COVID-19 has impacted cultures and economies all around the world, and it will continue to have a lasting impact as it unfolds. Although the effects of the downturn have magnified, technology brings with it new possibilities to address post-Covid-19 challenges and reinvent economic models.
Certainly, technology infrastructure has today become a key driver of digital adoption. The increased use of technology – also accelerated by the impact of the pandemic – has led us to maximize its resources. The role of technology after Covid-19 has proven to be the vector for reshaping the economy and empowering businesses to meet the new expectations that emerge.
Technology at the core of the global economy
Today, with the far-reaching impact that the pandemic has had on the global economy, the demand for innovation has accelerated.
In the midst of the health crisis, new economic models have made it clear that technology has turned out to be an anchor for the survival of many companies, to the point that digitally-transformed companies are the ones that have best coped with the crisis, allowing them to stay in business or to lessen the impact. Indeed, the virtual now replaces the physical in any industry: medical centers, hospitals, retail stores, small and large companies, and the list goes on. After the pandemic, we have witnessed how digital technologies such as e-commerce, artificial intelligence, or remote work are spreading steadily. In order to restore the economy, technology seems to hold the key to adapt to the post-Covid world and lead to economic recovery.
Post-Covid-19 role of science and technology in the economy
Since the outbreak of COVID-19, new technology infrastructure has played a pivotal role in the overall economy, ensuring business stability and thus economic resilience. Technologies such as e-commerce, artificial intelligence, augmented and virtual reality, and the growth of the Internet of Things, have become critical tools for economic recovery.
Covid-19 has put e-commerce at the forefront of retail. For the first time since the COVID-19 pandemic began, several e-commerce platforms saw a rise in users. As a result, offline retailers are looking into online sales potential, hastening the recovery of production and orders.
- Artificial Intelligence
The global market value of Artificial Intelligence will increase to $126 billion by 2025. AI has helped many sectors such as e-commerce, communications, healthcare, finance, education, among others, to recover their economic activity and drive their improvement. As a result of the COVID-19 pandemic, businesses began to use artificial intelligence even more to analyze the key market and consumer data. AI programs have provided companies with the information they need to better meet market demands and provide predictions to quickly identify and capitalize on new opportunities.
- Augmented and Virtual Reality
Augmented Reality and Virtual Reality will have an impact of up to 1.5 trillion dollars on the global economy by 2030. These technologies will help, among other activities, to develop products more efficiently, improve the consumer experience, or better train professionals, leading to a significant increase in revenues for companies using them.
- Internet of Things (IoT)
One of the most powerful drivers of post-pandemic economic growth is the Internet of Things. According to Accenture, it is estimated that by 2030, the IoT could generate more than $15 trillion for 20 of the world’s largest economies. Businesses will then be able to leverage these advances for data collection, drive innovation and stay more competitive.
We’re for you
The role of technology after Covid-19 has become paramount to global economic recovery. As a technology company, we strive to join the continuous progress and stability of the economy and society.
At Applaudo Studios, we upgrade our capabilities including Artificial Intelligence to evaluate, architect, build and deploy digital solutions, using technologies such as Machine Learning and Deep Learning, leveraging Data Science to enhance companies’ data capabilities and contribute to their economic growth.