How Tech Monopoly Changed the World

In the past decade, with immense empowerment in the world of the Internet, we saw our daily lives are highly dependent on mobile applications. Today, everything from buying groceries to taking a ride is app-based.

The development of technology surely has made lives easier; however, from a different perspective this has also given enormous power to the leaders of digital platforms such as Facebook, Google and Amazon which can be termed as ―Tech Monopoly‖. 

Most-Used Apps

Four out of the five most-used apps worldwide, which are Facebook App, Facebook Messenger, Instagram, WhatsApp and Snapchat, belong to Facebook. Snapchat is the only app that is not owned by Facebook, although, it tried to purchase it by putting a large bid but couldn‘t manage to acquire it. 

It is clear that Facebook has outpaced others and the influence its apps have on our lives gives it the power to monopolize the digital industry. Other apps in the list of most popular are Skype, Twitter, YouTube, Tik-Tok and UC Browser. The last two of them headquartered in China indicates a significant share of Chinese dominance in the digital market. 

Consequences

In the recent past, Facebook has received criticism for overlooking user‘s privacy, spreading misinformation and misleading news and regarding the Cambridge Analytica data scandal.Despite all these accusations and being banned in one of the most populous countries - China, the popularity of Facebook and its apps is overwhelming. 

Nonetheless, Facebook‘s rigor dominance over the digital platform may not be persistent since it has been challenged with legal lawsuits in Europe regarding strict protection of user‘s data and privacy and over antitrust issues in the US.This type of monopoly over the digital platform is a matter of concern for the government. 

Although a monopoly is not illegal in most countries but often these big brands with their remarkable control do not let small new emerging companies and start-ups keep a foot in the business. 

Conclusion

This has resulted in reduced business investments and fewer start-ups. In their defense, they state that the rival companies threaten their market dominance. Monopoly gives them the power of concentrated employment and innovation. Many countries have taken actions against it by making stricter laws, fining and even breaking the firms.

Written By - Nidhi Verma