That's a very strange use of the word democratization, a domain error really, because it's about markets, not politics. A better word would be consumerization. Associating democracy with a particular economic pattern is just a swindle to try to make the two inextricable. I suppose that's why Thomas Friedman was so fond of this abuse of language.
: to make (something) available to all people : to make it possible for all people to understand (something)
"consumerization" just tells you that something is going into the market, not that it's becoming accessible to everyone. "Democratic" is not the best word but it's better than that.
No, it's not about markets nor any particular economic pattern; it's about the outcome, while being agnostic to the means. For example, it's also been said that the expansion of (free) public schooling has lead to a democratization of knowledge.
You are correct, that was the word I was looking for. I think democratization works too ;)