Tech businesses surge ahead despite the pandemic
In every situation, there is an opportunity. The profits made by tech businesses even amidst the crisis show that there is some good news after all
2020 will always be remembered as the year when the world was forced to shut down. The once bustling cities became desolate as countries across the globe imposed partial or complete lockdowns to flatten the curve of the infection. Millions of people were confined to their homes, bringing economies to a standstill. However, not all businesses were hurt.
Tech businesses have benefitted from people staying at home during the lockdown. With several people working from home, the demand for technology and e-commerce has soared. The revenue of online retail giant, Amazon, rose 26% to $75.45 billion this year, beating the $73.7 billion analysts had expected, while the revenue at its cloud computing business, which supports video streaming site Netflix and other firms, grew by 33%. Shares in the video-conferencing company, Zoom, increased by 50% since February; the appetite for streaming services such as Netflix and YouTube surged; online classes and home workouts saw more enrolments than ever before and with people creating digital infrastructure at home, the sale of laptops and other electronic products accelerated.
Being at the right place at the right time added millions of dollars to these businesses. Many people may have not even heard about ‘Zoom’, but today it has become a household name. According to the Billionaire Bonanza 2020 report by the Institute for Policy Studies, US, Amazon CEO Jeff Bezos added $36.2 billion, Facebook CEO Mark Zuckerberg added $30.1 billion, SpaceX founder Elon Musk added $14.1 billion and Microsoft founder Bill Gates added $12.1 billion to their wealth, respectively, since the outbreak began in the US.
Indian market overview
As far as India is concerned, it is transforming into a digital economy with over 450 million-plus internet subscribers; second only to China and is expected to have more internet users (650 million) than the entire population of six G7 countries by 2021. As per Invest India, the country is the second-largest market in the world for digital consumers and is emerging as the hub for ‘Digital Skills’, spending around $1.6 billion annually on training workforce in the sector. The industry is the largest employer within the private sector, employing 3.9 million people.
India’s e-commerce market is also set to grow at a Compound Annual Growth Rate (CAGR) of 30% for gross merchandise value to be worth $200 billion by 2026.
The ripple effect
The year 2020 will also be remembered as the year when the world opened to new possibilities and embraced the ‘new normal.’ Given that the need for technology is being felt more than ever before and everything – from education and governmental infrastructure to banking and interpersonal relationships – is now online, Computer Science graduates are going to be in strong demand in the foreseeable future.
Computer Science graduates are, thus, likely to have some of the highest starting salaries and because of the huge demand, they will enjoy an abundance of career opportunities. They can choose to be an application analyst or data analyst, database administrator, forensic computer analyst, game developer, information systems manager, IT consultant, software engineer, systems analyst, UX designer, web designer or an application developer. Drawing on from its rich 16-year legacy, UPES has been equipping students with all the requisite skills for a successful career in Computer Science, aligned with the ever-evolving requirements of the world. With specialisations ranging from Artificial Intelligence (AI) and Machine Learning (ML) to tie-ups with industry leaders like IBM and Xebia, the university enables students to access industry-relevant curriculum and technology.
The prospects have never been better for Computer Science students than today.