Impact of COVID-19 on the Global Telecom Cloud Market
The outbreak of the COVID-19 pandemic has impacted the global economy in several ways. It has severely affected various sectors such as BFSI, manufacturing, infrastructure, and automotive. The pandemic has not only disrupted supply chains, but it has also affected production as well as the demand for products and commodities. There have been changes in consumer preferences and buying behavior, as well. In addition to this, manufacturing sites were shut down, leading to a demand-supply gap in the global market. However, the telecom cloud market is anticipated to grow significantly during the pandemic due to the rising demand for the collection and storage of data. Companies such as Microsoft, Facebook, Zoom, and Netflix have witnessed increased data traffic due to lockdown restrictions imposed worldwide. The outbreak of COVID-19 and the strict lockdown restrictions have also posed several challenges, such as supply chain disruptions across industry verticals. These factors are expected to influence the telecom cloud market over the next few months.
However, MRFR predicts that the telecom cloud market will witness significant growth in the upcoming months of 2020. The demand will specifically come from sectors, including manufacturing, BFSI, automotive, and infrastructure, where the need for data and voice has increased significantly. Furthermore, people across the globe are spending much of their time at home, and enterprises are increasingly adopting remote working policies, which has significantly increased data consumption during the pandemic. This scenario has spurred the growth of the telecom cloud market during the COVID-19 pandemic. Additionally, global market players are focused on the development of new business models to meet consumer demand in the global market.