How Global Software and Services Industry is Dealing with COVID-19 Outbreak

The life-threatening effects of novel coronavirus have dramatically affected the business and lifestyle of people. The pandemic is still wreaking havoc in almost every industry across the globe. In order to alleviate the risks involved with the pandemic and as per the guidelines by the World Health Organization (WHO), the governments have initiated lockdowns and quarantine measures in various regions. People are instructed to avoid social gatherings and traveling even for business purposes to avoid further spread of the disease. The precautionary measures have curbed the citizens under their homes unless it’s a matter of urgency.

The restrictions have slowed down the projects and businesses in certain industries, while there are some industries least affected by the pandemic including the global software and services market. The industry is endeavoring various ways to combat the impacts of the pandemic and has committed to focus on public health. Based on precautionary measures major software and services companies have applied significant changes in the working style of their employee. The IT firms have realized the advantages of outsourcing, amid COVID-19.

Get more insights on the impact of COVID-19 on the software and services industry by Allied Market Research

The following are some of the major factors that aided the industry to grow:

• Rise in adoption of remote working system:

Due to the social distancing, remote working has been increasingly given the prevalence during the lockdown. Therefore, the projects and functions based on software developments and maintenance are amongst the least affected ones, amid the coronavirus outbreak.

• Surge in demand for telecommunication applications:

The increase in adoption of work from home culture, the global software and services market has witnessed an increase in demand for remote working applications and platforms including telecommunication applications.

• The trend of virtualization:

Virtualized functioning has revolutionized the industry. The work from home system demands a virtualized way of connection for online official meetings, chats, and mobile collaboration. The industry has noticed an increase in the use of applications such as Zoom, an enterprise video communication solution for business purposes.

On the other way, the market players are trying to adopt different strategies and practicing more ways to deal with the pandemic in terms of revenue generation. The major companies in the software and services industries are searching out ways advanced ways to increase their productivity and revenue generation.

New launches are paving the way for a new dawn in the software and services industry:

Tapping into the mounting demand for automation amid the coronavirus outbreak, Digitate, a software venture of Tata Consultancy Services (TCS), has proclaimed the unveiling of ignio AI.Digital Workspace. The workspace is an end-user experience management software that aids employees and service center teams to boost productivity.

Due to the pandemic, the workforce has been elasticated. The companies may witness a requirement to invest in automation very soon. Moreover, ignio AI. Digital Workspace asserts to lessen end-user incident requests and systematizes repetitive tasks, dropping IT costs, and improving service center productivity.

Work from home has become a new norm for Indian software and services companies:

The global pandemic has realized the software and services industry, that remote working system could be a norm. Based on the news published by Indian business and financial news organization, 
the chief executive officer Abid Neemuchwala, at Wipro Ltd, a multinational IT firm, stated that work from home has defined a new normal for numerous industries and would offer a number of opportunities to do work more globally.

The Chief executive officer and managing director of TCS Ltd, on the other hand, specified that the mode of work would stay, during a conference call. He further added that the change in the working system has transformed the industry into a new model.

Further based on the news, the former president of the National Association of Software and Service Companies (Nasscom.), R Chandrashekhar stated that the companies have realized the work from home affects productivity is a misnomer. He further added, that in this weakest period, the work from the home system helped the companies to be saved in terms of revenue.

As compared to other industries, the software and services industry has not been much affected by the pandemic and global lockdown. However, in terms of productivity, the industry may have witnessed a lower slide than other industries. Nevertheless, the remote working system has proved to be a boon until now and may offer a number of opportunities to the global software and services industry, during the pandemic.

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