The impact of coronavirus is worldwide. Nothing has been spared by the virus. Neither humans nor anything related to them. Almost every sector is showing a decline. The circumstances are so crucial that nothing effective could be done. Well, similarly, if we talk about IT sectors, it too shows a decline in its revenues. The business has fallen up to 3 to 4%. The world is slowing down because of the pandemic.
IDC, the market analysis team, released a statement to the Blog news that the impact of coronavirus on the overall IT industries of the world will blend with the passing time. With this, we will come to know the exact impact of the epidemic on India and the rest of the countries. Doubtlessly the slowdown in the IT outlay across the world may cost India a huge loss, like billions of dollars.
Now the IDC analysis has declared that the maximum impact would be on the hardware business. The software industries and the service industries will equally bear the impact of coronavirus across the world. It is not possible to give an exact figure about the losses but according to the IT and business process management, India fetched $137 billion from exports alone from overseas projects undertaken by IT colossus. Indeed it would prove as a loss, that is a worrying estimate.
India is one of the major contributors to worldwide IT services. Definitely, the decline of 4% business in the IT industries will show a considerable impact of coronavirus on India. If we analyze the facts of this statement then India will lose over $5 billion only in IT sectors. The rest is yet to be calculated.
This can be a notable juncture stage to consider, as a global economic slowdown has officially attached the world to be in recession, with many chief undertaking salary cuts and huge numbers of them losing jobs across the world and through industries. With a huge section of NRI Indians working for the IT services with global industry colossus, this can be a very huge reason behind our concerns.
When actual impact of coronavirus can be seen?
Well, the actual impact of coronavirus will show only after once the world is over Covid-19 and the business industries get back to normal. It may be by the end of 2020. Rest yet not assured.
We expect an economic downfall in terms of optional IT spending, contract renewals, and new deals getting signature as enterprises rectify by cost construction in the coming months. Existing project implementations have also taken a toll because of the travel restrictions in place. A business never grows if restricted to a limited market.IT vendors will be compelled to reconsider their growth targets for the leftover year as the impact of coronavirus will become prominent in the next few quarters.
The situation is indeed alarming. The projection showing what it may cost to the world depends on global IT majors such as TCS, Cognizant, Infosys, Wipro, and other stakeholders in the industry. The pick up will depend on how these industries set their parameters to adjust to new market strategies. It will depend entirely on IT industries, how hard they cope up with the new market.
General news released the statement that the biggest business and economy holders are our IT industries that have employed a very huge number of people, it would be really dicey for the industry itself to maintain their strength of the employees. So the burden is not only on the industries, it is equally deep on the people. Let us hope for the best. Let us try to power up our economy by our hard work and will power.
Let us pray to get rid of this pandemic soon and wishes for everyone to stay healthy.