COVID-19 has adversely affected not only the health of individuals but also the economic health of the country. Economists speculate that the pandemic effect will prolong even in 2021. Businesses are facing liquidity issues, and the government is doing its best to rebuild the infrastructure to revive the economy.
The recovery of the economy is expected to be slow, and many sectors have accepted this. However, many industries have converted this risk into opportunity. Some of the industries are mentioned below.
5 industries that will thrive in the “New Normal”
Healthcare – The overall economic situation in the healthcare industry as a whole has risen dramatically post COVID-19. This includes sub-categories such as medical tourism, devices, clinical trials, medical insurance, hospitals, and healthcare technology.
The healthcare sector is thriving and expected to do so in 2021 as well. The world now understands the threat a seemingly insignificant virus can cause and is ready to invest in healthcare to safeguard the future. The virus has also obligated people to invest in medical equipment such as oximeters, PPE kits, masks, sanitizers, and other essential self-monitoring devices. The pandemic-caused change in consumer behavior has forced the industry to cater to the growing and evolving needs—increasing profitability for healthcare businesses globally.
The pandemic-caused change in consumer behavior has forced the industry to cater to the growing and evolving needs—increasing profitability for healthcare businesses globally. If the healthcare industry invests in research, testing, and the right healthcare products and tools, they can treat this pandemic as an opportunity and thrive in the post-pandemic era.
IT Sector – One of the biggest gainers in the post-COVID-19 era is expected to be the IT sector. Many businesses have digitized their process and invested in relatively modern technology to better leverage growth. This trend is speculated to stay, and this will continue to drive growth in the IT Sector.
As remote working is beginning to get popular, more organizations will have to migrate their workload to the cloud. Migrating to the cloud would ensure that businesses can function normally. Therefore, one can expect several sectors to invest in IT infrastructure for enterprise applications.
Similarly, IT technology is expected to evolve in e-commerce, as well. Apart from merely connecting sellers and customers, online commerce companies are also looking to invest in effective management systems that can seamlessly manage customer orders, returns, delivery, payments, etc.
Retail and FMCG – This is yet another sector that has seen growth during these difficult times. With the fear of lockdown, essential commodity providers are emerging victorious. Furthermore, the eruption of COVID-19 has boosted the demand for healthy, immunity-boosting foods, causing companies to revamp their product lines to include healthy food.
Ed-tech – This is arguably the sector that has benefitted the most besides healthcare. All of the schools and colleges have been operating online, which could cause a rise in web courses and online education in general.
Online gaming and OTT – COVID-19 has restricted us to the indoors. The increase in people spending time indoors has caused the entertainment sector, such as gaming and OTT platforms, to boom. The future is digital, and it is estimated that the entertainment sector will have well over a billion users in the coming years.
Although these are the top industries that are expected to convert risk into opportunity in the post-pandemic era, all industries have the potential to thrive if necessary measures are taken. To understand how you can promote your business online and generate leads, talk to our marketing experts today!