The coronavirus (COVID-19) is by far the most significant theme to affect the technology industry in 2020. It will put incredible strain on the world economy, which will be effectively halted for three months or more. Many companies will not survive this initial phase. Almost all others will suffer significant drop in revenues, says GlobalData, a leading data and analytics company.
GlobalData published a fully revised report, ‘Tech, Media & Telecom Trends 2020’, to reflect the impact of COVID-19 on 17 separate TMT sectors. Its analysis provides insight into the impact of COVID-19 on leading companies, as well as the impact of COVID-19 across 17 different technology sectors. It discusses the short- and long-term impacts of COVID-19 on each sector, and ranks on a company-by-company basis the individual impact of COVID-19 alongside nine other themes that affect that sector. All sectors will be negatively impacted.
Oliver Lockett, Thematic Analyst at GlobalData, says: “The most affected sub-sectors of advertising will be out-of-home and events advertising, as people go into isolation and large public gatherings are cancelled worldwide.
“Advertising can play a significant role in the global response to COVID-19, with companies able to build brand value through socially-conscious advertising and PR. Those that take this proactive approach will fare better both during and after the crisis.”