Abstract
The outbreak of COVID-19 has reshaped business environments across the world. Minimal physical contact quickly becoming the standard practice for how everyone interacts, almost everything is going online and touchless. Japan, as one of the most technologically innovative nations in the world, its technology firms and IT industry have enjoyed a prosperous year. The new global business trend and market demand has created new growth opportunities for Japanese firms in reviving the slumping economy. By exploring new business trends and booms in technology sectors, the intent of this study is to examine the impact of COVID-19 on business. The first section includes a discussion on digitalization and global pandemic technology growth, including examples involving the United States and China. The second section is focused on Japan by examining the COVID-19 impact on Japan’s economy, business trends and how this situation has benefitted technology players in Japan. Using business performance records in terms of equity gain and revenue growth, the impact of COVID-19 on business across sectors is investigated, with emphasis on Japan’s digital business and industry of automation, robotics and sensor technology. It concludes that the impacts of COVID-19 on the ways of doing business will be long lasting, and is expected to continue benefitting digital business and technology sectors.
Highlights
In just a year, COVID-19 has brought about unparalleled change in the way people work and do business
With the outbreak of COVID-19, the development of new technologies in targeting pandemic-centered business has been reported at Japanese firms
According to a report from the National Institute of Standards and Technology, the facialrecognition algorithms failed to identify 20–50 percent of images of people wearing masks before COVID-19. It reported a vast improvement in accuracy.48. This latest facial recognition system by Fujitec should certainly have a good response from the market amid the pandemic
Summary
COVID-19 has brought about unparalleled change in the way people work and do business. One of the most advanced nations in the world, has suffered its biggest economic slump since 1980. It has been a bleak year for many of the industries in Japan due to a severe decrease in domestic consumption and a decade of stagnant economic growth. While many businesses face the risk of closure or bankruptcy, tourism, the technology industry in Japan has served as a beacon for Japan’s economy. As a leading nation in the field of robotics, touchless technology and the Internet of Things (IoT), Japanese technology firms have benefited greatly from this pandemic This new global trend has created new opportunities for Japanese firms in reviving the slumping economy. The aim of this study is to investigate the impact of COVID-19 on business trends and the pandemic technology sector
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