2. Market analysis of solutions

The market analysis of solutions is the 2nd step in the process of a responsible DT adoption in PAs. For the market analysis, involved actors will benefit from the findings of the “Identification of needs”, as they will lead the market analysis of solutions based on the defined objectives in the previous step, the involved stakeholders and background information.

 At this stage, PAs should run an exhaustive study on the solutions (products and services) available in the market according to the identified needs. A market analysis includes the collection, organization and analysis of data that will guide PAs into the best options for acquisition, and therefore, allows PAs to make an informed decision when adopting DTs. During the identification of solutions, involved actors need to be aware of regulatory and legal considerations.

PAs may decide upon two types of market research: Strategic market research, which focuses on the available market sources for a specific acquisition; and a tactical market research, which focuses on answering specific questions about the capability of the market, suitable for specific needs.

In both cases, the market scanning for available solutions will provide PAs with an overview of what disruptive technologies are already in use by other PAs as well as solutions that are proposed by and for private organisations, to which PAs may consider valid for the services they seek to provide.

The market analysis should include the market segmentation and a technology scanning, as well as a SWOT analysis of each type of technology proposed, considering the existing reports available for cost-benefit, and attached risks.