Impact of COVID-19 On IT-BPM Industry
The outbreak of Covid-19 has crashed stock exchanges, slashing almost all industries & economies profusely. This highly contagious novel Coronavirus has terrified the IT-BPM industry so tremendously that it has gradually started losing its sheen.
A few months ago, this industry had been a leading flag-bearer of some prominent economies for two decades, as India, China and the USA. In India, the IT-BPM sector alone accounted for $135.5 billion of exports in 2018-19, wherein the IT services contributed 55%. The remaining 45% share came from the BPM, software products and engineering services. In terms of growth rate, the IT domain had gone up by 7.3 percent, whereas the BPM services were way ahead of this benchmark while scaling up by 8.3 percent in 2018-19. But year 2020 is witnessing their downfall. They are crashing rapidly.
Today, over 100 countries are infected with this deadly virus, according to WHO. Globally, this count is superfluously high, i.e. 105, 586 confirmed cases. Every day, new 2K to 3K cases are adding up to the old figures. Thousands of lives have summed up to mortality rate across the world. But, this dance of deadly virus is not likely to end up soon because nothing but the prevention seems the only cure. There is no vaccine discovered yet to treat it. It’s the time that knows how many lives it needs to take away.
The practice of social distancing has become a new normal in the technology & business process management service sector. Like quarantined patients, people are forced to lock themselves down in their homes and live in the isolation. “Work from home” seems the only alternative to fulfill job responsibilities and to earn bread and butter.
The CEO of Eminenture said, “A big thank to outsourcing and virtual assistants who have been remotely supporting various industries! However, one cannot deny that the inconsistencies are still there to manage every support, every assistance, every back-office work from the sophisticated IT infrastructure. These oddities are greatly interfering with the deadlines of deliveries that have been pre-aligned. The trade is paralysed.” But still, it’s the fact that this infection is slowly putting almost all industries into hibernation. Various big guns, dominant industries are missing out on their targets. The search for the alternative solution providers is on in other countries. The soul of globalization is withering for smooth on-going of projects and deliveries. Employees are looking for the silver lining that can save them from being sucked to this air-borne microbial infection. However, online trade and outsourcing has provided a bit of relief, a little bit of immunity to stop the adverse impact of this contagious virus on the industry.
Source: Economic Times
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