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Vertical Market Software Market Size, Share & Trends 2033
Vertical Market Software Market Size
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Major companies in the vertical market software market are increasing their focus on developing contract intelligence solutions to maximize their service offerings and revenue. Contract intelligence solutions are software platforms or systems that use advanced technologies such as artificial intelligence (AI), natural language processing (NLP), and machine learning (ML) to analyze, interpret, and extract critical insights from different types of contracts. For instance, in October 2022, Icertis, a US-based software company, launched the Icertis Contract Intelligence (ICI) solution specifically designed for the banking and financial services industry. This purpose-built solution is intended to improve contract lifecycle management (CLM) for organizations in this sector. It offers out-of-the-box functionality tailored to address these institutions' particular challenges, such as managing risk, improving regulatory compliance, and increasing business velocity. The solution is aimed at helping banking and financial services organizations increase business velocity while managing risk and improving regulatory compliance in areas such as AML, ISDA credit support, and credit risk reviews.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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Major Key Players of the Market:
McKesson Corporation, Microsoft Corporation, Siemens AG, 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
Vertical Market Software Market 2024 Key Insights:
• 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%.
• Increasing Digitalization Fueling Growth In The Vertical Market Software Market
• Contract Intelligence Solutions Revolutionize Vertical Market Software
• North America was the largest region in the vertical market software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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