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 observed in the historic period can be attributed to several factors. These include the increasing focus on industry-specific needs, the escalation of regulatory requirements, the widespread adoption of enterprise resource planning (ERP) systems, and the emergence 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 projected growth in the forecast period can be attributed to several key factors, including the ongoing digital transformation, the implementation of Industry 4 technologies, the increasing prevalence of remote work and collaboration tools, regulatory changes impacting various industries, industry-specific challenges, a heightened focus on sustainability and Environmental, Social, and Governance (ESG) practices, and the emergence of new industries. Major trends expected in the forecast period encompass the integration of AI and machine learning technologies, the adoption of IoT-driven solutions, the application of blockchain technology, the utilization of edge computing solutions, the integration of cybersecurity measures, the implementation of augmented reality (AR) and virtual reality (VR) technologies, and a growing emphasis on personalization and customization in products and services.
The growth of the vertical market software market is being propelled by the increasing trend of digitization. Digitization involves the adoption of digital technologies to convert processes, activities, or assets into digital forms. It is favored for its ability to streamline operations, enhance efficiency, improve accessibility, and stimulate innovation and growth across various sectors. Vertical market software benefits from digitization by enabling tailored solutions to meet industry-specific needs effectively, with streamlined processes, enhanced data analytics, and improved customer engagement. For example, a report from the European Investment Bank in May 2023 highlighted that 42% of European firms and 50% of US firms increased their investment in digitalization in 2022 compared to the previous year. This surge in digitization is a key driver behind the growth of the vertical market software market.
Major players in the vertical market software market are increasingly focusing on developing contract intelligence solutions to expand their service offerings and revenue streams. Contract intelligence solutions leverage advanced technologies such as artificial intelligence (AI), natural language processing (NLP), and machine learning (ML) to analyze, interpret, and extract critical insights from various types of contracts. For instance, in October 2022, Icertis, a US-based software company, introduced the Icertis Contract Intelligence (ICI) solution tailored for the banking and financial services sector. This specialized solution enhances contract lifecycle management (CLM) by addressing the unique challenges faced by organizations in this industry, such as risk management, regulatory compliance, and operational efficiency. It aims to assist banking and financial services organizations in increasing business velocity while ensuring compliance with regulations such as AML, ISDA credit support, and credit risk reviews.
In December 2022, Valsoft Corporation Inc., a Canadian software company, acquired Apero Solutions Inc. to strengthen its vertical transportation and logistics offerings and solidify its position in the vertical market software industry. Apero Solutions Inc. is a Canadian software company specializing in vertical market software solutions. This acquisition is expected to enhance Valsoft's portfolio and market presence in the vertical market software sector.
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.
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. The countries covered in the vertical market software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Vertical market software refers to specialized software applications tailored to meet the specific requirements of particular industries or niche market segments, such as healthcare, real estate, or manufacturing. These solutions are engineered to streamline operations, boost productivity, ensure regulatory compliance, and address the distinctive challenges encountered by organizations operating within a specific sector.
The categories of vertical market software encompass banking software, education software, legal software, agriculture software, alumni management software, amusement park software, apparel software, architecture software, among others. Banking software, for instance, is designed to facilitate a range of banking and financial activities for both consumers and institutions, with deployment options including cloud-based and on-premise setups. Such software finds utility across small and medium enterprises as well as large corporations spanning various industry verticals, including banking, financial services, insurance (BFSI), manufacturing, retail, healthcare, information technology (IT), telecommunications, among others.
The vertical market software market research report is one of a series of new reports that provides vertical market software market statistics, including vertical market software industry global market size, regional shares, competitors with a vertical market software market share, detailed vertical market software market segments, market trends and opportunities, and any further data you may need to thrive in the vertical market software industry. This vertical market software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The vertical market software market includes revenues earned by entities by providing services such as implementation support, performance monitoring, customization, and training and education. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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 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 projected growth in the forecast period can be attributed to several key factors, including the ongoing digital transformation, the implementation of Industry 4 technologies, the increasing prevalence of remote work and collaboration tools, regulatory changes impacting various industries, industry-specific challenges, a heightened focus on sustainability and Environmental, Social, and Governance (ESG) practices, and the emergence of new industries. Major trends expected in the forecast period encompass the integration of AI and machine learning technologies, the adoption of IoT-driven solutions, the application of blockchain technology, the utilization of edge computing solutions, the integration of cybersecurity measures, the implementation of augmented reality (AR) and virtual reality (VR) technologies, and a growing emphasis on personalization and customization in products and services.
The growth of the vertical market software market is being propelled by the increasing trend of digitization. Digitization involves the adoption of digital technologies to convert processes, activities, or assets into digital forms. It is favored for its ability to streamline operations, enhance efficiency, improve accessibility, and stimulate innovation and growth across various sectors. Vertical market software benefits from digitization by enabling tailored solutions to meet industry-specific needs effectively, with streamlined processes, enhanced data analytics, and improved customer engagement. For example, a report from the European Investment Bank in May 2023 highlighted that 42% of European firms and 50% of US firms increased their investment in digitalization in 2022 compared to the previous year. This surge in digitization is a key driver behind the growth of the vertical market software market.
Major players in the vertical market software market are increasingly focusing on developing contract intelligence solutions to expand their service offerings and revenue streams. Contract intelligence solutions leverage advanced technologies such as artificial intelligence (AI), natural language processing (NLP), and machine learning (ML) to analyze, interpret, and extract critical insights from various types of contracts. For instance, in October 2022, Icertis, a US-based software company, introduced the Icertis Contract Intelligence (ICI) solution tailored for the banking and financial services sector. This specialized solution enhances contract lifecycle management (CLM) by addressing the unique challenges faced by organizations in this industry, such as risk management, regulatory compliance, and operational efficiency. It aims to assist banking and financial services organizations in increasing business velocity while ensuring compliance with regulations such as AML, ISDA credit support, and credit risk reviews.
In December 2022, Valsoft Corporation Inc., a Canadian software company, acquired Apero Solutions Inc. to strengthen its vertical transportation and logistics offerings and solidify its position in the vertical market software industry. Apero Solutions Inc. is a Canadian software company specializing in vertical market software solutions. This acquisition is expected to enhance Valsoft's portfolio and market presence in the vertical market software sector.
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.
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. The countries covered in the vertical market software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Vertical market software refers to specialized software applications tailored to meet the specific requirements of particular industries or niche market segments, such as healthcare, real estate, or manufacturing. These solutions are engineered to streamline operations, boost productivity, ensure regulatory compliance, and address the distinctive challenges encountered by organizations operating within a specific sector.
The categories of vertical market software encompass banking software, education software, legal software, agriculture software, alumni management software, amusement park software, apparel software, architecture software, among others. Banking software, for instance, is designed to facilitate a range of banking and financial activities for both consumers and institutions, with deployment options including cloud-based and on-premise setups. Such software finds utility across small and medium enterprises as well as large corporations spanning various industry verticals, including banking, financial services, insurance (BFSI), manufacturing, retail, healthcare, information technology (IT), telecommunications, among others.
The vertical market software market research report is one of a series of new reports that provides vertical market software market statistics, including vertical market software industry global market size, regional shares, competitors with a vertical market software market share, detailed vertical market software market segments, market trends and opportunities, and any further data you may need to thrive in the vertical market software industry. This vertical market software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The vertical market software market includes revenues earned by entities by providing services such as implementation support, performance monitoring, customization, and training and education. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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 Market Software Market Characteristics3. Vertical Market Software Market Trends and Strategies32. Global Vertical Market Software Market Competitive Benchmarking33. Global Vertical Market Software Market Competitive Dashboard34. Key Mergers and Acquisitions in the Vertical Market Software Market
4. Vertical Market Software Market - Macro Economic Scenario
5. Global Vertical Market Software Market Size and Growth
6. Vertical Market Software Market Segmentation
7. Vertical Market Software Market Regional and Country Analysis
8. Asia-Pacific Vertical Market Software Market
9. China Vertical Market Software Market
10. India Vertical Market Software Market
11. Japan Vertical Market Software Market
12. Australia Vertical Market Software Market
13. Indonesia Vertical Market Software Market
14. South Korea Vertical Market Software Market
15. Western Europe Vertical Market Software Market
16. UK Vertical Market Software Market
17. Germany Vertical Market Software Market
18. France Vertical Market Software Market
19. Italy Vertical Market Software Market
20. Spain Vertical Market Software Market
21. Eastern Europe Vertical Market Software Market
22. Russia Vertical Market Software Market
23. North America Vertical Market Software Market
24. USA Vertical Market Software Market
25. Canada Vertical Market Software Market
26. South America Vertical Market Software Market
27. Brazil Vertical Market Software Market
28. Middle East Vertical Market Software Market
29. Africa Vertical Market Software Market
30. Vertical Market Software Market Competitive Landscape and Company Profiles
31. Vertical Market Software Market Other Major and Innovative Companies
35. Vertical Market Software Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Vertical Market 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 market 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:
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- 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
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction 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 market software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The vertical market software market global 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.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Software Type: Banking Software; Education Software; Legal Software; Agriculture Software; Alumni Management Software; Amusement Park Software; Apparel Software; Architecture Software; Other Software Types2) 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
Key Companies Mentioned: McKesson Corporation; Microsoft Corporation; Siemens AG; Accenture plc; International Business Machines 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 Segmentation: 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 (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
Methodology
LOADING...
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | July 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 152.61 Billion |
Forecasted Market Value ( USD | $ 268.89 Billion |
Compound Annual Growth Rate | 15.2% |
Regions Covered | Global |