Mobile Economy: Performing Well During Covid-19 Pandemic

The first ten weeks of 2020 have radically changed the lives of almost all countries and individuals. COVID-19 has conquered the world and led to dominating news cycles, reforming financial markets, and significantly impacting industries from travel to healthcare, and restaurants.

There has been a fierce impact of the coronavirus manifest in phases. When these new outbreaks turned into a pandemic, governments and companies responded with containment measures.

 

 

We saw the impact of the coronavirus manifest in phases. When new outbreaks arise, governments and companies respond with containment actions. China was the first wave, followed by Italy, South Korea, and Japan, then France and Germany, and now we are started to see evidence of the impact on the mobile economy almost every major market across the globe. As the shutdown has been announced, people have turned to mobile phones during this time to seek information, continue to work, have fun, promote connection, and fill the gaps in everyday life.

As this pandemic cannot be predicted of how worse the effect it would have on business, mobile economy through connected media such as apps, portals, and websites is expected to stay unhampered. 

 

Applications that are ruling the Mobile economy 

At present, we have apps for almost every necessary task, and business operations have turned out to be the key adopters and contributors in the mobile economy.

Enterprise and education applications leading the game

One of the first major steps we saw in the mobile economy was the surge in the use of professional applications in China. After city closures and the introduction of homework and social distance policy, we saw takeoffs and hours spent on business apps.

Commercial and educational apps have seen the most substantial increase in downloads in app categories. In the first half of February 2020, business and educational apps were downloaded approximately twice a week in contrast to 2019. Popular apps during that period included ZOOM Cloud Meetings, HUAWEI CLOUD WeLink, and DingTalk.

The same trend is starting to emerge in other markets as COVID-19 spreads. As many companies in the affected areas introduce remote working policies, we see that employees turn to mobile applications to communicate, collaborate, and teleconference to continue working without interruption. Overall, we've seen the best ZOOM Cloud Meetings downloads in many markets.

Fintech, telemedicine making a significant impact on the economy

Statista projected that in the most recent quarter fintech investment value reached $20.4 Billion and is expected to grow swiftly in the coming period.

Economic instability can be felt consistently as the coronavirus pandemic spread throughout all nations, and its effects are felt in all sectors. In addition to the drop in oil prices, consumers are concerned about the state of the global economy as we fight the pandemic we face. This concern is reflected in an increase in the number of weekly hours, on average, spent on financial investments in all markets. Fintech apps are evolving the way we used to look at finance products and their accessibility.

Dr. Steve Ommen, Medical Director of Mayo Clinic Connected Care, said, "Mobile access is an assumed part of our patient-facing web strategy." Strong growth in hours spent on medical, health, and fitness applications in February and the first week of March. The health care app has witnessed a multifold increase, month by month, while quarantined people tried to stay active despite being confined in their homes.

High engagement for Social media and entertainment

The time spent on the top 10 streaming video apps on Android phones in the United States hasn't seen a significant increase during the months of the coronavirus pandemic. It hovered an average of 405 million hours from the initial days of March; there was a change in apps ranking in terms of top 10. This is an indication that consumers are opting for extraordinary streaming apps, expanding the catalog of content available to them.

Quarantine, Work from home, social distancing are driving food delivery apps

As more cities, federal governments call mandatory quarantines and lockdown, food and grocery delivery are set to propel the revenue margin. The on-demand economy is seen to be syncing well with the support of the mobile economy. The demand for food and grocery delivery apps were identified as a sheathing uptrend indicator of coronavirus growth. 

Where Mobile Economy Is Expected To Land?

As we head with loads of uncertainties of how the virus spread would end up and how the world will look? One fact that drives the whole trend of the mobile economy is mobile, turning out to be our life's reflection. It enables our communication, entertainment, service experience, and many other tasks right at our fingertips.

So as businesses expect to see the COVID-19 curve flattened, consumers, while staying home and isolated, are anticipated to showcase a novel consumer behavior for every industry.

Panacea Infotech, a leading app development company in the USA, is empowering businesses that got severely impacted in the transformational swift through tech-driven and app-based development and service offerings.

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