its growth curve. However, data analysts expect the Covid-19-induced lockdown and social distancing to give a fresh lease of life to the SaaS footprint. It is not just about increased use but also an increase in the application. Rapid deployment of low-cost digital solutions has become a necessity as the focus on working remotely and working from home gains acceptance. Companies across sectors and businesses are adapting to this new normal.
3. SECURITY BOOST
Remote working has its own challenges, and when you are working with sensitive data, the security threat is the biggest of all. As a result, you see an aggressive thrust towards better and well-secured software programming and application. As software developers are launching a product offensive to cater to rising demand, the growth of security products is equally palpable. This is a distinctively overriding trend that encompasses the overall digital drive across industries. As the acceptance towards flexible and creative digital content rises, the tolerance towards security breach is reducing by leaps and bounds. It is all about a connected ecosystem with an appropriate security cover.
4. COST-EFFECTIVE SOFTWARE
Given the speed and quantity of the requirement, the cost element has also come into consideration. While businesses are forced to opt for elements that facilitate remote working and work from home, it is no longer the game of premium. It is not just about the apps that promise maximum features. On the contrary, it is also about what offers maximum value for money. That, by far, is the most pronounced development in terms of market dynamics in the post-COVID world. It is not about an array of offerings but also about the relative value and associated cost aspect. Hence, there is a rush to rationalize expenses.