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Product obsolescence refers to the time and state in which a piece of technology or product ceases to be useful, productive or compatible.
Product obsolescence may occur when a company stops producing, marketing or supporting a sold or developed product.
Product obsolescence is an estimation of the end of a product’s operational lifecycle. Generally, product obsolescence is measured before or during the product development phase and is estimated using past and future technological and industry growth statistics.
In computing, hardware and software become obsolete once they are superseded by newer, better versions. For hardware components, computing power, internal architecture, memory speed and other related parameters become factors used to evaluate product obsolescence criteria, whereas for a software product, enhanced functionality, security, platform compatibility and operating system (OS) support are used to evaluate the operational lifecycle.