The vertical market software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Vertical Market Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Vertical Market Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Vertical Market Software Market Overview
Market Drivers –
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.
Market Trends –
Major companies in the vertical market software market are increasing their focus on developing contract intelligence solutions to maximize their service offerings and revenue. Contract intelligence solutions are software platforms or systems that use advanced technologies such as artificial intelligence (AI), natural language processing (NLP), and machine learning (ML) to analyze, interpret, and extract critical insights from different types of contracts. For instance, in October 2022, Icertis, a US-based software company, launched the Icertis Contract Intelligence (ICI) solution specifically designed for the banking and financial services industry. This purpose-built solution is intended to improve contract lifecycle management (CLM) for organizations in this sector. It offers out-of-the-box functionality tailored to address these institutions’ particular challenges, such as managing risk, improving regulatory compliance, and increasing business velocity. The solution is aimed at helping banking and financial services organizations increase business velocity while managing risk and improving regulatory compliance in areas such as AML, ISDA credit support, and credit risk reviews.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Vertical Market Software Market Report Structure
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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