COVID-19 has changed the world as we know it, and these changes are clearly demonstrated in the “new normal” business environment. Many businesses that have traditionally been considered economic powerhouses have suffered record losses, while at the same time, businesses in other areas have boomed, experiencing record growth.
This guide tackles the new business environment and identifies some areas that offer entrepreneurial opportunities.
PPE (Personal Protection Equipment)
One area which has experienced rapid growth during the COVID-19 pandemic is that of Personal Protection Equipment (PPE). In 2020, the global PPE market size was valued at USD 77.36 billion and is expected to grow even bigger.
There are many factors driving the growth of the PPE market. Efforts to slow the spread of the coronavirus, together with the protection needs of frontline responders, have created a massive demand for Personal Protection Equipment (PPE). This has been accompanied by a growing employee awareness of personal safety, a constant demand for fresh supplies, and continuous innovation at the manufacturer’s end.
The demand for face masks, face shields, and disposable medical gloves has surged all over the world, and this has been a major driving force in the growth of the PPE market. This demand has been further bolstered by government mask mandates, health advisories, and personal efforts to curb the virus’s spread.
Video conferencing, online meeting platforms
The introductions of social distancing, quarantines, lock-downs, and regulations on crowd size have resulted in a boom in the video conferencing industry. In an effort to combat the spread of COVID-19, government and corporate enterprises have adopted the work from home strategy. This has meant a rapid increase in the number of people working remotely and a corresponding increase in the number of people utilizing video conferencing.
Other factors driving market growth include corporate events being conducted via video conferencing and the development of video banking.
Air Purification systems and associated industries
On a global level, the residential air purifier market was valued at USD 3.53 billion in 2019 and is expected to reach a market size of USD 5.09 billion by 2026. The coronavirus has brought about a renewed emphasis on air quality, particularly in the home environment. This in turn has increased the popularity of air purifiers because they are seen as a way to stop the spread of the coronavirus.
During the pandemic, the manufacturing of air purification systems has increased substantially. This in turn has led to significant growth of associated industries, such as indoor air quality service companies. In order to maintain the optimum performance of a home air purification system, it is necessary to have it cleaned regularly. Air quality service companies perform the function of cleaning. This will usually involve a sanitation spray, professional air duct cleaning, dryer vent cleaning, and UV Light air purification to eliminate mold and mildew.
Air purification systems and associated industries, such as air purifier cleaning services, have demonstrated steady growth during the pandemic and they represent sound investment opportunities.
COVID-19 has actually proved beneficial to the online fitness industry. With people spending more time at home and traditional fitness venues being closed, many have turned to online fitness as a way to maintain their physical fitness regime. Virtual fitness became a 6 billion dollar industry in 2019 and is expected to grow even bigger.
Another critical factor influencing the growth of online fitness is the proliferation of smartphones. Sales of smartphones have increased throughout the world and this has meant easier accessibility for a greater number of people. For example, using a smartphone makes it possible to download a specific physical fitness app, and even stream live fitness programs.
Technological innovation has directly influenced how fitness programs can be accessed. For example, online fitness solutions can now be accessed through internet TV programs, video sharing websites, smartphone apps, and live streaming. This ease of access, together with the proliferation of seamless internet services, has meant much greater exposure, more participants, and larger revenue yields for online fitness.
COVID-19 has presented a challenge for society and many businesses, but at the same time, it has also created a wide range of financial opportunities. In order to survive, most businesses have had to adapt, innovate, and change. This has led to the emergence of a new economic environment and a new structure that will most likely be with us for many years to come.