Market analysis, also called market research is a useful management tool for the assessment and identification of technologies, as it allows estimating the technology potential development in the market.
There are many management tools that provide detailed, updated and comparative information on aspects such as:
- Technology or product description, emphasising on its novelty and differentiating characteristics related to the current product on the market.
- Equipment, technology or product detailed capabilities.
- Sector and potential market research, such as current legislation, competitors, suppliers and substitute products.
- Consumer needs and market supply and needs, taking into account, for instance, trade statistics studies.
- Market pricing or value estimation, as well as the profit margin.
- Possible marketing and distribution channels detail, as well as potential partners and strategic alliances identification, to strengthen success guarantees.
Market analysis is essential for technologies with TRL (Technology readiness levels) close to the market. In addition, they are increasingly requested as an essential requirement for R&D public calls projects. Summing up, trade analysis and technology intelligence techniques are essential in technology management.