Vertical Market Software Global Market Report 2024

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.