Final answer:
The term used to describe the impact of software and computer technologies on industries is disruption. Technological disruption has led to significant changes in various sectors, including job losses and the rise of online industries. Adaptation through regulation and investment in human capital is essential to manage these transitions.
Step-by-step explanation:
The term often used to describe the impact of software and computer technologies on traditional industries like photography, insurance, job recruiting, and physical retailers is disruption. This technological disruption has resulted from the digital transformation that has upended established business models and industry practices. The impact has been far-reaching, including the decline of companies such as Kodak and the closure of record stores due to digital photography and online music purchasing, respectively. Automation and computerized robots have reduced the need for human labor in manufacturing, and outsourcing to less-developed countries has also shifted the employment landscape. Meanwhile, the rise of the Internet has fostered entirely online industries, changing how goods like music and films are produced and consumed, leading to a shift towards an information economy where information and creativity have become valuable commodities.
In addition, globalization has interconnected with technological advancement to redefine market competition, as consumers can now access products and services globally through the internet. This increased competition puts pressure on local businesses and facilitates business-to-business interactions on a worldwide scale. While Information and Communication Technology (ICT) has created new employment and economic opportunities, it has also led to job losses and business closures in some sectors. Proper regulation and investment, particularly in human capital, can help manage the transitions caused by ICT-induced shifts in employment.