This blog post will explain how digital adoption by age makes a difference in the industry today. What can we expect about the future of digital adoption?
How Does Digital Adoption by Age Make a Difference in the Industry?
The recent development of online advertising has been followed by a significant increase in the number of people accessing the internet daily. Over the past year, the U.S. tech market has experienced an increased demand for tech products and services. However, tech companies continue to face competition from traditional industries. Such as manufacturing, energy, and healthcare. As tech companies attempt to expand their market share, they must find ways to increase the digital adoption of their products among consumers and businesses.
The recent U.S tech market forecast predicts that tech companies will experience steady growth in the next five years with a predicted growth of more than 4% in 2018. The forecast also reveals that tech companies will focus more on digital marketing strategies to make their products available online. This is because consumers are increasingly using internet platforms to search for new products and services, which makes it easier for tech companies to reach their target audience.
According to the forecast, there will be increased investment in consumer spending on digital media. This is because consumers are embracing digital media platforms such as online video, social media, and mobile apps to access entertainment content and purchase new products and services.
Digital Adoption by Age Makes a Difference Today
Millennials (young people aged 18-34) are embracing digital media platforms more than any other demographic group. The study reveals that millennials spend about 40% of their time using digital media compared to adults aged 35-54 who spend about 10% of their time using digital media channels for entertainment or information purposes.
This indicates that millennials are adopting technology at a faster rate than other age groups. So, which means they are likely to influence purchasing decisions made by other age groups in the future.
Digital media channels allow millennials to easily access entertainment content. Such as music, movies, or videos through various devices such as laptops or smartphones even when they are on the move.
As millennials adopt technology at an early stage in life, this may explain why they are driving the demand for new technologies across various industries. Including healthcare, finance, or education.
For instance, millennials are driving the demand for mobile banking services. Since they prefer mobile banking platforms over traditional banking platforms which require them to visit bank branches physically.
This trend can be attributed to millennials’ preference for convenience over tradition since they mainly use mobile devices for communication, entertainment, and searching for information.
What Can We Expect About the Future of Digital Adoption?
The forecast predicts that there will be high growth in digital media over the next five years. This is because the number of millennials aged 25-34 will continue to grow steadily during this period.
The growth in the number of millennials is attributed. Why? To the fact that they are having more children than any other age group.
The forecast predicts that the number of millennials will increase by 6% by 2023.
This growth will continue to affect their purchasing decisions. Since they are likely to spend more time on digital media platforms compared to other age groups. This means that tech companies can build strategies that target millennials’ digital media preferences to reach their target audience effectively.