COVID-19 Impact on Homeland Security and Emergency Management in the Semiconductors and Electronics Industry
ANALYSIS ON IMPACT OF COVID-19 on Homeland security and emergency management Market
The COVID-19 pandemic has influenced the whole planet with its major impacts on the economy and businesses across the globe. The COVID-19 spread worldwide in unprecedented ways due to its high infectious and contagious nature and lack of availability of its vaccine. As a result, the greatest medical challenge in the 21st century is yet to be faced by physicians worldwide. Though the emergence of the virus can be traced back to Asia, many European countries along with the U.S. have been struck massively by the pandemic. The virus has spread across all regions ranging from North America, Europe, Asia-Pacific, Middle East, and Africa up to South America. The COVID-19 has been declared as a pandemic by World Health Organization (WHO) due to its increased spread across the globe. After the declaration of the pandemic, various countries announced the complete lockdown such as India, China, and other Asian countries to decrease its spread. According to the latest situation report by World Health Organization (WHO) stated 175 million cases of the corona have been reported globally and 4 million patients are dead due to the coronavirus. On a slightly positive note, a total of 158 million people have recovered and total of 2 million vaccine doses have been administered as well.
However, homeland security and emergency management solution companies have been noticing a continuous demand even in COVID-19 situation.
Although this situation affected some segments of this market up to certain extent, but increased demand in surveillance as well as intelligence gathering systems has been observed during this pandemic. Many countries have allocated additional budget for department of homeland security and emergency management to overcome the pandemic situation with help of technologically and strategically advanced COVID-19 specific solutions. But the supply chain is witnessing huge impact which is resulting in delays in order completion.
AFTERMATH OF GLOBAL HOMELAND SECURITY AND EMERGENCY MANAGEMENT MARKET
COVID-19 pandemic affected wide range of industries from small component manufacturers to large manufacturing companies. Initially it hampered worldwide supply chain of homeland security and emergency management market up to certain extent. But at later stages, increasing demand for technological advancement in surveillance and intelligence gathering systems as wells as emergency management solutions created an opportunity for this market in the COVID-19 situation. Companies developed different strategies and technologies specifically to monitor and tackle problems occurred because of COVID-19 pandemic.
· During this pandemic, Tetra Tech provided emergency management solutions which were specifically designed for COVID-19 response services. They introduced a solution named as COVID-19 Grant and Program Management for different governments who were managing, monitoring, and distributing billions of dollars in COVID-19 related grants. Tetra Tech used their uniquely positioned solutions to assist communities in their economic recovery as a result of the COVID-19 pandemic. Till now, Tetra Tech has assisted their clients in managing more than $1.7 billion in COVID-19 related funds.
· Vix Vizion introduced facial recognition technology specifically designed to monitor and tackle the spread of corona virus. They designed this solution named as Imagus to provide real time information, alerts and analytics to reduce the risk at business places. This solution was built to use with existing video management systems for crowd counting, contact tracing through face recognition and historical video analytics, face mask detection and face verification for contactless access.
Likewise many companies have started introducing specific solutions for COVID-19 situation to keep up with the market demand. This strategy is helping the homeland security and emergency management market grow even in the pandemic situation.
OPPORTUNITIES FOR THE MARKET IN COVID-19 SITUATION
Market players have an opportunity to fulfil the growing demand for specialized video surveillance and analytical solutions, AI based information gathering systems, emergency management consultation and solutions during this pandemic period. In post lockdown situation, it’s essential for government bodies and businesses to monitor the public areas and avoid the corona virus spread. That’s why there is growing need for homeland security and emergency management solutions in the global market. Below mentioned factors drive the growth of the market.
· Rising demand for thermal scanners and surveillance drones
The demand for homeland security technologies such as thermal scanners and drones has potential to see more growth during this pandemic period. A COVID-19 situation has triggered the demand for thermal scanners that can identify people with elevated skin temperature. This is causing makers of the thermal scanners to speed up their product manufacturing lines and supply chains to meet the increasing demand from different businesses. Law enforcement agencies are using more surveillance drones for monitoring the public areas resulting the growth of this segment.
· Growth of Artificial Intelligence (AI) base solutions
COVID-19 patients need frequent monitoring of their lung infections using chest X-rays, but it is quiet time consuming. Qure.ai company designed a solutions called ‘qXR’ which can detect findings such as ground-glass opacities and consolidation abnormalities that are indicative of COVID-19. It can also localise lesions and quantify the volume of an infection. Demand for AI based virtual healthcare assistants used for answering questions related to COVID-19, is also expected to grow in the emergency management services segment.
IMPACT ON SUPPLY AND DEMAND
COVID-19 has disrupted the supply chain on global scale. International trade restrictions and customs regulations resulted in longer wait times and lack of capacity for long-haul deliverables. During this pandemic, demand for technologically advanced homeland security solutions and strategically sound emergency management solutions has increased to the significant extent. But supply chain in other hand has suffered causing delays in order deliveries. Most of the companies faced challenges in managing on time project completion and order deliveries.
But companies can use this opportunity to redesign their operation and logistic models with digital capabilities to increase operational efficiency and effectiveness. This will enable them to emerge stronger and with supply chains that are more resilient to future disruptions.
Pandemic has taken a toll on every aspect of life, including the global economy. With the significant downfalls in many sectors, a collaborative effort of government, industry players, and consumers can win the fight against COVID-19.
It still continues to inflict the world with appalling economic and social dilemmas, capable enough to leave severe backlash on the economy for the next several years. The first wave had already inflicted severe blows to the population as well as the economy. The currently experiencing second wave is expected to be more disastrous not only to the masses but also to consumer goods markets.
Global homeland security and emergency management market suffered some loses during initial stage because of COVID-19’s negative impact on global supply chain. However, the demand for homeland security and emergency management solutions and services increased significantly during this pandemic. Relaxation in lockdown regulations after few months helped the market to come back on track. Companies started introducing new COVID-19 situation specific products and services to overcome the pandemic and keep growing in the market.
This market is expected to grow at higher rate in near future as many public as well as private organizations are focusing on improving their security and emergency management systems.