You need to look at the entire expression “the value that the market places on features.” What it is saying is that “features” are valued by the market. To “place value on” something means to see it as having importance. [I can’t tell from your posting what exactly these “features” are. But for instance, the automotive market might place a lot of value on features such as leather upholstery, heated seats, and GPS.] Here are some other examples: I’m not sure I want to date him because he places so much value on appearance. I always appreciated the value that my father placed on family time. Hope this helps. :)

You can read it as "The market / places value on / product features." The "on" is used as a simple preposition. "Features" are "product features". A popular definition of "product features" that we see on the internet is "Product features are characteristics of your product that describe its appearance, components, and capabilities."

When you place value on something, it means you value it highly. For example: "We place more value on our employees than on our profits. That's why people love to work for us." "She places no value on studying. That's why she doesn't get good grades." "Do you think I place to much value on my appearance?" The original sentence is saying most (companies) are concerned with three things: (1) defining what customers need; (2) the gaps in their products (the ways in which their products lack features or fail to satisfy customers); and (3) the amount of importance the market gives to (having good) product features. I hope this helps.