You’re a software company and you’ve had a product on the market for over three years now. It has been earning a huge deal and secured a mostly loyal customer base.
Uncertainly, your competitors disruptively show up on the scene. They are selling a shinier product than yours.
No matter how popular the product has been, no company can benefit from a single unchangeable offering forever.
In addition, strong worldwide competition, ever-changing consumer behavior, and technology trends force each company to invest in new products to succeed or simply for their survival.
So, to better prepare for the inevitable in advance, we will give you the most popular products that provide some very good development life cycle examples.
Let’s dive in!
Table of contents
What is product development life cycle in software?
The product life cycle is the process that a product begins with its first introduction, ending with its decline, passing through all rises and falls of the market.
There are four stages in every life cycle of product development:
10+ Product Development Life Cycle Examples
In a development life cycle, depending on which phase your product is at, you will determine whether you are going to invest or not.
While some products might stay in a long maturity state, keep in mind that all products eliminate the market due to several factors such as increased competition, decreased demand and drop in sales.
Now it’s time to take a look at some examples of each phase in the product development life cycle.
Introduction Stage Examples
1. Smart glasses
It’s been long enough since Google Glass flopped. However, there’s some real interest in augmented reality again.
At CES 2021, Lenovo’s ThinkReality A3 AR glasses were a virtual hit, thanks to their dual 1080p displays (one in each eye) and room-scale tracking for sophisticated AR applications.
2. Smart face mask
In response to the on-going COVID-19 pandemic, face masks are now more readily available than just about any trend.
Razer Project Hazel
The global lifestyle brand created Project Hazel – the world’s smartest and most socially friendly face mask.
They also claimed that it was designed to help improve the convenience of daily wear while overcoming common social interaction challenges sustainably.
3. Telehealth and telemedicine
To lower the exposure of Covid-19, many companies have started implementing more telehealth offerings such as doctor-patient video chats, AI avatar-based diagnostics, and no-contact-based medication delivery.
Suki is like Alexa for doctors. They can use Suki to take notes during patient appointments and those notes will automatically fill out electronic health records (EHRs).
Review: It is easy to implement and even easier to use.
Available: App Store
Growth Stage Examples
4. Artificial Intelligent (AI) and Machine Learning (ML)
Other than it used to be, AI not only helps to help predict better decisions for service like hospitals but also detect the changing patterns of customer behavior by analyzing data in real-time.
On the other hand, machine learning is being deployed in all kinds of industries.
With AI and ML spreading their wings across sectors, they will create 9 percent of new jobs in the U.S. by 2025 including robot monitoring professionals, data scientists, automation specialists, and content curators
In the consumer market, the health assistant apps are witnessing a breakthrough – because of COVID-19.
Youper uses AI to help users take control of their emotional health as they can have quick conversations with it.
Review: The app enjoys excellent reviews on app stores.
Available: Android and iOS
5. Voice search
It took almost 10 years for the form factor and the interaction of smartphones and tablets. And now you can see it everywhere from digital newspapers, e-commerce stores to ERP systems.
Coming from the consumer sector, voice interfaces are developing so quickly. They will soon overtake certain user interactions in the business sector.
In addition, it will be further intensified because of the corona-related demands for touchless UIs.
Hound is an AI-powered voice assistant app. You can search for information using your natural voice.
Then it can give you accurate results quickly. For example, this app can make a phone call or send a text message for you on your demand. Or you can find a hotel nearby, call an Uber, check flight status, and many more!
Review: It quickly finds what you asked for.
Available: Android and iOS
We all know the sudden shift in hardware technology. The role of software, with its quality and functionality, will be replaced by data.
Nevertheless, to meet the growing demands of the new online economy, enterprises need to implement technologies that can automatically scale to handle vast amounts of data.
It also provides faster access to data and accelerated analytics to reduce latency.
7. Edge computing
By 2022, the global edge computing market is projected to climb to $6.72 billion. And this new technology trend is only meant to grow and nothing less.
All public cloud hyperscalers (AWS, Microsoft Azure, GCP) will offer the entire continuum from public clouds to edge computing via cloud regions as well as operating systems on very small IoT devices.
In addition, the banking industry is expected to show a significant adoption of edge computing solutions. The adoption of blockchain technology and also mobile payments certain factors are further fueling the demand for edge computing in the industry.
As a result, several banks are developing payment apps and services compatible with mobile devices.
Barclays Mobile Banking app allows you to complete many tasks while you’re on the go and don’t have time to call up or visit a branch.
Using this app, you’ll be able to access all of its many features, some of these include:
- Start/cancel standing orders
- Pay new and existing payees
- View your account balance and transactions
- Transferring money between accounts
- Managing Direct Debits
- Report your card lost or stolen
- Checking your eligibility for a loan
Review: It enjoys great rating stars both on Google Play and App Store.
Available: Android and iOS
8. Internet of Things (IoT)
Another promising technology in the growth product development life cycle is IoT. We all can tell that the internet of things is the future.
And it has already enabled devices, home appliances, cars, and much more to be connected to and exchange data over the Internet.
By 2030 around 50 billion of these IoT devices will be in use around the world, creating a massive web of interconnected devices spanning everything from smartphones to kitchen appliances.
If you are trying to lose weight, training for an event, or just wanting to make healthier choices every day, Fitbit devices will be exactly what you are searching for.
Specifically, Fitbit exists to help you live a healthier life by tracking your fitness goals. And there’s no denying that Fitbit devices are interesting gadgets that may be an ideal workout companion for many individuals.
Maturity Stage Examples
It’s more than just a phone. Thanks to cloud-based services, much of your business can be conducted online.
The smartphone’s power lies in its helpful features, multi-tasking capabilities, and convenient accessibility.
Nowadays it seems that the smartphone has become one’s must-have personal assistant without which often makes us feel inefficient.
There are 5.11 billion unique mobile users worldwide in 2019, and 2.71 billion of them use smartphones.Source: Data Reportal
10. Personal computers
Laptops also offer great freedom and flexibility to do your work anywhere and anytime. For most people, the freedom that laptops offer is a convenient luxury.
No matter where you are, a laptop allows you to bring your work with you.
However, these are almost at the edge of the decline stage due to the rising of smartphone users. Except in specific cases like financial companies, researchers, gaming communities, etc., these are on their way out.
Decline Products Examples
You may be wondering why segway is on this list? Even if it is the device of the future in the perfect moment to succeed.
The Segway fell foul of regulation in many countries where it was banned from sidewalks and roads because it did not fit any existing categories.
Another reason is it was an appealing novelty but there was no compelling need for anyone to buy it. An it is really expensive.
12. Nokia smart phone
Back then for many people, Nokia was their first phone. It became the best selling brand within a decade.
However, behind the curtains, Nokia failed to adapt to the changing environment. While companies like Samsung, Apple, HTC were making software-driven phones, Nokia was still regretfully fixated on the traditional phones.
Conclusion: Take time to understand Product Development Life Cycle
There is something you need to note that the product development life cycle should never end.
The product development life cycle is only really effective if you take time to really understand this and how you need to manage each stage.