Impact of Coronavirus on Custom Software Development Industry

The coronavirus outbreak has changed our world globally. Clients have revised their priorities, and companies have rushed to speed up their modernization. What place does the custom software development industry take in this whirlwind?

How coronavirus has shaken businesses worldwide

For starters, let’s look at how the situation affects businesses as a whole. The main challenges that companies are facing today include supply disruptions, stock drops, server loads, and the sudden requirement to organize remote workflows.

The biggest blow has been taken by the companies, especially SMBs, whose profits can only come from offline. Although online businesses, at first glance, should not suffer in such conditions, global changes in the economy can not but hurt them. The whole world has switched to a safe mode, slowing down expenses.

Negative changes have affected supply chains. Companies have to deal with delays and additional costs. This is especially true for smartphone and tablet manufacturers, as many gadgets are assembled in China.

Global companies with offices around the world were left without the opportunity to make business visits to other countries. Not all businesses were ready to manage their teams remotely. For many, there are difficulties now in controlling productivity.

At the same time, new realities opened up new opportunities for the software development industry.

New challenges equal new opportunities

With the growth of online traffic, the demand for software development companies logically increased. This trend is likely to continue when the situation starts getting more stabilized.

Coronavirus has thus provided software companies with a huge market, as increasingly more companies are using online tools to hold onto their positions.

Social distancing affects financial transactions: customers now prefer cashless payments and tend to choose online banking. Thus, financial and banking institutions have a dramatically increased need for servers, backup and recovery services, as well as cloud solutions.

Therefore, it is safe to say that the custom software development industry will not be left without demand. The main issue will be for companies to choose a reliable and proven partner.