Innovations and Technologies Causing Market Disruptions

Market Disruptions and New Technologies
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Part A
Three innovations currently disrupting an existing market
Smartphone
Smartphone users worldwide have increased to approximately six billion people in 2022 (Turner, 2021). Smartphones have completely changed the dynamics and operations of society. They brought individuals closer to their friends and families by facilitating effective communication. The three main disruptive factors of smartphones are GPS, social media, and quick internet access (Frazier, 2020). Social media provides a platform for cyberbullying that negatively affects the targeted pollution. The internet has changed the world’s operation by transferring every activity online and providing access to every person. Smartphones disrupted laptops through their app business paradigm as the main internet access method. Smartphones have various benefits in the market, such as exploring the internet, effective communication, and providing multiple applications in one platform (Jung, 2019). Smartphones offer different communication channels such as calls, messages, video conferencing, and sharing photos.
The adoption of smartphones in the market is hindered by multiple factors such as limited storage, low network connection, and inadequate knowledge of smartphone operations—the demand for smartphones increases due to their reduced prices and availability of second-hand smartphones in the market. However, second-hand smartphones are likely damaged and contain faulty hardware. Also, they include outdated operating systems, limited storage capacity, and lower resolution compared to modern models. Many low-income smartphone users are always offline due to the high cost of data packages. As a result, they are unable to access the internet as expected. The more significant percentage of people affected by barriers limiting the adoption of smartphones in the market are people from developing countries (Meka, 2018). Using a smartphone requires an internet connection and adequate knowledge of the smartphone. Many people in developing nations cannot afford data packages and have a limited understanding of digital platforms and how to navigate the internet.
Retail Medical Clinics
A disruption in the healthcare sector refers to a product or service that makes healthcare more accessible, affordable, and effective. Retail clinics are disruptive to massive medical centers due to their accessibility, affordability, and effectiveness to a specific group of patients. Large medical centers handle each kind of infection ranging from sinus disease to open-heart surgery and hire multiple specialists to handle a variety of injuries and illnesses—generally, the more complicated the patients’ injuries and infections, the more expensive treatment costs. The medical clinics are disruptive business models that reorganize the hospital sector and traditional doctor’s offices. Patients can visit clinics and receive treatments for common infections like allergies and sinus diseases or daily immunizations and blood tests. The clinics are located in convenient areas and have suitable working works that facilit...