Abstract
In today’s competitive world, there is a constant need for newer products and services that satisfy the needs of the consumers better than the existing ones. Technological advancements engender the expansion of this market. Consequently, disruptive innovation holds a pivotal position since it provides an immediate means of establishing a new product by an existing market being crushed or subdued. Despite being an unexpected introduction in the market, this speeds up the process of development. Thus, one can safely state that the analysis of this very powerful form of innovation helps us analyse nature of development of society. This is a conceptual paper that focuses on the types of disruptive innovation, process and challenges encountered in the process of disruptive innovation. A literature review has been presented based on some areas in which disruptive innovation has been successfully implemented, including ones that are on the way to becoming a success.
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