Do these new, emerging industries need government regulation? Explain.

The boundary between markets/industries can become very blurred in the fast-moving technology-driven world of the internet, making the identifi cation of competitors sometimes diffi cult. This is particularly the case when the real fi ght is for an emerging market that, as yet, is not formally defi ned. This is the case with the battle currently under way between the fi ve US tech giants of the digital age: Amazon, Apple, Facebook, Google and Microsoft. In the past, these companies have provided hardware, software and various products and services, each content to ‘stick to the knitting’ and focus on its core market. However, new hardware such as smartphones and tablet computers linked by Wi-Fi and 4G/5G networks, and new software in the form of Apps, are breaking down these barriers and forcing the convergence of old markets. At the same time, the value of the personal data these companies have on their customers is coming to be realized.