Investing in Software Development During the COVID-19 Outbreak

Questions about Investing in Software Development

What digital changes should you face during the COVID-19 pandemic? Why should you consider investing in software development in the first place? What is the most profitable industry to invest in?

These and other similar questions will be answered in the article. Don’t miss a chance to benefit from a new software product amidst the coronavirus outbreak.

Impact of COVID-19 on Business

The COVID-19 pandemic caused a lot of damage to the business worldwide. Many agencies were forced to rapidly adapt to work-from-home mode. Most of those companies, like manufacturers or supply chain companies, were not able to do that, which caused them to close. Others have to adapt to the new normal state of things. They also need to start with investing in software development and implementing new technical solutions for remote workers.

All of these changes require a lot of money and time. It would be wrong to say that digital transformation is easy.

So, many of us have raised the question of financial protection. Of course, this should be one of the first issues that come to mind during times like these. Nevertheless, investing in software development during the pandemic crisis can be an idea you’ll thank yourself for in the future. Let’s see why.

Is it a Good Time for Investing in Software Development?

How to know it’s the best time to invest in software development?

It always depends on your business and your circumstances. Parting with money won’t be easy, if you have no clue what may happen tomorrow or within the next week. However, as Forbes said earlier, the current investment market state is more or less the same.

There’s also research showing that 47 out of 100 establishments and companies were investing in digital technologies such as hardware, software or digital infrastructure. An interesting and encouraging fact is that the companies with 50 to 250 or more employees invested the most.

Did the coronavirus pandemic accelerate investments in the digital sector? We can say “definitely”. Here’s why – 30% of surveyed companies stated about an expansion of digital technologies in their establishment. Software development investments mean a lot for industries and regular users.

Here’re some basic signs that it’s high time to invest in software development:

1. You need to improve your business.
2. You want to get a better interaction with clients.
3. The company is facing problems due to the pandemic.
4. You have a number of systems and need them to function agreeably.
5. Your business solutions are out-of-date.
6. The requirements for your e-commerce products have changed.
7. Your business is growing fast.
8. You want to be mobile ready.

The COVID-19 outbreak has caused a massive spike in mobile app downloads. No wonder – most of us use applications for work and pastime.

So Where Exactly should I Invest Money Right Now?

The demand for web and mobile services is growing. Clearly, this is a great time to approach it now. Of course, as soon as the peak of the coronavirus outbreak is over, the general demand for mobile and remote solutions may slightly fall. Nevertheless, the technologies and services will remain the same, as we get used to a lot of them. So, investing in software development may be your chance to boost sales. Especially, when you have professional software developers at your disposal.

We can’t certainly predict what is waiting for us after the COVID-19 pandemic. But our habits which we got during these years are always hard to ignore.

Insourcing or outsourcing software development can bring the best of your ideas into life. So let’s go through some ways of investing money in software development during the coronavirus crisis.

Delivery services

Hard to imagine any industry that is thriving during these difficult times. It’s also hard to imagine how we would manage without delivery apps under the strict conditions of social distancing. When some factories have to lay off their employees, delivery services are hiring even more workers to satisfy the growing demand.

Increasing the number of employees, many delivery companies expand their services to let the customer order anything, not just food or drinks. As a result, the delivery industry is at its peak as never before. It is due to the fact that many people use their services regularly.

Streaming services

What to do when you’re staying at home for a long time? Watch movies, of course!

Let’s take Netflix, Amazon Prime, Disney+ or Twitch, for example. They are feeling quite comfortable during the coronavirus outbreak, as the demand for their services is incredibly high.

Watching movies helps people fight stress, boredom, survive the layoff or just get used to the new reality. This is the perfect time to choose any film you haven’t managed to watch before.

It seems to be a good idea for your software development investment. Even after the pandemic ends. The demand for video streaming was growing even before the COVID-19 situation. And it can be an ideal time for you to reconsider your investment plans. You might want to hire a reliable digital studio for video streaming app development, for example.

Online education

When people get tired of endless entertainment, they may think about getting new or additional knowledge. Sitting home all day seems to be the best opportunity to learn a new language or find a new calling. Even if someone lost their job because of a shortage, it’s an excellent chance to think about education and getting a new profession.

So, if you are looking for a good idea to invest in (in terms of software development), think about an educational startup. It may be one of the following:

• Online learning platforms;
• Web-based courses;
• Educational apps;
• VR classes;
• Language learning software;
• AI-based learning systems, etc.

The largest EdTech companies prove their growth potential on the market daily. You can start with a small investment in software development and go further.
Perhaps there’s something that you may teach others. And to do that, contract good software developers for your EdTech solutions.

Video conferencing tools

Even when you’re at home, you still need to communicate with people, right? Starting with daily and weekly meetings, onboarding or offboarding processes and ending with education and tutoring purposes, almost everyone uses video conferencing tools as the best replacement for personal meetings.

This is another great idea for investing in software development, because such tools will definitely thrive even after the COVID-19 pandemic ends. Just take a look at Zoom. It’s a smart and simple tool beloved by many users. It could be quite costly to create something like this, but hey – aren’t we talking about investments and future income?

Digital security

Remote work has opened a lot of opportunities for cybercriminals and hackers. People prefer using their home networks. Even if they are unprotected. More often than not, they take advantage of their own devices for business purposes. It causes an increase in hacking because of malware or ransomware attacks.

The whole digital security industry is adapting to the new normal standards. Online businesses have to change their conservative and established approaches to more decentralized and flexible ways of monitoring issues. So, there’s no doubt that the cybersecurity industry will survive anytime. People will always need digital technologies. And it’s another good opportunity to successfully invest your money.

Video games

Just like the video streaming industry, the video gaming market is an interesting area in terms of software product development.

A lot of projects and releases had to be rescheduled because of the remote work conditions caused by the COVID-19 outbreak. Surely, it affected many companies, but the demand for digital entertainment is high as never before.

Gamers keep buying new video game consoles. According to Statista, the video game and console sales increased globally during the coronavirus pandemic. People upgrade their PCs and dive deep into the video game world purchasing a lot of games via online stores. The same applies to mobile games as well.

It can be a great idea to invest in some good time killing games. It may not take a lot of effort and human resources. At the same time, it might be a good way for other people to relieve stress, have fun and pay a few dollars for it.

Final Thoughts on Investing in Software Development

It’s quite a disturbing and unusual time we’re living in. The coronavirus outbreak has changed businesses for good. Still, it may be the best time for investing in software development. People are getting more careful about how they spend their time and money. But, as you can see, there are a few areas that feel quite good even right now:

• Delivery services
• Streaming services
• Online education
• Video conferencing tools
• Digital security
• Video games

We can still rely on the rule – a good and quality product will not be deprived of the users’ attention. People constantly need useful services and products. So, the answer to the question “Should I invest money in software development?” is definitely “yes”.

How to do that? Contact FutureOne Tech – the fastest software developers with affordable prices. Get in touch now, and we can implement all your requirements and deliver the best product for your needs.