Disruptive Technology
Disruptive technology refers to innovations that significantly alter or replace existing industries and market dynamics. These technologies often start at the lower end of the market, initially appealing to niche customers before improving and attracting a broader audience. Examples include smartphones, which transformed communication and computing, and streaming services that disrupted traditional television and film industries. Disruptive technologies can lead to cost reductions and increased accessibility, but they may also challenge established companies that struggle to adapt to the rapid changes and evolving consumer preferences.
Additional Insights
-
Disruptive technology refers to innovations that significantly alter or replace existing industries, products, or services. Unlike incremental improvements, disruptive technologies often start by addressing a niche market with simpler, more affordable solutions but eventually improve to attract mainstream customers. Examples include smartphones, which transformed communication and various industries, and streaming services that reshaped media consumption. These technologies can displace established companies and change how we live and work, highlighting the need for businesses and individuals to adapt to the evolving landscape of technology.