What is the technology adoption curve?
The technology adoption curve is a bell curve model that characterizes and interprets the way we respond to new products and technology.
- Innovators – This group consists of technophiles who are the first to adopt new products on the market. They can be creators, designers, or people with plenty of technical knowledge. They only make up 2.5% of the market and are sometimes employed by businesses to help iron out and adjust last-minute product kinks.
- Early adopters – This group is more selective in their product choices. It consists of young and affluent individuals who tend to invest in new technology for status and cultural prestige. The number of early adopters is growing and currently make up around 13.5% of the market.
- Early majority – This group is similar to early adopters but is less inclined to make impulsive purchases. They hold a 34% stake in the market and aren’t as likely to be opinion leaders as their early adoption counterparts.
- Late majority – This is a static group that waits until the majority of people have adopted or invested in new technology before they decide to make a purchase. They typically are less affluent than previous groups.
- Laggards – This group lags behind all of the other groups and usually consists of older individuals rooted in existing habits, reducing their willingness to adopt new technologies.