COVID-19 Impact on Global Web Analytics Market in ICT Industry

COVID-19 Impact on Global Web Analytics Market in ICT Industry

  • ICT
  • Nov 30, 2020

COVID-19 Impact on Global Web Analytics Market in ICT Industry

INTRODUCTION

COVID-19 is a pandemic disease that has created a severe outbreak globally, starting from China to almost in every country. It has a significant impact virtually on everything, including human life, world economy, automotive sector, industrial sector, consumer electronics, security and surveillance, and others; thus, demand and consumption rate gets lowered. The unavailability of vaccines to cure or prevent the disease from spreading is a significant reason why lockdown has been initiated for prevention and reduce the COVID-19 spread. To control the disease spread, lockdown is considered the better solution observed in many countries, but it also harms the economy. At the height of the pandemic, more than 2 billion people were under some form of lockdown, and 91% of the world’s population, or 7.1 billion people, live in countries with border controls or travel restrictions due to the virus. However, now almost every state, the factories are started to reopen by taking some prevention, such as 20%-50% employees on the field, social distancing, extreme hygiene measures, and others to support the economy. It is supporting the economy and helping to lower the recession rate at a certain level.

As the pandemic hit globally, People are becoming more inclined and reliable towards digital platforms and internet services. With the spread of the virus globally, individuals are working from home, due to which there is an increased demand for online video viewing, downloading, and communication through video conferencing, which leads to increased network traffic and data usage, which eventually created a series of opportunity for the web analytics market providers.

IMPACT ON DEMAND AND SUPPLY CHAIN

The demand for web analytics is witnessing an increase due to pandemic as individuals and companies are becoming more reliant on digital platforms and internet services for their requirements due to the virus spread. Analytics provides new insights for businesses based on a massive volume of data to meet society's needs. There is an enormous increase in automation and digitization of business processes and increased web traffic during the pandemic, which drives the web analytics market's demand.

The web analytics market's supply chain has been disturbed due to the increased amount of web traffic. The pandemic also has a significant impact on the supply chain of the web analytics market. The logistics and transportation of assets deteriorated a lot. The supply chain was adversely affected as the lockdown prevailed in many regions globally; the government has limited the workers. Companies are making their operation work according to government regulations by making limited workers work in different shifts. However, now there is an improvement in the supply chain as most of the facilities and travel restrictions have opened and working in the most optimum capacity.

STEPS TAKEN BY MANUFACTURERS DURING COVID-19 SITUATIONS

As the COVID-19 crisis continues to expand, makers would possibly face challenges on varied fronts. Producing firms would be searching for immediate measures to stay their workforces safe and their businesses solvent. Makers would conjointly have to be compelled to look on the far side of their economic viability, because the COVID-19 pandemic intensifies, makers would possibly face continued increased pressure on demand, production, and revenues. The pandemic has boosted the growth of the web analytics market. 

For instance, 

In June 2020, NIH (National Institute of Health) launched an analytics platform to harness nationwide COVID-19 patient data to speed treatments and study vast amounts of medical record data. This analytics platform will collect graphical clinical, laboratory, and diagnostic data from health care providers.  

In June 2020, the European Commission decided to digitize European industries to remain in competition with other sectors, which directly increases the web data, which will impact the growth of the web analytics market.

CONCLUSION 

During the lockdown, the web analytics market has observed a rise in the adoption of digital platforms due to various factors of COVID-19. Some of the factors such as increasing work from home, increasing the use of digital media and increasing online transactions among others are the factors which boost the web analytics market's growth. Also, the governments of many countries were taking various initiatives to promote market growth. 

 

COVID-19 TRACKER

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