How much is the vertical market software market worth, and how is it expected to expand?
The vertical market software market size has grown rapidly in recent years. It will grow from $152.61 billion in 2024 to $176.23 billion in 2025 at a compound annual growth rate (CAGR) of 15.5%. 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 $309.17 billion in 2029 at a compound annual growth rate (CAGR) of 15.1%. 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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Which industry factors have accelerated the vertical market software market’s expansion?
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.
What are the primary segments of the vertical market software market?
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
Subsegments:
1) By Banking Software: Core Banking Software, Mobile Banking Software, Loan Management Software, Payment Processing Software, Risk Management Software, Fraud Detection Software, Trading And Investment Software
2) By Education Software: Learning Management Systems (LMS), Student Information Systems (SIS), Virtual Classroom Software, Exam Management Software, E-learning Content Software, School Administration Software
3) By Legal Software: Case Management Software, Document Management Software, Legal Research Software, Billing And Invoicing Software, Time Tracking Software, Contract Management Software
4) By Agriculture Software: Farm Management Software, Crop Management Software, Livestock Management Software, Agricultural Supply Chain Management Software, Precision Farming Software, Irrigation Management Software
5) By Alumni Management Software: Alumni Database Management Software, Event Management Software, Fundraising And Donation Software, Alumni Engagement Platforms, Networking Software
6) By Amusement Park Software: Ticketing And Reservation Software, Visitor Management Software, Ride Management Software, Queue Management Software, Park Operations Software
7) By Apparel Software: Fashion Design Software, Apparel Manufacturing Software, Inventory Management Software, Supply Chain Management Software, Retail POS Software
8) By Architecture Software: Computer-Aided Design (CAD) Software, Building Information Modeling (BIM) Software, 3D Modeling Software, Project Management Software, Structural Analysis Software
9) By Other Software Types: Healthcare Software, Real Estate Software, Automotive Software, Energy And Utilities Software, Hospitality Management Software, Retail Management Software, Hr Management Software
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Which firms are leading the vertical market software market?
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
Which market trends are set to define the future of the vertical market software market?
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.
Which geographic trends are shaping the vertical market software market, and which region has the highest market share?
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.
What Does The Vertical Market Software Market Report 2025 Offer?
The vertical market software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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