Mobile Technology the Innovation Outlier
Mobile technology is a game changer as it is the fastest, globally adopted new technology in history.
Thus, as a modern marketer, it is essential to incorporate mobile technologies into your marketing strategy. Even if it's just ensuring that you have a mobile ready website.
To understand the significance of the ascent of the mobile economy, let’s consider five factors:-
The speed in the diffusion of new technologies across the world
The diffusion of innovation in rich and poor countries
The adoption rates around the globe
Impediments to high levels of adoption of new technologies in the developing world
Why mobile devices and technologies are a game changer
The Speed of Diffusion of new Technology in the Past
Mobile technology is the fastest adopted technology of all time.
In 2015 consumer adoption of 3g and 4g technologies outpaced that of all other technologies growing to nearly 3 billion connections in less than 15 years.
By 2020 that figure is projected to be greater than 8 billion, according to the Boston Consulting Group.
THE DIFFUSION OF INNOVATION IN RICH & POOR COUNTRIES
SOURCE: WORLD BANK 2008
The chart above, depicts the diffusion of 100 new technological innovations created between 1750 - 2003. Across 157 high-income and developing countries. The main insight to obtain from this chart is that;
Although information relating to the diffusion of mobile devices is not contained within the chart above. None of the new technologies with the exception of mobile phones and switching technologies ever penetrated more than 25% of the population of developing countries.
The main constraints to the diffusion of innovation in the emerging markets are:
* Affordability &
* Competency issues
In layman’s terms, economies with high human capital. That is a well-educated population, favourable institutional environment, the necessary infrastructure, investment in R&D by government, universities and companies, free trade, and wide spread access to technology.
Are better placed to exploit the opportunities offered by new technologies.
Developing nations are good at gaining access to new technologies. But underperform in scaling the adoption of new technologies nationwide.
However, after over 200 years, mobile technologies bucked this trend. Today even within the poorest countries subscription rates are over 50%.