Overview and Scope
Vertical market software refers to specialized software applications designed to meet the specific needs of a particular industry or niche market segment, such as healthcare, real estate, or manufacturing. These solutions aim to streamline processes, enhance productivity, improve compliance, and address the unique challenges faced by organizations operating within a particular sector.
Sizing and Forecast
The vertical market software market size has grown rapidly in recent years. It will grow from $132.65 billion in 2023 to $152.61 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to industry-specific needs, increasing regulatory requirements, the rise of (ERP) enterprise resource planning, and the advent of cloud computing technology.
The vertical market software market size is expected to see rapid growth in the next few years. It will grow to $268.89 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to digital transformation, industry 4.0, remote work and collaboration, regulatory changes, industry-specific challenges, sustainability and ESG, and emerging industries. Major trends in the forecast period include AI and machine learning integration, IoT-driven solutions, blockchain applications, edge computing solutions, cybersecurity integration, augmented reality (AR) and virtual reality (VR), and personalization and customization.
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Segmentation & Regional Insights
The vertical market software market covered in this report is segmented –
1) By Software Type: Banking Software, Education Software, Legal Software, Agriculture Software, Alumni Management Software, Amusement Park Software, Apparel Software, Architecture Software, Other Software Types
2) By Deployment: Cloud-based, On-Premise
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Manufacturing, Retail, Healthcare, Information Technology (IT) And Telecommunication, Other Industry Verticals
North America was the largest region in the vertical market software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vertical market software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing digitization is expected to propel the vertical market software market growth going forward. Digitalization is the utilization of digital technologies to convert various processes, activities, or assets into a digital form. Digitalization increases due to its ability to streamline processes, enhance efficiency, improve accessibility, and create new opportunities for innovation and growth in various sectors. Digitalization empowers vertical market software by enabling streamlined processes, enhanced data analytics, and improved customer engagement to meet industry-specific needs effectively. For instance, in May 2023, according to the report published by the European Investment Bank, a Luxembourg-based European Union’s long-term finance institution, in 2022, 42% of European firms invested further in digitalization, marking a 9% point increase compared to 2021. In contrast, one in two firms in the United States, or 50%, pursued additional investment in digitalization during the same period. Therefore, increasing digitization is driving the vertical market software market growth.
Key Industry Players
Major companies operating in the vertical market software market are McKesson Corporation, Microsoft Corporation, Siemens AG, Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Salesforce Inc., Adobe Inc., Intuit Inc., ServiceNow Inc., Constellation Software, Dassault Systèmes SE, Workday Inc., Autodesk Inc., Paychex Inc., Epic Systems Corporation, Sage Group plc, Verisk Analytics Inc., Veeva Systems Inc., Tyler Technologies Inc
The vertical market software market report table of contents includes:
1. Executive Summary
2. Vertical Market Software Market Characteristics
3. Vertical Market Software Market Trends And Strategies
4. Vertical Market Software Market – Macro Economic Scenario
5. Global Vertical Market Software Market Size and Growth
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32. Global Vertical Market Software Market Competitive Benchmarking
33. Global Vertical Market Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Vertical Market Software Market
35. Vertical Market Software Market Future Outlook and Potential Analysis
36. Appendix
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