Sectors to witness overhaul Post COVID - 19 Pandemic
The COVID-19 pandemic has increased unemployment. Many organizations are not at all paying their employees while a few are not paying the entire amount. Life has become a misery for many. But, nothing is permanent. Every worsened situation will witness a leap someday. In this write-up, we will see about a few sectors that may witness overhaul post-COVID-19.
The first sector that may witness an immense leap will be the education sector. In this pandemic, every student is reliant on online classes and courses. Indian educational applications like Byju’s and Vedantu have already started topping charts from the past 6 months and have also fetched a place in the most downloaded educational apps from Playstore during July. So, many e-learning sites will be set-up by different startups, which may adopt Artificial Intelligence technologies to transform education and support the economy.
Hyperlocal delivery applications bag the second spot. Many have started ordering groceries and essentials online. There are high chances that, at least once in our life, we would have ordered things online. It was when food delivery applications came into the market, hyperlocal deliveries gained attraction. The sector had seen a 45 % increase in orders and an 18 % rise in order value since the commencement of the lockdown. Firms and e-commerce giants like Flipkart, Paytm Mall, Swiggy have announced their own hyperlocal delivery services. Dunzo, a hyperlocal logistics company has recently raised a whopping $28 million in a funding round led by Google. These are all signs of the excellent future of this sector.
Online streaming services alias Over The Top (OTT) service providers also have secured a top spot in this list. Due to the impact of COVID-19, the family audience will prefer online streaming services to theatres. Netflix has been the most popular platform in India and Amazon Prime has the highest subscriber base according to a survey conducted by FLYX in July and August of 2020. OTT platforms have also gained the attention of top actors and producers. Hence, OTT will flourish in the future.
Online gaming has to be featured next to OTT in this list. Gaming has gained its recognition during the lockdown period. Many fancied online gaming as it facilitates them to play along with their classmates, thereby making a lively connection.
All the above sectors need websites and apps to function with full potential. Hence, software developers will attain concentration. Alongside, UI/UX designers will also prosper.
The automobile industry was not performing well during the pandemic. Once everything is restored to normal, it will assuredly resume its functioning and regain its market.
The fitness industry also deserves to be on this list. Since the onset of COVID – 19, people started understanding the need for a healthy lifestyle in order to increase immunity and fight diseases. Exercises and Yoga are proven to provide a healthy lifestyle and many have started practicing them. Fitness recommendation applications like “FitPlan, Alo Moves, Vario fitness” have seen appreciable growth.
Digital payment deserves a notable mention. It has been powering the Fintech (Financial Technology). Every organization in one or the other way uses digital payment solutions. Be it e-commerce or banking or any sector, there is the intervention of digital payment gateways.
The world economic forum says by 2030, about 40% of all purchases will be online. So there will be a drastic digital shift.
To sum it up, few sectors that might get better and may leap after this pandemic are online education and tutorials, retail businesses, e-commerce, and digital marketing, the IT sector, Health and fitness, online gaming, etc. Besides, the Finance and Insurance sectors will also play the role of key players in uplifting the economy.
The above list is just a pinch of a heap. The Pharma sector is already experiencing impressive profits and hence, it is not featured in the future list. Many sectors will behold accretion in the profits and will capture the markets, thereby increasing employment opportunities and the economy of the country.