COVID-19 Impact on Pharmaceutical Packaging in Chemicals and Materials Industry

COVID-19 Impact on Enterprise Video in Semiconductors and Electronics Industry

  • Semiconductors and Electronics
  • Jun 14, 2021

COVID-19 Impact on Enterprise Video in Semiconductors and Electronics Industry 

ANALYSIS ON IMPACT OF COVID-19 ON THE MARKET

The pandemic started with its epicenter in China in 2019 and has been continuously spreading worldwide. So far, 219 countries and territories have been affected by COVID-19. Moreover, the World Health Organization (WHO) declared the COVID-19 outbreak a pandemic on March 11th, 2020. COVID-19 has adversely affected the economy globally, leading to the global recession. Many companies were being bound to take stringent actions of laying off their employees, small businesses are being shut and manufacturing facilities are being put on hold. There has been a disruption in the supply chain of many industries due to restrictions in logistics and the closing of manufacturing facilities. In addition, the slowdown in the economy has lowered the spending capability of individuals and people are saving money for emergencies.

The global enterprise video market has noted a massive increase in demand, owing to the quick transition to remote working operations, staying connected with employees, boosting employees' engagement and productivity, effective communications of messages and creating the interactive virtual experience. In addition, the pandemic has been an evolutionary turning point. It has forced the corporate world to adopt reliable video technologies to stay connected with customers and employees, holding webinars, hosting an industry conference and others.

AFTERMATH OF COVID-19 AND GOVERNMENT INITIATIVE TO BOOST THE MARKET

COVID-19 outbreak has affected the individuals' and markets' behavior, which has further impacted economies and societies. Therefore, the companies that want to recover from the pandemic crisis need to be digitally stable, understand the customer needs and respond to the rapidly changing market.

Enterprise video has become more critical now, as organizations focus on reliable and secure communication and ensuring high business productivity. In addition, the pandemic has resulted in increased demand for applications such as ZOOM, Microsoft Team, Hangouts Meet, mainly due to work from policies, social distancing measures and government lockdowns. This would further enable individuals to feel connected and foster collaboration.

As businesses are growing globally, teams are becoming more geographically dispersed, resulting in complex face-to-face collaboration among teams. Hence, the demand for workplace collaboration tools has accelerated to achieve more excellent access and convenience. In addition, the current COVID-19 crisis, changing nature of work and a strong emphasis on the digital workplace has contributed to the growth of enterprise video applications in an extensive way.

Covid-19 Impact On Enterprise Video In Semiconductors And Electronics Industry STRATEGIC DECISIONS OF MANUFACTURERS AFTER COVID-19 TO GAIN COMPETITIVE MARKET SHARE

As the COVID-19 crisis continues to expand, manufacturers faced challenges on varied fronts. As a result, production firms would be searching for immediate measures and solutions to keep their workforces and staff safe and continue their businesses smoothly.

The companies require more innovative enterprise video platforms capable of effectively managing growing business needs and help businesses to stay informed and connected. As a result, market players are engaged in product development with advanced technologies, partnerships and acquisitions to gain a competitive advantage. In addition, market players see a significant untapped opportunity to create tailored video solutions to address various new use cases such as telehealth, education and consumer.

For instance,

  • In July 2020, Reliance Jio Infocomm Limited announced the launch of JioMeet, HD video-conferencing application. The application allows for up to 100 participants to set up a call and host a call for up to 24 hours. Moreover, the JioMeet app also enables users to join the meeting without sign in. Instead, they can participate through a meeting ID or personal link name.

IMPACT ON PRICE

The COVID-19 lockdown imposed by the countries' government has increased prices for the subscription of enterprise video platforms. As a result, the companies have increased their price target and are also planning to cross the other services. The pandemic is expected to bring increased demand for enterprise video tools amongst industries and has the potential to enable more brilliant collaboration and improve productivity.

IMPACT ON DEMAND

The post-pandemic scenario boosted the demand for enterprise video solutions and services, owing to change in working culture, effectively managing the operational process's complexity about multiple geographic locations and creating an enhanced customer and employee experience. Additionally, due to increased demand, market players offer end-to-end encryption options to only business or enterprise customers, which balance the privacy of its users with the safety of vulnerable groups, including children and potential victims of hate crimes.

IMPACT ON SUPPLY CHAIN

The supply chain has been affected as the lockdown prevailed in many regions globally. In addition, companies are making their work shifts according to the government regulations, such as limiting the workforce and increasing the work shifts. However, now there is an improvement in the supply chain as most facilities have opened and worked in the most optimum capacity.

CONCLUSION

The pandemic has accelerated the need for enterprise video platforms in most sectors. The market is expected to show rapid growth in the coming years as COVID-19 has been forced to implement such solutions to support the increased demand for efficient remote working. With the combination of non-routine workforce growth and the workplace meeting profile, corporate sector and IT planner decisions are often enabled toward providing more convenient access to collaboration technologies inclusive of video conferencing tools. Furthermore, the government's digitization, automation and safe working environment have contributed to market growth. As a result, the transformative work culture characterized by remote working is set to make enterprise video software as an indispensable tool for smooth workforce communication.