Whether you believe that the fear surrounding Coronavirus (COVID-19) is warranted or not, it has been escalating stock market volatility with thousand-point swings, including last week’s steepest drop since the Great Recession. The ripple effect of the volatility is starting to weigh on American wallets, according to a recent CNBC article, which offers figures stating that if the virus isn’t “substantially contained” by June, retail sales growth could be nearly halved to 2.2% for 2020, versus the 4.1% estimate if it is contained by April.
If this outbreak has taught us one thing, it is that very few, if any, industries are immune to high-risk threats which can put pressure on archaic systems and processes. Whether it’s through a diminished workforce, closed borders, tariffs, weather events, or even fear which can influence purchase behavior, the impact of inefficiencies is being felt across every industry.
It’s interesting to consider, amidst the COVID-19 chaos, how innovative, next-gen technologies once on the back burner are now being moved into the spotlight. And, once the threat passes, how the virus may have finally pushed these technologies beyond the tipping point into a mainstream must-have.
Below are four industry sectors that are already adopting new technologies because of the virus, and will likely forever be changed for the better because of it.