The IT industry is one of the most exposed industries to major upheaval as a result of the pandemic, shows the study by the National Association of ICT Companies, attended by over 90 companies in this sector.
Accordingly, almost a quarter of them have to handle the problems of the suspension of existing contracts and the decrease in demand for IT services. Also, 11 percent of companies were faced with delayed payments from customers.
IT startups and small companies, which provide services to local and international markets, are the most affected by the pandemic.
The main challenges of the sector in the next three to six months are the reduction in the revenues and the optimization of the administrative costs. Nearly 10 percent of the study participants said they could no longer keep the company's activity on track while they still had to ensure their employees get normal salaries without cutting any jobs.
A solution would be the grants or loans for the development of new products and the postponement of the payment deadline.
According to data, over 18 thousand people work in this sector. Only about 500 companies are registered in the IT Park