Social distancing and quarantines have hit the economy hard, but the tech industry is booming in order to support the new normal.
A report from Crunchbase has found six key industries, all tied directly to tech, that have been booming in 2020. In the face of predictions for a tech market bust in 2020, Crunchbase found that venture capital continues to flow into organizations focused on telehealth, remote meeting and collaboration software, med and biotech, digital payment solutions, educational tech, and cybersecurity.
"Many of the companies have either a technology or offering that can help people during the crisis, or have released statements about how they will be using the funding to focus new innovation efforts on helping people navigate the changing world," the study said.
Crunchbase's study was performed during the COVID-19 pandemic shutdown, so its data is as relevant to the new normal as we can get. "With consumer and business behavior changing, the industries in this report are in a position to see the most growth in the coming months--potentially years," Crunchbase concludes.
With the exception of medicine and biotechnology, which is surging due to research into a COVID-19 cure, the other five sectors experiencing a boom are directly tied to tech products that make remote meetings, working from home, and education in a post-pandemic world more practical.
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The report is primarily focused on news relevant to investors and shareholders, but tech professionals worried about future employment, or those who've been laid off due to COVID-19, can also view this news positively: It's a sign that certain aspects of the industry are resisting pandemic slowdowns due to their essential nature.
Numbers from Flexjobs' April hiring report show a significant upswing in hiring that seems to reflect the same findings as Crunchbase's study. Organizations focusing on remote work, education, commerce, and healthcare are all looking for people to fill out the ranks in response to surges of users and business.
Cisco, Citrix, Crowdstrike, and Tableau are just some of the organizations cited by Flexjobs in April. "Remote job openings in the technology industry are holding fairly steady amid the economic uncertainty," said Brie Weiler Reynolds, career development manager and coach at FlexJobs.
Tech professionals who are having trouble finding employment during the COVID-19 pandemic can look to the industries listed above and can find a list of businesses that have received high amounts of funding in the Crunchbase report.
Those who are actively looking for a job can turn to Glassdoor, which has opened a COVID-19 job search hub, or Dice, which has launched a technology jobs resource center for those affected by the pandemic shutdown.
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