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Market size

Market size is the total potential sales or revenue opportunity for a specific product or service within a particular industry or market segment.

For engineers, it’s important to understand market size as it helps determine the demand for a solution or technology and identify potential growth opportunities.

Say your company is developing a new software solution for the manufacturing industry. Understanding the market size would mean estimating the total revenue that can be generated if all potential customers within that industry adopted your software. This information is crucial for making decisions about product development, resource allocation, and marketing strategies. It also helps you gauge the viability of entering a new market or expanding your product offerings. Calculating market size involves analyzing industry reports, government statistics, or conducting market research to gather data on customer preferences, competitor activities, and market trends.


Related:

  1. Total addressable market (TAM)
  2. Serviceable addressable market (SAM)
  3. Serviceable obtainable market (SOM)

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Apple sued in a landmark iPhone monopoly lawsuit — CNN

The US Justice Department and more than a dozen states filed a blockbuster antitrust lawsuit against Apple on Thursday, accusing the giant company of illegally monopolizing the smartphone market, writes Brian Fung, Hannah Rabinowitz and Evan Perez.

Google is bringing satellite messaging to Android 15 — The Verge

Google’s second developer preview for Android 15 has arrived, bringing long-awaited support for satellite connectivity alongside several improvements to contactless payments, multi-language recognition, volume consistency, and interaction with PDFs via apps, writes Jess Weatherbed. 

Reddit CEO Steve Huffman is paid more than the heads of Meta, Pinterest, and Snap — combined — QZ

Reddit co-founder and CEO Steve Huffman has been blasted by Redditors and in media reports over his recently-revealed, super-sized pay package of $193 million in 2023, writes Laura Bratton. 

British AI pioneer Mustafa Suleyman joins Microsoft — BBC

Microsoft has announced British Artificial Intelligence pioneer Mustafa Suleyman will lead its newly-formed division, Microsoft AI, according to the BBC report. 

UnitedHealth Group has paid more than $2 billion to providers following cyberattack — CNBC

UnitedHealth Group said Monday that it’s paid out more than $2 billion to help health-care providers who have been affected by the cyberattack on subsidiary Change Healthcare, writes Ashley Capoot.