Final answer:
Market convergence refers to when two or more markets become similar with similar features and capabilities.
Step-by-step explanation:
When two or more markets, once considered distinctly separate, begin to offer similar features and capabilities, it is called Market convergence.
Market convergence refers to the process where previously separate markets become more alike due to similarities in the features and capabilities they offer. This can happen when technologies, products, or services from different industries start to overlap and provide similar value to consumers.
For example, the convergence of the mobile phone and camera markets resulted in the development of smartphones that offer both communication and photography capabilities.