Economic impact of the pandemic on the ICT sector

IVSZ – “THE ICT ASSOCIATION OF HUNGARY” has prepared an analysis of the impact of the coronavirus on domestic ICT companies, and initiates the immediate planning of a program which supports and relaunches the digital economy.

IVSZ is the largest and most significant leading interest group of the Information and Communication Technologies industry in Hungary.  The association operates as a joint platform for the information technology, telecommunications and electronics sectors.

Research made by IVSZ among its member companies confirmed that the effects of the crisis will not leave out the actors of the digital economy, therefore, in agreement with the actors of the sector, IVSZ also urges that the support of the ICT sector and the digital economy be included in the state economy protection measures.

To ensure sustainable operations in the current crisis also requires a number of unusual measures from the actors in the digital economy. One of the effective steps of crisis management is the establishment of remote work operation, which enables the actors in the ICT sector – including R&R Software Zrt. – to implement their developments and serve their customers with full capacity and performance.

In order to maintain the business continuity of R&R Software Zrt. including the health and work ability of its employees, following the 16th of March, 2020, the company switched over to remote work operation, minimizing the need for personal presence and contact. The company also continues to provide its Customers and Partners with long-term and professional service that is in line with contractual obligations.

Despite the above measures, the postponement or cancellation of orders from the market results a potential downturn in the ICT sector.

According to the survey published by IVSZ, the actors of the digital economy are deeply convinced that the sector has a key role in relaunching the economy. As an active member of the domestic ICT market, R&R Software Zrt. takes into account the negative effects of the economic downturn caused by the pandemic and its consequences for the sector.

R&R Software’s stable financial background, extensive customer base and contract portfolio allows to maintain the competitiveness of its product portfolio during the downturn through careful allocation of resources, implementation of its own investments, and research and development-innovation activities, to be prepared for the period after the COVID-19 outbreak.

The emerging global crisis again highlights that digitalisation is not just a matter of efficiency, but an essential element of the secure and sustainable operation of economic and public actors.

The management of R&R Software Zrt. is confident that the measures taken and the systematic implementation of the above strategy will strengthen the company’s market position, and they can serve its existing and future customers with a high level of satisfaction on the long run.