Coronavirus Outbreak: No doubt, 2020 is off to a bad start. Probably one of the worst things to happen in this century. Hundreds of thousands dead, millions of jobs lost, and everyone around the world has been affected in different ways. Coronavirus has caused a negative impact in the Indian economy such as reduced GDP growth, global job losses, Financial Market, and other sectors. The biggest loss has happened in many industries like retail, restaurant, hospital and tourism, real estate, cinema and entertainment industry, and more.
But there is also an industry which has grown this Covid-19 pandemic. Come let’s have a look, who is benefiting from this pandemic.
1. Healthcare Industry
As we know that the highest growth in COVID-19 pandemic has been from the Healthcare Industry. It includes – hospitals, pharmacies, pharma firms, and insurance companies. This is one of the most obvious industry which has benefited during this time.
In a recent interview, Amit Chhabra who is a business head of Policybazzar.com said that “We have seen inquiries on health insurance policies from customers rise nearly 30-40% over the past few days,” In India, the ongoing scare has seen 40% rise in queries for health insurance.
The demand for hand sanitizers has soared up across the globe due to the COVID-19 outbreak in 2020. Hand Sanitizer market has seen an exponential growth of above 20% CAGR. Indian market touched Rs 43 crore from Rs 10 crore a year ago due to COVID-19 Pandemic.
Medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment have grown rapidly due to COVID-19.
Healthcare has become one of India’s largest sectors – both in terms of revenue and employment. And the market can increase three-fold to Rs 8.6 trillion (US$ 133.44 billion) by 2022.
2. Gaming Industry
The usage of Video games is increasing day by day because people are sitting at home and they need some time pass. The online gaming market continues to see an impressive jump in both revenue and attentiveness and keeping millions of people at home and searching for new forms of entertainment. In Lockdown, mostly people are playing multiplayer games like Ludo, Carrom, Royal Battle, etc. These are all games that can be played with friends and family.
As per the Sensor Tower, the first three months of this year marked the largest quarter for mobile game downloads ever, with more than 13 billion installs across the App Store and Google Play.
Under lockdown due to Covid-19, the Ludo King app has grown dramatically. Ludo game has more than 30 million downloads and is used more than 50 million times every day.
3. Online Education & Video Conferencing
This Corona time has also given new hope to some industry. Yes! I am talking about Online Education and Video Conferencing
Before Corona, the E-learning Industry was already in growth, and people had also adopted education technology in the world.
The entire world’s schools & colleges have been closed due to Corona. Globally, over 1.2 billion children are out of the classroom. All of this will make online education important. According to the “World Economic Forum”, the overall market for online education is projected to reach $350 Billion by 2025. Whether it is language apps, virtual tutoring, video conferencing tools, or online learning software, there has been a significant surge in usage since COVID-19. The online education market in India was valued at INR 39 billion in 2018 and is expected to reach INR 360.3 billion by 2024, expanding at a CAGR of ~43.85% during the 2019-2024 period.
There is a huge surge of demand in Video Conferencing software and video chat applications because of the Covid-19 Pandemic. After March 21, the video conferencing applications set a record of 62 million downloads.
Zoom application is the most downloaded application in the month of March and April. Zoom was downloaded 2.13 million times worldwide, up from 2.04 million the day before, according to app tracking firm Apptopi. Zoom communication market cap: $48.78 billion and Zoom is now worth more than the world’s 7 biggest airlines.
4. Streaming Video
In this Lockdown, Online Streaming has also become the fasting growth. All over the world people are glued to video streaming websites like Netflix, Amazon Prime to get entertainment while staying at home.
The global content streaming market is expected to grow from $24.8 billion in 2019 to about $50.3 billion in 2020 as people are staying at home for self-quarantine or due to lockdown, resulting in a huge surge in subscriptions to video content streaming services.
As there is a state of lockdown all over the world, people are glued to video streaming websites like Netflix, Amazon Prime to get entertainment while staying at home. Online video streaming is an exciting space for companies to operate in. With the massive boom in internet access to people, OTT platforms have multiplied manifold over time. Netflix, Amazon Prime, Disney+ Hotstar, Voot, Zee5, Hungama Play, MX Player, Viu, Hoichoi, Arre, ALTBalaji, Aha, SonyLIV, JioCinema, Vodafone Play, Spuul, etc. are some of the most-watched platforms.
5. Porn Industry
Do not get surprised! Yes, Porn Industry is making millions of dollars every day even during this lockdown.
Porn Hub which is a big company known for pornographic video sharing and pornography websites has released a report.
Let’s have a look at the data….
From 1st March, the traffic percentage has increased from 0.1% to 95% in traffic to adult sites during the three-week lockdown. Not surprisingly, with more time at home and reduced to no social interaction led to higher traffic on porn websites.
So this is the 5 Industry which is booming in COVID-19 Pandemic and FMCG, Online grocery, online payment company, TV channel, social media, Internet service provider (ISP), telecom, audiobook, music streaming, all of them have also grown in this Covid-19 Pandemic.
Something new also happened in this pandemic like:-
“Ramayana” which is re-airing on the Doordarshan channel created the world record of the highest viewed entertainment program globally. 77 million people watched the show in one day on 16th April 2020.
As per the report, 72% of Indian Consumer want to buy from locally sourced items going forward after the trust built up by Kirana stores during the lockdown.
Indian’s online grocery market could make $3billion in sales this year, representing a whopping 76% hike compared to $1.7 billion last year as lockdown boosts demand.
With 560 million monthly active Internet users as on March 31, 2019, India is only second to China in the number of internet users and India is the second-largest online market in the world. And there will be a huge growth in the online business market in the future.
In this pandemic, a lot of the industries had a negative impact and a positive impact. But do not give up, because there is an opportunity and you should know how to grab it.
“Any problem is an opportunity. The bigger the problem, the bigger the opportunity” – Vinod Khosla