The vertical - specific software market size has grown strongly in recent years. It will grow from $324.11 billion in 2023 to $350.15 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth observed in the historic period can be attributed to several factors within specific industries. Industry-specific challenges and the corresponding solutions played a significant role in driving growth. Regulatory compliance requirements also contributed to this trend, as businesses sought to align with evolving regulatory standards. Operational efficiency and productivity gains were key contributors, as organizations looked for ways to streamline their processes. The increasing complexity of business operations necessitated the adoption of advanced solutions, further fueling growth in the historic period. The competitive landscape and the pursuit of differentiation strategies also played a crucial role in driving industry growth during this period. Overall, a combination of these factors contributed to the positive trajectory observed in the historic phase.
The vertical - specific software market size is expected to see rapid growth in the next few years. It will grow to $533.27 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The anticipated growth in the forecast period is driven by various factors, including the implementation of digital transformation initiatives, a strategic shift towards data-driven decision-making, efforts in globalization, and the optimization of supply chains. Additionally, the transition to cloud-based solutions, emphasizing cybersecurity, and robust risk management practices are contributing to the positive outlook. Key trends expected in the forecast period encompass the widespread adoption of Internet of Things (IoT) integration, a heightened focus on enhancing User Experience (UX) design, the emergence of regulatory compliance solutions, an increased emphasis on remote work, and the integration of blockchain for enhanced data security measures. These trends collectively reflect the dynamic landscape of the business environment, paving the way for advancements and innovations in technology-driven solutions.
The anticipated growth in the vertical-specific software market is closely linked to the widespread adoption of 5G technology. As the fifth generation of mobile networks, 5G facilitates an advanced network infrastructure that connects virtually everyone and everything, including machines, devices, and objects. The implementation of 5G is poised to significantly impact the vertical-specific software industry by enabling seamless integration with emerging technologies such as the Internet of Things (IoT), artificial intelligence (AI), robotics, cloud computing, and edge computing within a mobile context. This integration opens avenues for the development of innovative products and services. The rising prominence of cloud computing further reinforces the demand for 5G technology. A report by the GSM Association (GSMA) in September 2022 revealed that there were over 640 million 5G connections globally in 2022, with an anticipated surge to 2 billion connections by 2025, underscoring the transformative impact of 5G on the vertical-specific software market.
The surge in IoT integration is poised to be a key driver of growth in the vertical-specific software market. IoT, or the Internet of Things, refers to a network of interconnected physical devices embedded with sensors, software, and network connectivity, allowing them to collect and exchange data. The integration of IoT into vertical-specific software enables the acquisition of substantial volumes of industry-specific data, facilitating more precise analytics and timely insights. Vertical-specific software, tailored to meet the unique requirements of specific industries, seamlessly incorporates IoT devices for purposes such as process automation, enhanced connectivity, and customized solutions. This collaborative integration results in streamlined operations, heightened productivity, and the ability to address specific security and compliance mandates. A report by Dataprot in May 2023 indicated the existence of over ten billion active IoT devices in 2021, with an anticipated surge to 25.4 billion by 2030, underscoring the pivotal role of IoT integration in propelling the growth of the vertical-specific software market.
Prominent players in the vertical-specific software market are actively innovating by introducing novel products, including solutions focused on contract intelligence, to secure a competitive advantage. Contract intelligence solutions represent sophisticated technological platforms utilizing artificial intelligence (AI) and natural language processing (NLP) for the comprehensive analysis, interpretation, and management of extensive contract and legal document volumes. Notably, in October 2022, Icertis, a leading US-based software company, unveiled the Icertis Contract Intelligence (ICI) for Banking and Financial Services within its suite of contract lifecycle management (CLM) offerings. Specifically tailored for the banking and financial services sector, this industry-specific CLM solution incorporates out-of-the-box functionality encompassing various contract types, rule identification for obligations, and robust workflow and reporting tools. ICI for Banking and Financial Services is designed to augment business velocity while addressing sector-specific challenges, offering capabilities such as anti-money laundering (AML), ISDA credit support, and credit risk reviews. The solution draws on Icertis' industry experience to provide efficiency, visibility, and control, ultimately optimizing complex contracts in areas such as treasury management, repo loan contracts, and custody agreements. By streamlining contracting processes, improving client onboarding, mitigating risks, ensuring regulatory compliance, and driving revenue growth, the product aims to be instrumental for banking and financial institutions.
Major players in the vertical-specific software market are investing in the development of industry-specific business portals to fortify their competitive position. These specialized online platforms are meticulously crafted to address the unique needs, processes, and challenges of distinct industries or verticals. A notable example is ABB Ltd., the Switzerland-based automation company, which launched myABB for L&W in September 2022. An extension of the myABB portal, this web-based solution is meticulously designed for the pulp and paper industry. Providing a comprehensive 360-degree view of critical information related to ABB's lab devices, the portal consolidates documentation, service agreements, and support case information. Users benefit from 24/7 self-service access, allowing efficient management of maintenance, calibration, and lifecycle requirements for their ABB L&W installed base. Key features include detailed documentation access, streamlined maintenance and service management, proactive notifications, and a digital service journey. With its focus on enhancing productivity, minimizing downtime, and fostering efficient service management within the pulp and paper sector, this innovative solution from ABB Ltd. underscores the industry's commitment to addressing specific needs through tailored digital platforms.
In March 2021, Valsoft Corporation Inc., a Canadian company specializing in industry-specific software solutions, completed the acquisition of Vertical Software Inc. The specific financial details of the acquisition were not disclosed. This strategic move aims to expand Valsoft Corporation's footprint in the scale automation market. Vertical Software Inc., based in the United States, is renowned for its expertise in delivering cutting-edge software and automation solutions tailored for the grain industry.
Major companies operating in the vertical - specific software market report are Microsoft Corporation, IBM Corporation, SAP SE, Hewlett Packard Enterprise Co., Oracle Corporation, Salesforce.com Inc., Dell Technologies Inc., Gen Digital Inc., Broadcom Inc., VMware Inc., Infor Inc., Kronos Incorporated, Epicor Software Corporation, SYSPRO Corp., Zoho Corporation Pvt. Ltd., DocuSign Inc., Granular Inc., Naviance, ROLLER Software, Browzwear Solutions Pte Ltd., FeedZai Inc., Kyndi Inc., Ableton AG, Adobe Inc., Act-On Software Inc., MATRIXSPACE Inc., Jobandtalent UK Ltd., PayEngine Co., SugarCRM Inc., Pegasystems Inc., ServiceNow Inc., Workday Inc., The Ultimate Kronos Group, Ceridian HCM Inc., Paycom Software Inc., Paylocity Holding Corporation.
North America was the largest region in the vertical-specific software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the vertical-specific software market report during the forecast period. The regions covered in the vertical - specific software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the vertical - specific software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary categories of vertical-specific software encompass commerce applications, customer relationship management (CRM) applications, supply chain management applications, enterprise resource planning (ERP) applications, financial applications, human resources (HR) and payroll applications, office productivity applications, product lifecycle management applications, and other specialized solutions. Commerce applications involve the utilization of goods, tools, or intellectual property for commercial purposes. These software solutions cater to organizations of varying sizes, including small and medium-sized enterprises (SMEs) and large enterprises. These vertical-specific software solutions find application across diverse sectors such as manufacturing, banking, financial services and insurance (BFSI), healthcare and pharmaceuticals, telecom and information technology (IT), government, retail, and other specific end-users. Deployment options for this software include on-premise and cloud-based solutions, offering flexibility to organizations in different industries.
The vertical-specific software market research report is one of a series of new reports that provides vertical-specific software market statistics, including vertical-specific software industry global market size, regional shares, competitors with vertical-specific software market share, detailed vertical-specific software market segments, market trends, and opportunities, and any further data you may need to thrive in the vertical-specific software industry. This vertical-specific software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The vertical - specific software market size is expected to see rapid growth in the next few years. It will grow to $533.27 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The anticipated growth in the forecast period is driven by various factors, including the implementation of digital transformation initiatives, a strategic shift towards data-driven decision-making, efforts in globalization, and the optimization of supply chains. Additionally, the transition to cloud-based solutions, emphasizing cybersecurity, and robust risk management practices are contributing to the positive outlook. Key trends expected in the forecast period encompass the widespread adoption of Internet of Things (IoT) integration, a heightened focus on enhancing User Experience (UX) design, the emergence of regulatory compliance solutions, an increased emphasis on remote work, and the integration of blockchain for enhanced data security measures. These trends collectively reflect the dynamic landscape of the business environment, paving the way for advancements and innovations in technology-driven solutions.
The anticipated growth in the vertical-specific software market is closely linked to the widespread adoption of 5G technology. As the fifth generation of mobile networks, 5G facilitates an advanced network infrastructure that connects virtually everyone and everything, including machines, devices, and objects. The implementation of 5G is poised to significantly impact the vertical-specific software industry by enabling seamless integration with emerging technologies such as the Internet of Things (IoT), artificial intelligence (AI), robotics, cloud computing, and edge computing within a mobile context. This integration opens avenues for the development of innovative products and services. The rising prominence of cloud computing further reinforces the demand for 5G technology. A report by the GSM Association (GSMA) in September 2022 revealed that there were over 640 million 5G connections globally in 2022, with an anticipated surge to 2 billion connections by 2025, underscoring the transformative impact of 5G on the vertical-specific software market.
The surge in IoT integration is poised to be a key driver of growth in the vertical-specific software market. IoT, or the Internet of Things, refers to a network of interconnected physical devices embedded with sensors, software, and network connectivity, allowing them to collect and exchange data. The integration of IoT into vertical-specific software enables the acquisition of substantial volumes of industry-specific data, facilitating more precise analytics and timely insights. Vertical-specific software, tailored to meet the unique requirements of specific industries, seamlessly incorporates IoT devices for purposes such as process automation, enhanced connectivity, and customized solutions. This collaborative integration results in streamlined operations, heightened productivity, and the ability to address specific security and compliance mandates. A report by Dataprot in May 2023 indicated the existence of over ten billion active IoT devices in 2021, with an anticipated surge to 25.4 billion by 2030, underscoring the pivotal role of IoT integration in propelling the growth of the vertical-specific software market.
Prominent players in the vertical-specific software market are actively innovating by introducing novel products, including solutions focused on contract intelligence, to secure a competitive advantage. Contract intelligence solutions represent sophisticated technological platforms utilizing artificial intelligence (AI) and natural language processing (NLP) for the comprehensive analysis, interpretation, and management of extensive contract and legal document volumes. Notably, in October 2022, Icertis, a leading US-based software company, unveiled the Icertis Contract Intelligence (ICI) for Banking and Financial Services within its suite of contract lifecycle management (CLM) offerings. Specifically tailored for the banking and financial services sector, this industry-specific CLM solution incorporates out-of-the-box functionality encompassing various contract types, rule identification for obligations, and robust workflow and reporting tools. ICI for Banking and Financial Services is designed to augment business velocity while addressing sector-specific challenges, offering capabilities such as anti-money laundering (AML), ISDA credit support, and credit risk reviews. The solution draws on Icertis' industry experience to provide efficiency, visibility, and control, ultimately optimizing complex contracts in areas such as treasury management, repo loan contracts, and custody agreements. By streamlining contracting processes, improving client onboarding, mitigating risks, ensuring regulatory compliance, and driving revenue growth, the product aims to be instrumental for banking and financial institutions.
Major players in the vertical-specific software market are investing in the development of industry-specific business portals to fortify their competitive position. These specialized online platforms are meticulously crafted to address the unique needs, processes, and challenges of distinct industries or verticals. A notable example is ABB Ltd., the Switzerland-based automation company, which launched myABB for L&W in September 2022. An extension of the myABB portal, this web-based solution is meticulously designed for the pulp and paper industry. Providing a comprehensive 360-degree view of critical information related to ABB's lab devices, the portal consolidates documentation, service agreements, and support case information. Users benefit from 24/7 self-service access, allowing efficient management of maintenance, calibration, and lifecycle requirements for their ABB L&W installed base. Key features include detailed documentation access, streamlined maintenance and service management, proactive notifications, and a digital service journey. With its focus on enhancing productivity, minimizing downtime, and fostering efficient service management within the pulp and paper sector, this innovative solution from ABB Ltd. underscores the industry's commitment to addressing specific needs through tailored digital platforms.
In March 2021, Valsoft Corporation Inc., a Canadian company specializing in industry-specific software solutions, completed the acquisition of Vertical Software Inc. The specific financial details of the acquisition were not disclosed. This strategic move aims to expand Valsoft Corporation's footprint in the scale automation market. Vertical Software Inc., based in the United States, is renowned for its expertise in delivering cutting-edge software and automation solutions tailored for the grain industry.
Major companies operating in the vertical - specific software market report are Microsoft Corporation, IBM Corporation, SAP SE, Hewlett Packard Enterprise Co., Oracle Corporation, Salesforce.com Inc., Dell Technologies Inc., Gen Digital Inc., Broadcom Inc., VMware Inc., Infor Inc., Kronos Incorporated, Epicor Software Corporation, SYSPRO Corp., Zoho Corporation Pvt. Ltd., DocuSign Inc., Granular Inc., Naviance, ROLLER Software, Browzwear Solutions Pte Ltd., FeedZai Inc., Kyndi Inc., Ableton AG, Adobe Inc., Act-On Software Inc., MATRIXSPACE Inc., Jobandtalent UK Ltd., PayEngine Co., SugarCRM Inc., Pegasystems Inc., ServiceNow Inc., Workday Inc., The Ultimate Kronos Group, Ceridian HCM Inc., Paycom Software Inc., Paylocity Holding Corporation.
North America was the largest region in the vertical-specific software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the vertical-specific software market report during the forecast period. The regions covered in the vertical - specific software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the vertical - specific software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary categories of vertical-specific software encompass commerce applications, customer relationship management (CRM) applications, supply chain management applications, enterprise resource planning (ERP) applications, financial applications, human resources (HR) and payroll applications, office productivity applications, product lifecycle management applications, and other specialized solutions. Commerce applications involve the utilization of goods, tools, or intellectual property for commercial purposes. These software solutions cater to organizations of varying sizes, including small and medium-sized enterprises (SMEs) and large enterprises. These vertical-specific software solutions find application across diverse sectors such as manufacturing, banking, financial services and insurance (BFSI), healthcare and pharmaceuticals, telecom and information technology (IT), government, retail, and other specific end-users. Deployment options for this software include on-premise and cloud-based solutions, offering flexibility to organizations in different industries.
The vertical-specific software market research report is one of a series of new reports that provides vertical-specific software market statistics, including vertical-specific software industry global market size, regional shares, competitors with vertical-specific software market share, detailed vertical-specific software market segments, market trends, and opportunities, and any further data you may need to thrive in the vertical-specific software industry. This vertical-specific software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Vertical - Specific Software Market Characteristics3. Vertical - Specific Software Market Trends and Strategies31. Global Vertical - Specific Software Market Competitive Benchmarking32. Global Vertical - Specific Software Market Competitive Dashboard33. Key Mergers and Acquisitions in the Vertical - Specific Software Market
4. Vertical - Specific Software Market - Macro Economic Scenario
5. Global Vertical - Specific Software Market Size and Growth
6. Vertical - Specific Software Market Segmentation
7. Vertical - Specific Software Market Regional and Country Analysis
8. Asia-Pacific Vertical - Specific Software Market
9. China Vertical - Specific Software Market
10. India Vertical - Specific Software Market
11. Japan Vertical - Specific Software Market
12. Australia Vertical - Specific Software Market
13. Indonesia Vertical - Specific Software Market
14. South Korea Vertical - Specific Software Market
15. Western Europe Vertical - Specific Software Market
16. UK Vertical - Specific Software Market
17. Germany Vertical - Specific Software Market
18. France Vertical - Specific Software Market
19. Italy Vertical - Specific Software Market
20. Spain Vertical - Specific Software Market
21. Eastern Europe Vertical - Specific Software Market
22. Russia Vertical - Specific Software Market
23. North America Vertical - Specific Software Market
24. USA Vertical - Specific Software Market
25. Canada Vertical - Specific Software Market
26. South America Vertical - Specific Software Market
27. Brazil Vertical - Specific Software Market
28. Middle East Vertical - Specific Software Market
29. Africa Vertical - Specific Software Market
30. Vertical - Specific Software Market Competitive Landscape and Company Profiles
34. Vertical - Specific Software Market Future Outlook and Potential Analysis
35. Appendix
Executive Summary
Vertical - Specific Software Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on vertical - specific software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for vertical - specific software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Scope
Markets Covered:1) By Type: Commerce Applications; Customer Relationship Management Applications; Supply Chain Management Applications; Enterprise Resource Planning Applications; Financial Applications; HR and Payroll Applications; Office Productivity Applications; Product Lifecycle Management Applications; Other Types2) By Deployment: On-Premise; Cloud
3) By Organization Size: Small and Medium-Sized Enterprises (SMEs); Large Enterprises
4) By End-User: Manufacturing; Banking, Financial Services and Insurance (BFSI); Healthcare and Pharmaceuticals; Telecom and IT; Government; Retail; Other End-Users
Companies Mentioned: Microsoft Corporation; IBM Corporation; SAP SE; Hewlett Packard Enterprise Co.; Oracle Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- Microsoft Corporation
- IBM Corporation
- SAP SE
- Hewlett Packard Enterprise Co.
- Oracle Corporation
- Salesforce.com Inc.
- Dell Technologies Inc.
- Gen Digital Inc.
- Broadcom Inc.
- VMware Inc.
- Infor Inc.
- Kronos Incorporated
- Epicor Software Corporation
- SYSPRO Corp.
- Zoho Corporation Pvt. Ltd.
- DocuSign Inc.
- Granular Inc.
- Naviance
- ROLLER Software
- Browzwear Solutions Pte Ltd.
- FeedZai Inc.
- Kyndi Inc.
- Ableton AG
- Adobe Inc.
- Act-On Software Inc.
- MATRIXSPACE Inc.
- Jobandtalent UK Ltd.
- PayEngine Co.
- SugarCRM Inc.
- Pegasystems Inc.
- ServiceNow Inc.
- Workday Inc.
- The Ultimate Kronos Group
- Ceridian HCM Inc.
- Paycom Software Inc.
- Paylocity Holding Corporation