The effects of the technological transformation that began with the pandemic continue

As concepts such as "remote work," "online communication," and "e-commerce" have become a part of human life with COVID-19, the adoption of cloud services, video conferencing, and numerous platforms providing online services has also accelerated.

Lockdowns and social distancing practices implemented worldwide have also rapidly increased internet usage. Due to the new audiences and usage habits that emerged with this increase, technology companies have begun to work more on innovation.

On the other hand, the rising demand following the reopening of economies after the decline in demand during the pandemic, and the subsequent rapid increase in inflation, also stand out as a factor that has curbed the "explosive growth" experienced in the technology sector. While central banks, wanting to curb inflation, have accelerated interest rate hikes and taken steps to cool down economies, companies have also had to lay off tens of thousands of employees, particularly in 2023, to keep up with the economic slowdown.

Although the impact of COVID-19 on the technology sector still continues, technology companies will have to deal with challenges such as market saturation, people's privacy concerns, and the resulting changes in user behavior and new regulations in the coming period.

MEETINGS MOVED TO THE DIGITAL ENVIRONMENT

Online meetings and discussions are among the applications whose popularity increased rapidly during the pandemic period. The US-based company Zoom was among the leading companies that stood out the most in this increase.

While the number of Zoom users rose from 10 million in December 2019 to 300 million in April 2020, the company's market value also rose to over 100 billion dollars during the pandemic period.

However, as the company could not maintain these growth figures due to increasing competition and people starting to partially return to their offices, the company's market value fell to 20 billion dollars as of the end of 2023.

In addition to Zoom, significant user increases were also experienced in other platforms such as Microsoft Teams and Google Meet, while an increase was also seen in initiatives to improve image and sound quality due to increasing competition.

On the other hand, online meetings and discussions, which have increased rapidly due to their ease of use, have also created changes in employment issues with "hybrid work" models and work, due to their effects on office usage, employee productivity, and transportation.

In addition to conferences and meetings, another sector that moved to the digital environment was cinema and series, and significant increases were experienced in the subscription-based payment models of broadcasting platforms such as Netflix, HBO, and Disney.

E-COMMERCE ACCELERATED

The sector that benefited most from the closure of physical stores during the COVID-19 pandemic was e-commerce; the fact that consumers turned to the internet for almost all their shopping, from food to electronics, led to rapid growth and a remarkable increase in revenues on these platforms.

While e-commerce companies such as Amazon and Shopify increased their popularity on a global scale, companies like Getir in Turkey also began operating in many countries abroad with the growth they experienced in the domestic market.

Millions of new users, especially the elderly and those from small settlements, also acquired the habit of e-commerce, thus e-commerce companies that grew their customer base gained the chance to expand their potential markets.

This growth also contributed to economic growth and recovery by creating new employment in both the technology and logistics sectors, while also increasing the demand and investments for digital payment methods such as online shopping, electronic wallets, mobile, and contactless payments.

Concerns about the spread of the virus through physical contact increased the demand for payment methods such as contactless payment cards, mobile wallets, and QR codes, and such systems have become increasingly widespread in retail, the service sector, and public transportation.

The rapid transformation in the technology sector during the pandemic period increased concerns about data privacy and online security, while questions about the data collected by companies and cyber threats began to come to the fore.

Governments have also resorted to stricter regulations due to these concerns. Issues such as data protection and user privacy are now taking up more space on the agenda.

The potential for companies such as Apple, Meta, Amazon, Google, and Microsoft to create monopolies also creates various risks. The possibility of a decrease in competition and options is also among the topics discussed with increasing frequency.