Search opportunity analysis asks where a site can realistically gain visibility, not only what people search for. Google does not publish a method for sizing an opportunity, so this section is general explanation rather than Google guidance. Three things usually go into it: demand (how many people search), difficulty (how hard the results are to enter) and the site's own ability (what it is technically and editorially able to do about it). A topic with large demand and results held by far stronger sites is a different proposition from a smaller topic the site could cover well.
Google's own data is the starting point for what a site already has. The Performance report in Search Console shows clicks, impressions, click-through rate and average position, and groups them by query, page, country, device and other dimensions. It describes only what the site has already appeared for, so it says nothing about demand the site has never been shown for. Google also notes that results are specific to the time, place, device and recent history of the person searching, so a query list is not a promise of position.
Demand is not fixed either. Google's guidance on debugging traffic drops lists seasonality and changing interests as causes of falling traffic, and suggests checking a query against Google Trends to see whether a change affected the whole web or only one site. The same check helps when judging an opportunity: a seasonal peak looks very different from steady demand.
The SEO Starter Guide adds that there are no secrets that automatically rank a site first, and that changes can take hours to several months to show. An analysis should state its evidence and uncertainty, not a promised outcome.