Big-Bang Disruption: Why tech giants must innovate or die
7 January 2014 Last updated at 03:29 GMT
Such is the dizzying pace of technological change that it's hard to comprehend how just a few years ago we all survived without smart phones and social media.
We are living in a golden age for consumers, says internet industry analyst Larry Downes, with better and cheaper gadgets and apps available every day.
But the technological revolution has also changed the rules of the game for the businesses that create and sell these products.
Downes, a co-author with Paul Nunes of the new book Big Bang Disruption, tells the BBC that now every company - even tech giants like Facebook, Apple and Google - must constantly innovate or risk being made obsolete by the 'next big thing'.
Produced by the BBC's David Botti
Additional photos: Getty Images and Thinkstock
Living Online is a series of video features published every Tuesday on the BBC News website which look at how technology converges with culture and all aspects of our daily lives.