There are different approaches to figure out market sizing:
- Look for reported numbers in analyst reports (i.e. number of customers reported by competitors, market share, revenue)
- Compile both competitor revenue and number of customers
A few questions to ask when sizing the market:
- Does the market consist of business (B2B) or consumers (B2C)?
- Does the market organize itself by product, by segment, geography, or other?
- What is the total market size (Total Addressable Market - TAM), the portion of TAM which your company's product and/service address (Serviceable Available Market - SAM), and the portion of SAM which your company can capture besides your competitors (Serviceable Obtainable Market - SOM)?
To get started, you can get familiarized with the target industry and the major players by exploring the Industry Research Guide. You can also conduct market research following the instructions within this guide.
