I know everyone have seen innovations for everyday products like high-definition televisions to products that promote a greener environment. The question that some people have when creating the product, “How will this innovation help the industry I am currently in?” Each product have their own importance in terms of usage, but some of the products can turn into an innovation for years to come.
Products like high-definition televisions have evolve over the years. Now companies are competing with each other to build the next innovative product for their company. I remember that there were no 3D or smart high-definitions televisions available a few years, but companies like Toshiba and Samsung started to build 3D televisions and smart high-definition televisions after studying the advancement of technology. These innovations are caused by Moore’s Law of technology. Moore’s Law is based on observations that, the history of computer hardware, the number of transitions and integrated circuits doubles about every two years. Based on this research the number of ultra high-definition televisions have grown from 4,000 to 8,000 over the past few years.
The industry have grown 0.1% over the past five years but is a 37 billion dollars industry during that time. Moore’s Law of technology helped the industry grow into a 37 billion dollars industry, and possibly more into the future.
Another industry that have been help considerably over the past few years because of innovations is smartphones and the cell phone manufacturing industry. Smartphones and Apple products have change the way that people listen to their music or getting on the Internet. Smartphones have many different usages. Different apps, a music player, and various other ways smartphones are used. The innovations that smartphones have created help grow the popularity of their products. The industry have grown about 5% over the past five years. The industry is a 2 trillion dollars industry during the same five-year period, according to IBIS world. The industry is currently at an all-time high, and could grow in years to come with more innovations.
The main concern of the importance of innovations for these products will be how long will they be considered an innovation. Some innovations will be around for a few months, while others be around for a few years. Most people and companies want their innovation to be around for a few years. They want the innovations to last a few years. This can give them time to create a new innovation.
With every successful innovation, there are many fail innovations. Most companies carefully research their innovation before they are released to the public. Hopefully each successful innovation can spark competition to find the next important innovation. The importance of innovations are here for years to come.