Coronavirus Triggers More IT, Cloud Spending; Impact Bigger Than 2008 Recession (Infosys Study)

A global market study has revealed that the COVID-19 pandemic has an even greater impact on the market than what was caused by the 2008 downturn.

This study has been conducted jointly by HFS Research and Infosys.

Read on to find out what the study says about the impact of the pandemic.

Infosys Study States Impact Of COVID-19 Pandemic Greater Than 2008 Downturn

Almost 70 per cent of the respondents of the global market study conducted by HFS Research and Infosys have said that the impact of the Coronavirus is greater than that of the 2008 downturn. Budgets, supply chains, employee availability, and customer intimacy are the factors that have been impacted the most. 

The study is titled, ‘Nowhere to Hide: Embracing the Most Seismic Technological and Business Change in our Lifetime.’

It also states that 51 per cent of the organizations will be going for the work from home model for the hybrid workforce model in the future. Additionally digital business models will employ Cloud, cybersecurity, and modernisation. The study also says that IT spending will be increased. 

A statement issued by Infosys also says that several organizations have increased their preference of implementing automation, digital business models, and the hyper-scale cloud. Apparently, all these will help to respond to the needs of the customers’ needs quickly and efficiently.

400 Global 2000 executives were surveyed in order to understand the survival and thriving of businesses in the economy especially during this time as the pandemic is upon us. 

Public Sector, Banking, Insurance Seem Positive About Upcoming Opportunities

As per the study, the public sector, banking, insurance, healthcare, life sciences, and the high- tech industry respondents were found to be relatively confident about the opportunities coming in for investing amid the pandemic. 

The report states, “At least 65 per cent of respondents are insulating their business from volatility by building diverse customer pools and investing in an agile business model.”

More than 60% of enterprises are planning to boost their digital transformation, whereas, more than 70 per cent have plans of changing their products and service portfolio in order to attract more customer value.