The world we live in is steeped in technology. Each year there are new improvements to what we already have. This can create FOMO among the consumers of technology and those who produce technology.
Recent statistics show that social media platforms contribute significantly to people’s FOMO. Apparently Facebook is the highest contributor causing approximately 72% of FOMO for users of social media.
What Is FOMO?
FOMO is an acronym for fear of missing out. The fear of missing out is one of the driving factors behind the almost obsessive and constant use of social media.
FOMO can be created when people fear that they are not using the latest technology or that they are not creating it. This also applies to companies, who’s enabling technology is lagging behind their competitors.
Why Is FOMO So Prevalent?
Even big social media platforms and enterprise can fall victim to FOMO. Take, for example, a platform such as Instagram which was formerly known as a photo-sharing app.
With the rise of TikTok, Instagram has almost abandoned its original identity, to compete with short-form video through Reels, because of FOMO.
This fear of missing out and becoming irrelevant is a severe threat to originality as well as half-backed transformation strategies.
Consumers also scramble to keep up. Everybody wants to have the latest gadgets and use the latest technology. There is a fear that they will be left behind.
The Benefits of FOMO
It can be easy to look at FOMO as having only negative consequences but this is not necessarily true.
FOMO can provide the greatest motivation for people to learn new skills, develop and try new things and companies to identify gaps and develop and modernize their applications.
All of this ultimately means that the world will experience bigger and better advances in technology, which will see mostly positive technological changes in the world.