Technology
changes the way we live and the way we do things. It is the need or
curiosity which results in innovation, new products and technologies but they may
not always be readily accepted by the end market. There are few winners for
which market was waiting so in no time they get into mainstream and many others
have to wait for their time while the rest will be left out and forgotten. Economics
of adopting new technology should make sense for the new innovation to live on.
Few success stories:
For example,
agriculture was dominated by cattle farming few decades ago but now the use of
Tractors and the related farm equipment has reached the most interior rural regions. There was a need for higher farm output with finite labor force available
so the tractors have become a necessity.
Similarly, in
the construction sector, labors carrying loads on their head is being reduced
and replaced with the use of equipment. Thanks to these earth movers, they do
what is impossible for human hands. Advances in the construction technology are
being adopted seamlessly as the market was waiting for it
.
Few
struggling technologies:
PV Solar
seemed to be a godsend technology to meet the energy deficits. Though technology
is maturing and there are many product offerings available, it is not replacing
the existing sources of energy generation. Reason is the costs are high. Take
out the Govt. subsidies, PV solar does not look attractive and for few projects
it is not economically feasible. So despite attracting lots of attention, it is
not getting into mainstream. In other words market is not ready for it. It
has to wait for its time to come.
New
technologies testing water soon:
So will be driver less cars, technology
will soon make it happen. But the question is whether market is ready for it? The
success of these products depends on at what price they would become available,
how many could afford it and what problems they solve to score over existing
arrangements? There is a huge income-wealth gap across the world and within the
countries too. In many Asian countries, hiring a driver would be cheaper to
owning a driver less car. Similarly the smart robots may not be economically
feasible to replace human labors for many years to come.
Though technology
makes it possible, costs can become a barrier and these innovations may have to
wait for longer periods to become viable and get adopted by the larger market.
Until then, they might remain as fashion toys for the ultra-rich.