Macro Patterns and Trends of U.S. Consumer Technological Innovation Diffusion Rates

Abstract

Macro-level trends and patterns are commonly used in business, science, finance, and engineering to provide insights and estimates to assist decision-makers. In this research effort, macro-level trends and patterns were explored on the diffusion rates of technological innovations, a component of a sorely under-studied question in technology assessment: When should a technological innovation be abandoned? A quantitative exploratory data analysis (EDA)-based approach was employed to examine diffusion market data of 42 U.S. consumer technological innovations from the early 1900s to the 2010s to extract general macro-level knowledge on technological innovation diffusion rates. A goal of this effort is to grow diffusion rate knowledge to enable the development of general macro-based forecasting tools. Such tools would aid decision-makers in making informed and proactive decisions on when to abandon a technological innovation. This research offers several significant contributions to the macro-level understanding of the boundaries and likelihood of achieving a range of technological innovation diffusion rates. These contributions include the determination that the frequency of diffusion rates are positively skewed when ordered from slowest to fastest, and the identification and ranking of probability density functions that best represent the rates of technological innovation diffusion.