Understanding Market Trends: What are “New Product Detections”?

The Market Trends dashboard provides users with valuable insights into product adoption over time within their market segments. We do this by showing a count of products detected for the first time across a segment of companies. This can mean that a product was detected at a new company OR a new product was detected at the same company. Let's clarify the difference to ensure a clear understanding of the insights provided by Market Trends.

Example 1: When Product Adoption Aligns with Company Acquisition

When viewing Market Trends by a single Product, each new product detection equates to a new company in which the selected product was detected for the first time.

Focusing on a specific product like Microsoft Office shows 32,519 detections, representing 32,519 new companies that adopted this specific product within the Market Segment available in the HG Insights Platform

Example 2: Interpreting "New Product Detections" in the Market Trends by Vendor, Product Categories, and Product Attributes charts 

Consider the scenario of examining Market Trends by Vendor for Microsoft Corporation. 

Observing approximately 1.6 million detections may lead to the assumption that 1.6 million companies acquired a product from Microsoft Corporation, but this is not correct. This figure represents 1.6 million new detections of any Microsoft product at any company within the Market Segment available in the HG Insights Platform. If one company started using 5 new Microsoft products in January, we’d count that as 5 new product detections.

Let's consider a scenario where your market segment contains three companies: A, B, and C. Company A purchases 3 products from Microsoft, Company B purchases 1 product, and Company C purchases 2 products, all in January 2024. The Market Trends by Vendor chart would display a total of 6 New Product Detections for January 2024. This metric reflects total product adoption for that vendor within this Market Segment available in the HG Insights Platform.

If this were a measure of unique company acquisition, the chart would display 3 (representing Company A, B, and C) rather than 6. This is the distinction between “New Product Detections” and Company Acquisition.

This principle extends similarly to the Market Trends by Product Categories and Market Trends by Product Attributes charts.