From the tools that we use to work, study, and play to how we interact and communicate, shop and entertain ourselves, we’re using more technology in an increase that is expected to outlast Covid-19
In the aftermath of the Covid-19 pandemic, digital commerce is experiencing a boom at unprecedented levels, taking existing tech giants from Alphabet (Google’s parent) to Microsoft, Amazon, Facebook and Apple to soaring valuations. This is in large part due to increased user adoption swiftly at scale for products and services for daily work, study and play.
Digital avenues have existed for over two decades in these areas, but the level of adoption today is considerably higher than before. Tech titans that already benefited from such use, are reaping in the benefits as people rapidly adopt technology in almost every aspect of life. Despite a painful economic downturn, demand for computers, online retail, cloud computing, video games, digital marketing and advertising and online services have soared. The shift to remote work has also accelerated purchasing of computers and associated technology and use of platforms, products and services for work.
This has resulted in monumental growth for technology giants, while traditional brick and mortar retailers struggle to survive. The combined revenue of five of the largest tech companies in the United States (Apple, Microsoft, Alphabet, Amazon and Facebook) grew past $1 trillion while profit surged lsat 24%, raising market capitalization to $8 trillion. This success has also resulted in large hiring. Amazon for example, added half a million workers - 500,000 people - in just one year, which is roughly the size of the entire population of the city of Atlanta, GA, according to data pulled by the Wall Street Journal.
While regulators seek to rein in the power and colossal wealth of these tech giants, the demand for big tech continues to rise and will outlast the pandemic in all likelihood.
