The Technology Adoption Life Cycle is a model that describes how different groups of people adopt new technologies over time. It is divided into five categories: Innovators, Early Adopters, Early Majority, Late Majority, and Laggards. Each group has distinct characteristics and influences the overall acceptance of a technology in the market. The cycle begins with Innovators, who are eager to try new ideas, followed by Early Adopters, who are more selective but influential. The Early Majority adopts technology once it becomes more established, while the Late Majority is skeptical and waits until it is widely accepted. Finally, Laggards are the last to adopt, often resistant to change.