The term “market” is a “Russian doll” term which always describes a perimeter of competition but can do so at different levels. The word is sometimes used to designate the general universe of the company, “the space market” for example, sometimes a perimeter where the company operates, (“our market is civil aeronautics”) but also a particular perimeter or a much finer activity (educational robotics for classrooms in Europe), passing through possible intermediate levels: a country, a type of customer, a technology, a functionality or an application etc.
The word ‘contract’ is even often used in ‘project companies’ to refer to a particular contract sought or won by the company (‘we got a big contract from the government’)
Understanding the scope of a technology market
In practice, it is a matter of the technology company understanding where it could compete and where it will decide to compete. The right definition of its market or markets is an essential act in technology. However, there is a long way to go from the general description of the company’s business to the operational definition of the market segments in which it operates or wishes to operate.
We will not go into the issues of choice of segmentation criteria, combination of criteria, relevant segmentation, choice of target segments, which are quite complex in technology. We will simply try to illustrate the types of ‘markets’ in which B2B/B2G high-tech companies operate, whatever the level of detail of the ‘market’ concerned, sometimes called very broadly and sometimes more precisely. It should be noted that the practical definition of a technology market is often a combination of a product or technology dimension, a sector or customer dimension and a geographical dimension where relevant.
Examples of technology markets
Let us illustrate some examples of “markets” in technology, knowing that some definitions will be even more precise: we will speak of “markets”:
- Regional air transport
- Private business jets in the USA
- Military troop transport helicopters
- Observation and telecommunications satellites
- Storage systems for data centres
- Cyber security for critical installations
- Silicones for professional use
- Air traffic control in high traffic areas
- Urban tunnels, prestigious buildings, large structures
- Robotics for intervention in dangerous environments
- Maintenance of rotating machinery in Europe
- Secure identity in a particular country
- Electrical management in hospitals or industrial sites
- Driving assistance systems or autonomous vehicle piloting
- Anti-drone protection of sensitive sites
- etc.
