market disruptions

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Jan 9, 2024

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Market Disruptions and New Technologies Matthew Hartig CCOB, Grand Canyon University 436: Entrepreneurship and Innovation Professor Lang 11/15/23 1

Market Disruptions and New Technologies A market disruption is when a particular market struggles to function at an effective rate due to rapid declines in a market (Hayes, 2022). Over the past decade, there have been innovations that have shown to cause market disruptions. The innovations that are currently disrupting the market are 3D printing, streaming services, and machine learning. Some future potential distrupters include social media aggregation, self-driving cars, and artificial intelligence. Part One: The first innovation that is currently disrupting the market is 3D printing. In simple terms, 3D printing is when a physical object is made digitally from multiple layers of materials. The benefits that 3D printing provides are things like rapid prototyping, cost-effectiveness, ease of access, and fast production. Due to the benefits mentioned, the use of 3D printing has been shown to have a dramatic impact on current medicine. For example, an article regarding the impact of this innovation says, “3D printers can produce highly accurate and detailed anatomical models, assisting surgeons in preparing for complex procedures, improving outcomes, and reducing costs” (American Hospital Association, para 1, 2022). Along with this, 3D technology benefits people with missing limbs by creating prosthetics with better fit and function. Although this innovation may seem great, some limitations come with it. These limitations include restricted building size, large volumes, materials, structure, and post-processing. All 3D printers are somewhat small and can only build things up to a certain scale. This limits the size of products to be confined by the size of the 3D printer. Even if larger printers were made, it would be very costly to make items in large volumes because materials are limited. To elaborate, not all materials can be made in a 3D printer because they cannot be temperature controlled. If someone 2

were to make products on a larger scale, it would put the product’s durability at risk. Although 3D printing can only create smaller items most effectively, it is currently affecting large manufacturing companies. This is mainly because it is cheaper and more efficient than manufacturing items the way companies have been doing for years. The second innovation that has currently been affecting the market is streaming services. Some of the most popular streaming services out right now are Netflix, Hulu, Disney+, Prime Video, HBO Max, and YouTube TV. The main benefit that these streaming services provide is the convenience of enjoying movies and shows at an affordable and easy rate. In previous years, if someone wanted to watch a movie or show, they would have to either go to a movie store, go to the movie theatre, or wait for it to be cast on their local television station. This has essentially wiped out companies like Blockbuster and Redbox because it is much easier to stream content on the current streaming services that are being provided. The companies that are currently being affected the most by this innovation are movie theatres and cable t.v. providers, Although streaming services have already disrupted the movie-selling market, they did have some barriers before they took over. The main barrier that it had to face was price and promotion. For instance, before big named streaming services like Netflix and Hulu blew up, it was very hard to promote online streaming because people thought it was too expensive and technological. These services have broken through that barrier and now only face problems due to streaming’s highly competitive market. The last innovation that is currently disrupting the market is machine learning. According to an article regarding machine learning, “Machine learning is a branch of artificial intelligence (AI) computer science which focuses on the use of data and algorithms to imitate the way that humans learn, gradually improving its accuracy” (IBM, para 1, 2022). Much like 3D printing, 3

machine learning is currently disrupting the manufacturing market because it is decreasing the need for human workers. Since some manufacturing machines can do jobs that humans can do, it is much cheaper and more effective for manufacturers to use them because the manufacturers do not need to pay or rely on as many workers. Some examples of big companies that are currently utilizing machine learning are Amazon and Walmart. The current issues that are limiting machines from taking over jobs completely are the lack of accuracy, problem-solving, and quality data (Adam, 2022). These three limitations are mainly due to the lack of knowledge of artificial intelligence. If artificial intelligence advances dramatically, machine learning can very well advance at the same rate and create more effective machines. Although machine learning has not reached its full potential, it is currently affecting the entire job market both positively and negatively. For example, the high increase in these artificially intelligent manufacturing machines has opened up a whole new realm of job opportunities for engineers who can work on them. On the contrary, workers are getting laid off from their jobs because employers no longer need them due to the higher efficiency of machines. Part Two: A big innovation that has the potential disrupt future markets is artificial intelligence. Artificial intelligence (AI), is a simulation of human intelligence comprised of intricate computer systems. Some examples of how AI is being used today are things like self-driving cars, smartphones, and as mentioned previously machine learning. Artificial intelligence (AI) has the potential to disrupt many markets by automating tasks that were previously done by humans and providing new insights through data analysis. It can improve efficiency, reduce costs, and create new revenue streams. In the healthcare market, AI can aid in the diagnosis and treatment of diseases and help to personalize patient care. In the retail industry, AI can assist with inventory 4

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