Press release
Global Vertical Market Software Market to Reach $309.17 Billion by 2029, Growing at 15.09% CAGR
Vertical Market Size Software Market Size
The growth in the vertical market software sector has been swift in the past few years. The sector's market worth is projected to increase from $152.61 billion in 2024 to $176.23 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 15.5%. Factors contributing to this historic growth include specific industry needs, intensifying regulatory norms, adoption of enterprise resource planning (ERP), and the emergence of cloud computing technology.
The size of the vertical market software market is predicted to see a surge in the coming years, expanding to $309.17 billion by 2029 with a 15.1% compound annual growth rate (CAGR). This expansion during the predicted period will be driven by factors such as digital transformation, industry 4.0, remote work and collaboration, regulatory amendments, specific issues in the industry, sustainability, ESG, and rising industries. The forecast period also sees significant trends like the incorporation of AI and machine learning, IoT-driven solutions, the use of blockchain, edge computing solutions, cybersecurity incorporation, augmented reality (AR) and virtual reality (VR), and the rise of personalization and customization.
What Factors Are Fueling Growth in the Vertical Market Software Market?
The surge in digitization is anticipated to be a key driving force behind the expansion of the vertical market software market. Digitization entails using digital technology to transform various functions, activities, or resources into a digital format. The proclivity towards digitization escalates because of its capacity to simplify processes, boost productivity, augment accessibility, and spur innovation and growth across numerous industries. Digitization enhances vertical market software by facilitating more efficient procedures, superior data analytics, and better client engagement to effectively cater to specific industry needs. For example, as reported by the European Investment Bank, a European Union long-term finance institution based in Luxembourg, in May 2023, there was a 9% point increase from 2021, with 42% of European companies intensifying their investment in digitization in 2022. Comparatively, half of the companies in the United States, or 50%, sought additional investment in digitization during the same period. Consequently, the escalation in digitization is fueling the growth of the vertical market software market.
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Which Leading Companies Are Shaping the Growth of the Vertical Market Software Market?
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
What Are the Major Trends Shaping the Vertical Market Software Market?
Top companies in the vertical market software sector are shifting their focus towards the creation of contract intelligence tools in an effort to enhance their services and boost their profits. These contract intelligence tools are cutting-edge software or systems that harness the power of advanced technologies such as artificial intelligence (AI), natural language processing (NLP), and machine learning (ML) to scrutinize, decipher, and draw crucial insights from various types of contracts. Take for instance, in October 2022, software firm Icertis from the US, rolled out its Icertis Contract Intelligence (ICI) solution specially crafted for the banking and financial services sector. This dedicated solution is targeted at enhancing contract lifecycle management (CLM) within these organisations. It provides a custom-made functionality to meet certain challenges these institutions face, such as risk management, enhancement of regulatory compliance, and business velocity increase. The solution wants to aid banking and financial services establishments to increase their business velocity, while effectively managing risks and amping up regulatory compliance in fields like AML, ISDA credit support, and credit risk assessments.
What Are the Key Segments of the Vertical Market Software Market?
The vertical market software market covered in this report is segmented -
1) By Software Type: Banking Software, Education Software, Legal Software, Agriculture Software, Alumni Management Software, Amusement Park Software, Apparel Software, Architecture Software, Other Software Types
2) 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
Subsegments:
1) By Banking Software: Core Banking Software, Mobile Banking Software, Loan Management Software, Payment Processing Software, Risk Management Software, Fraud Detection Software, Trading And Investment Software
2) By Education Software: Learning Management Systems (LMS), Student Information Systems (SIS), Virtual Classroom Software, Exam Management Software, E-learning Content Software, School Administration Software
3) By Legal Software: Case Management Software, Document Management Software, Legal Research Software, Billing And Invoicing Software, Time Tracking Software, Contract Management Software
4) By Agriculture Software: Farm Management Software, Crop Management Software, Livestock Management Software, Agricultural Supply Chain Management Software, Precision Farming Software, Irrigation Management Software
5) By Alumni Management Software: Alumni Database Management Software, Event Management Software, Fundraising And Donation Software, Alumni Engagement Platforms, Networking Software
6) By Amusement Park Software: Ticketing And Reservation Software, Visitor Management Software, Ride Management Software, Queue Management Software, Park Operations Software
7) By Apparel Software: Fashion Design Software, Apparel Manufacturing Software, Inventory Management Software, Supply Chain Management Software, Retail POS Software
8) By Architecture Software: Computer-Aided Design (CAD) Software, Building Information Modeling (BIM) Software, 3D Modeling Software, Project Management Software, Structural Analysis Software
9) By Other Software Types: Healthcare Software, Real Estate Software, Automotive Software, Energy And Utilities Software, Hospitality Management Software, Retail Management Software, Hr Management Software
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Which Region Dominates the Vertical Market Software Market?
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.
What Is Covered In The Vertical Market Software Global Market Report?
- Market Size Analysis: Analyze the Vertical Market Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Vertical Market Software Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Vertical Market Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Vertical Market Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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