Tech Businesses Profiting from COVID-19 Outbreak

The COVID-19 outbreak has crashed global markets and affected multi-dollar companies, ranging from travel to the movie industry. Amid the novel Coronavirus outbreak that has put several businesses on standstill, there remain a few that are profiting tremendously.

In response to the global health crisis, governments across the world recommend social distancing and other safety measures. Several organizations had to embrace digital tools to keep their businesses running and maintain communication from staff working from home.

The demand for tech-enabled solutions has fast-tracked digital transformation and increased revenue for digital service providers. Some of these tech companies are confidently navigating through the coronavirus crisis due to increased demand for their products and services. After this global pandemic, these companies are bound to emerge stronger with increased revenue while others are strategizing and starting from scratch.

Some of the notable companies that are flourishing in this crisis are providers of video conferencing and collaborative tools. Conferencing is a trillion-dollar industry that has helped bridge the gap between in-person meetings and events. Examples include Zoom, Skype, Google Hangout, Slack, Microsoft Teams, and G Suite. Zoom is said to be the most beneficial amid the COVID-19 outbreak. Its stock price has risen expediently and more people have signed up to its platform.

The coronavirus outbreak has forced employees to work remotely. Twitter, Microsoft, Facebook, and Google were the first tech brands that built remote working policies for staff. Microsoft offered a free six-month trial of Microsoft Teams to enable more businesses to work remotely. Google is also providing free access to advanced features on its Hangout.

Entertainment platforms such as YouTube and Netflix serve as a great source of entertainment for people stuck at home. Social media platforms like Instagram, Facebook, Twitter, and TikTok have also recorded more daily users.

E-commerce companies like Amazon, Alibaba, and Jumia are marketing new gadgets under the premise of the coronavirus outbreak. These platforms are selling lots of masks, sanitizers, disinfectants and other coronavirus safety products. In this case, both the manufacturer and the e-commerce company are benefiting from the global pandemic.

The majority of these businesses were designed in such a way that a global crisis can be viewed as a unique opportunity. These companies provide alternative means of communication, entertainment, and protection during ‘stay at home’ period.