Industry convergence often leads to which of the following?

Industry convergence typically results in increased diversification of products. As different industries begin to merge or share technologies and practices, companies are compelled to innovate and expand their offerings. This diversification allows firms to tap into broader markets and meet a wider array of consumer needs, leveraging the strengths and insights from previously distinct sectors.

For example, the convergence of technology and telecommunications has led companies to offer integrated services like bundled internet and phone packages, which would not be possible without this blending of industries. This trend ultimately enhances competition and often benefits consumers through a richer selection of products and services.

In contrast, the other options do not align with the dynamics of industry convergence. Siloed industries would suggest isolation rather than integration, reduced customer choice contradicts the typical outcome of diversification, and greater specialization among firms may not be a direct result of convergence, as the merging of sectors often encourages broader product portfolios instead.