Potential market

SECTION I: The product

1a The innovation potential of this product is related to:

  • Technology-driven innovation (under the influence of the development of science – the market is not ready for the product)
  • Market-driven innovation (as a result of market surveys, the market expects the product)
  • Replacement of existing product
  • Product related to cost reduction
  • Radical new product
  • Other, what…
Market-driven innovation. Multimedia in general and, consequently, multimedia search are everywhere! Market surveys show that people are discovering again the whole media world with the coming of 3D and are open to novel ideas in the field. A new content search paradigm will be welcomed by the respective market.

 

1b What added value for end-users does the product hold?
• higher quality
• Better technical characteristics
• Other …
The product holds added value for the end-user since it is of higher quality than existing relevant products. More specifically, it provides an easier, more convenient, more natural and more efficient mechanism for searching multimedia content of any type at any type of end-user’s device.

 

1c What is the Unique Sales Proposition of the potential product?
Personalize your multimedia search engine. Choose your favorite query type: write a text, draw a sketch, take a photo, record a sound or give your location. All these can be used to search for multimedia in the web.

 

SECTION 2: The Market

2a What is the target market for the product?

National ¨

European ¨

Global ý

Please describe the characteristics of your target market.

Global: everyone who needs a multimedia search engine (general-purpose or application-specific).
2b How the product is characterized from the following options? Number of companies producing similar products in the field.

• Base – applied by all companies in the industry

• Leading – applied by a single or limited number of competitive companies

• Key –at a development stage, but has already proven its potential

Key – at a development stage, but has already proven its potential: Multimodal search is currently not supported by any commercial product. However, it is expected to provide an added value to existing multimedia search engines.

Nevertheless, multimedia search is provided by several companies e.g.:

-          Google:

  • Image search. The user enters keyword or submits an image and searches for relevant images.
  • Google Goggles (for android smart phones). The user takes a photo from a smart phone and retrieves similar items (works specifically for logos, landmarks, barcodes and character recognition).

-          flickr.com: search for images using textual queries.

-          YouTube: search for videos using textual queries.

2c What type of market demand will be satisfied?

• Existing demand – the market is already developed

• hidden (latent) demand – the market has yet to be developed

Existing demand: Multimedia search is very popular nowadays. It covers several application areas and there is an increasing demand for more efficient mechanisms for accessing multimedia content.

 

2d What is the current stage of the product’s market life cycle?

• Implementation, implementation in production (leading to a radically new product offers)

• Growth (rapid spread within the industry or outside it)

• maturity (parameters of the technical characteristics of manufactured products reached their maximum, higher-grade products can be manufactured on the basis of technological substitution)

Maturity: parameters of the technical characteristics of manufactured products reached their maximum, higher-grade products can be manufactured on the basis of technological substitution.

2e Strategic partnerships (existing or potential).
Partnerships with providers of large collections of digital content. These can be news agencies, cultural heritage organizations (e.g. museums), social networks, etc.

Partnerships with leading search engines (e.g. Google).

 

SECTION 3: The Competition

3a What is the competition within your target market?
Competitors are offering mechanisms for multimedia search. These are mainly based on text. The advantage of these mechanisms is that they are capable of working in large scale.

3b What competitive advantages will the introduction of the new product ensue?

• lower prices based on lower production costs

• product differentiation (uniqueness of the product proposal)

Product differentiation (uniqueness of the product proposal), definitely. The unique feature of our product will be the capability of performing search and retrieval of multimedia using different types of queries.
3c Potential products relate to the following price range:

• High price range

• Average price range

• Low price range

Low to average price range, depending on the application (e.g. what types of content to be supported, what is the size of the dataset, etc.).
3d Potential products will be marketed:

• To regulated markets (e.g. heat supply, water supply, universal telecommunication services, agricultural products, fishing industry, architectural services)

• To markets operating on the principle of free negotiation between agents on the market

To markets operating on the principle of free negotiation between agents on the market.

 

SECTION 4: Indicators

Estimated cost of the new products Low, perhaps zero and supported by advertisement
Expected market volume (potential / maximum number of users) A few thousands to millions depending on the application
Expected sales volume -
Expected market share of the company (proportion between sales and total company sales in the relevant market) -

 

KEYWORDS QUANTITATIVE ASSESSMENT (0-5).

Please put X as appropriate. 1 2 3 4 5
Added-value potential                         X
Size of future market demand         X
Competitive positioning of the product                        X

 

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