ICYMI: The telecoms and consumer technology industries continue to feel the impact of the coronavirus — here are five ways we expect they'll be affected in 2020
2) The spread of the coronavirus caused several of the most important tech conferences to be canceled, likely resulting in numerous missed partnership opportunities.canceled due to concerns over the virus.
MWC is a cornerstone event in the connectivity industry as it brings together the most important companies in the space to network, share innovations, and forge new business partnerships. Several companies rescheduled the events they had planned for MWC, but the continued presence of the coronavirus led others to cancel them entirely. MWC, Facebook canceled its F8 Developer Conference and Global Marketing Summit, Google shifted its Google Cloud Next event to online only, and IBM likewise had to livestream its developer's conference, which last year hosted over 30,000 attendees. Altogether, the cancellation of major tech events has incurred over $1 billion in direct economic losses, according to estimates from PredictHQ Online alternatives helped limit the fallout from canceled conferences, but tech industries will likely still suffer a period of stifled innovation due to forgone in-person business opportunities. Conference attendees do not have the same opportunities to network via livestreaming as they do attending in-person events. It would be harder for marketers to casually share best practices over the livestreamed Facebook Global Marketing Summit, for instance, than it would be if the event actually took place. Though it is difficult to quantify the value of these chance encounters or informal network sessions, the effects will undoubtedly be felt throughout the impacted industries.3) The growing need for remote interactions amid the coronavirus pandemic has highlighted a need for 5G technology, potentially accelerating adoption in the long term. 5G's lightning-fast speeds, near-instantaneous communications, and increased connection density makes it primed for remote interactions, which has become top of mind for many organizations and enterprises as caution mounts over the spread of the virus. Two key areas — telehealth and teleconferencing — are becoming critical for enterprise operations amid the pandemic, and we think that increased dependence on these areas will help strengthen the appeal of 5G:The technical superiority of the new standard empowers physicians to diagnose, treat, and operate on patients without the need to be physically near them. We've already seen such use cases for 5G to combat coronavirus in China: In January, telecoms ZTE and China Telecom a 5G-powered system that enables remote consultations and diagnoses of the virus by connecting physicians at West China Hospital to 27 hospitals treating infected patients. Given the ability of 5G to expand the reach of expertise and services offered by hospitals in this time of increased need, we expect more hospitals will look to tap into 5G to take advantage of the benefits offered by the new standard.Many employers have increased their reliance on enterprise teleconferencing tools — such as Microsoft Teams, Google Hangouts, and Zoom — as their employees switch to remote work due to public health concerns. We expect that employers' dependence on such tools during the coronavirus pandemic will strengthen the case for 5G connectivity in the home — and in the office as enterprises recognize the value that teleconferencing tools offer. That's because a 5G connection will be able to provide real-time and uninterrupted communication that's not possible with most wired connections today. 4) The coronavirus could highlight possible use cases for virtual reality in enterprises, boosting the technology's uptake.
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