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Definition: Technology Life Cycle
Technology life cycle describes the business cycle angle of how a technology affects in a products life and the stages of technology impact in the business process from the Research and development stage to the growth, maturity and decline stages of the technology.
Technology life cycle also describes the commercial gains of a technology in a business product or a process. Technology life cycle is different from a product life cycle in the aspect that a product deals with the performance of the product in the market place, but a technology life cycle describes the stages of technology in the stage of development of a product and utilization of the technology involved in the business.
The following are the prominent stages of a technology life cycle:
Research and development – stage where the costs are greater than the returns from the technology that is installed in the business.
Ascent or growth stage – where the incremental utilization of the technology is very high.
Maturity – where the growth of the utilization of the technology is reduced.
Decline – the decay stage in which the utility of the technology is reduced.