Overview and Scope
Vertical-specific software, also known as vertical market software, is software that is tailored to the demands of a single industry, market, or firm. It assists organizations in streamlining their processes, improving productivity, and lowering costs by delivering personalized solutions to match their specific requirements.
Sizing and Forecast
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 in the historic period can be attributed to industry-specific challenges and solutions, regulatory compliance requirements, operational efficiency and productivity gains, increasing complexity of business operations, competitive landscape and differentiation..
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 growth in the forecast period can be attributed to digital transformation initiatives, data-driven decision-making, globalization and supply chain optimization, shift to cloud-based solutions, cybersecurity and risk management.. Major trends in the forecast period include adoption of internet of things (iot) integration, enhanced user experience (ux) design, regulatory compliance solutions, focus on remote work and mobility solutions, blockchain integration for data security..
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Segmentation & Regional Insights
The vertical – specific software market covered in this report is segmented –
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 Types
2) 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
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
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Major Driver Impacting Market Growth
The adoption of 5G technology is expected to propel the growth of the vertical-specific software market going forward. 5G is the fifth generation of mobile networks that enables a new type of network that is meant to link almost everyone and everything, including machines, objects, and devices. The deployment of 5G is likely to boost the vertical-specific software industry by allowing the integration of various technologies such as IoT, AI, robots, cloud computing, and edge computing in a mobile context, resulting in the creation of new goods and services. Additionally, the growing popularity of cloud computing is boosting demand for 5G. For instance, in September 2022, according to a report published by the GSM Association (GSMA), a UK-based industry organization that represents the interests of mobile network operators globally, 5G technology has resulted in over 640 million 5G connections globally in 2022, with a total of 2 billion connections expected by 2025. Therefore, the adoption of 5G technology will drive the vertical-specific software market.
Key Industry Players
Major companies operating in the vertical-specific software market are developing new industry-specific business portals to gain a competitive edge in the market. Industry-specific business portals refer to specialized online platforms designed to cater to the unique needs, processes, and challenges of a particular industry or vertical. For instance, in September 2022, ABB Ltd., a Switzerland-based automation company, launched myABB for L&W, an extension of its myABB portal, specifically designed for the pulp and paper industry. This web-based solution provides a 360-degree view of critical information for ABB’s lab devices, consolidating documentation, service agreements, and support case information. The portal offers 24/7 self-service access, enabling users to efficiently manage the maintenance, calibration, and lifecycle requirements of their ABB L&W installed base. Key features include a comprehensive view of detailed documentation, efficient maintenance and service management, proactive notifications, and a digital service journey. This innovative solution aims to enhance productivity, reduce downtime, and contribute to efficient service management in the pulp and paper sector.
The vertical – specific software market report table of contents includes:
1. Executive Summary
2. Vertical – Specific Software Market Characteristics
3. Vertical – Specific Software Market Trends And Strategies
4. Vertical – Specific Software Market – Macro Economic Scenario
5. Global Vertical – Specific Software Market Size and Growth
….
31. Global Vertical – Specific Software Market Competitive Benchmarking
32. Global Vertical – Specific Software Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Vertical – Specific Software Market
34. Vertical – Specific Software Market Future Outlook and Potential Analysis
35. Appendix
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