What Is The Definition Of The Global Vertical Market Software Market?
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.
Vertical Market Software Global Market Report 2024 provides data on the global vertical market software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Vertical Market Software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Vertical Market Software Market Size Expected To Expand, And At What Annual Growth Rate?
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.
What Are The Key Drivers Fueling Growth In The Vertical Market Software Market?
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. The market sizes for 2023, 2024, and 2028 are vital for understanding this trend.
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What Are The Principal Market Segments In The Global Vertical Market Software Industry?
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
Which Emerging Market Trends Are Altering The Vertical Market Software Sector?
Companies in the vertical market software sector are increasingly focusing on contract intelligence solutions to enhance their services and revenue. Contract intelligence platforms use advanced technologies like artificial intelligence (AI), natural language processing (NLP), and machine learning (ML) to analyze and extract insights from various contracts. For instance, in October 2022, Icertis, a US-based software firm, introduced the Icertis Contract Intelligence (ICI) solution for the banking and financial services industry. This solution aims to improve contract lifecycle management by addressing challenges related to risk management, regulatory compliance, and business efficiency.
What Is The Leading Region In The Vertical Market Software Market?
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.
