From Longman Business Dictionary
obsolescenceob·so·les·cence /ˌɒbsəˈlesənsˌɑːb-/ noun [uncountableU] when a product, system etc is becoming no longer useful because something better is available, possible etcNow markets are subject to the faster obsolescence of products due to greater competition.
—obsolescent adjectiveadja region tied to an obsolescent industrial base
→ planned obsolescence