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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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