As the COVID-19 pandemic drags on, concerns are growing over the sluggish global IT industry. The contractions of global supply networks in China and Asia seen during the first half of this year are likely to reverse again and the pace of decline in global demand is going to increase. Exports of Korean IT products, despite the effect of the pandemic, slipped just 1.2 percent through July 2020 compared to the same period from the previous year, but owing to the persistence of the pandemic and intensifying U.S.-China trade tensions, uncertainty is deepening, making improvements soon unlikely. Meanwhile, on a positive note, demand for contactless online solutions is soaring and the transition to a digitalized society is accelerating. “Untact” is a growing universal trend and the global IT industry is likely to face changes to consumption and product competition. As global IT businesses are moving to stabilize the global supply network, signs of de-globalization and a restructuring of the division of labor are being observed. U.S. and Chinese businesses are carefully monitoring these changes and are bracing for post-COVID-19 markets. After the pandemic, trade competition between Korea and China is expected to extend beyond existing IT product markets to promising new IT products. Korea needs to focus on product differentiation and the maintenance of its product premium through ceaseless innovation to meet changes to the global value chain and market structure in the era of digitalization. Furthermore, the downstream sector needs to be cultivated and infrastructure necessary for the post-COVID-19 era built in order to secure the future growth of the domestic IT industry.