5G Technology Adoption Fuels Growth In Vertical-Specific Software Market: A Key Factor Shaping the Future of the Vertical - Specific Software Market in 2025

What industry-specific factors are fueling the growth of the vertical - specific software market?
The vertical-specific software market is projected to experience significant growth due to the introduction of 5G technology. As the fifth iteration of mobile networks, 5G aims to establish a unique network that connects virtually every person, device, and object, including machines. The implementation of 5G could lead to a surge in the vertical-specific software sector through the merging of various technologies like IoT, AI, robots, cloud and edge computing in a mobile setting, facilitating the development of innovative products and services. The increasing prominence of cloud computing is also stimulating the demand for 5G. For example, a report by the UK-based GSM Association (GSMA) which advocates for mobile network operators worldwide, showed that 5G technology has led to more than 640 million 5G connections across the globe in 2022, and there are projections of reaching 2 billion connections by 2025. Thus, the uptake of 5G technology is anticipated to fuel the vertical-specific software market.

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What Is the projected market size and growth rate for the vertical - specific software market?
The market size for vertical-specific software has been rising robustly in the past few years. There is a predicted growth from $293.36 billion in 2024 to $318.16 billion in 2025, with an 8.5% compound annual growth rate (CAGR). The past growth can be credited to factors such as sector-specific issues and solutions, regulatory compliance needs, heightened operational efficiency and productivity, escalating intricacy in business operations, as well as the competitive landscape and differentiation.

The market size of sector-specific software is anticipated to experience swift expansion in the coming years, achieving a value of $474.5 billion by 2029 with a compound annual growth rate (CAGR) of 10.5%. The said growth in the predicted time frame might occur due to initiatives in digital transformation, choices guided by data, worldwide reach, and advancement of supply chain operations as well as the switch to cloud-centered solutions and the management of cybersecurity and risks. Some of the major tendencies during this forecast period would comprise of the incorporation of the internet of things (iot), improvement of user experience (ux) in design, solutions for regulatory conformity, focus towards virtual work and mobility solutions, and the amalgamation of blockchain for securing data.

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What new trends are reshaping the vertical - specific software market and its opportunities?
Leading firms in the vertical-specific software market are innovating new product offerings such as contract intelligence solutions in a bid to secure an advantage over their rivals. These solutions are sophisticated tech tools and platforms that harness the power of artificial intelligence (AI) and natural language processing (NLP) to dissect, comprehend, and handle vast amounts of contracts and legal papers. For instance, Icertis, a software firm based in the US, launched its Icertis Contract Intelligence (ICI) for Banking and Financial Services as part of its contract lifecycle management (CLM) suite in October 2022. Created to tackle the specific challenges prevalent in banking and financial services organizations, this tailor-made CLM solution comes packed with a variety of functionalities including multiple contract types, obligation rule identification, and an assortment of workflow and reporting tools. With objectives to boost business speed, minimize risks, and augment regulatory compliance, the ICI for Banking and Financial Services particularly targets issues like anti-money laundering (AML), ISDA credit support, and credit risk reviews. This solution integrates Icertis' in-depth industry knowledge to provide efficiency, transparency, and control in managing intricate contracts in domains such as treasury management, repurchase agreement loan contracts, and custody contracts, seeking to expedite contract processes, improve client onboarding experience, minimise risk, increase regulatory compliance and stimulate revenue growth for banks and financial institutions.

What major market segments define the scope and growth of the vertical - specific software market?
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

Subsegments:
1) By Commerce Applications: E-Commerce Platforms, Point Of Sale (POS) Systems, Shopping Cart Solutions, Payment Processing Solutions
2) By Customer Relationship Management (CRM) Applications: Sales Force Automation, Customer Service And Support, marketing Automation, Contact Management
3) By Supply Chain Management (SCM) Applications: Inventory Management, Demand Planning, Logistics Management, Supplier Relationship Management
4) By Enterprise Resource Planning (ERP) Applications: Financial Management, Manufacturing Management, Project Management, Compliance Management
5) By Financial Applications: Accounting Software, Budgeting And Forecasting Tools, Financial Reporting Solutions, Expense Management Software
6) By HR And Payroll Applications: Recruitment Software, Employee Management Systems, Payroll Processing Software, Performance Management Tools
7) By Office Productivity Applications: Word Processing Software, Spreadsheet Applications, Presentation Software, Collaboration Tools
8) By Product Lifecycle Management (PLM) Applications: Design And Development Tools, Quality Management Solutions, Regulatory Compliance Tools, Change Management Software
9) By Other Types: Industry-Specific Solutions, Custom Software Development, Business Intelligence And Analytics Tools

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Which region dominates the vertical - specific software market?
North America was the largest region in the vertical-specific software market in 2024. 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

Which key market leaders are driving the vertical - specific software industry growth?
Major companies operating in the vertical - specific software market include Microsoft Corporation, IBM Corporation, SAP SE, Oracle Corporation, Salesforce.com Inc., Dell Technologies Inc., Infor Inc., Epicor Software Corporation, SYSPRO Corp., Zoho Corporation Pvt. Ltd., DocuSign Inc., Granular Inc., Naviance, ROLLER Software, Browzwear Solutions Pte Ltd., FeedZai Inc., Kyndi Inc., Ableton AG, Adobe Inc., Act-On Software Inc., MATRIXSPACE Inc., Jobandtalent UK Ltd., PayEngine Co., SugarCRM Inc., Pegasystems Inc., ServiceNow Inc., Workday Inc., The Ultimate Kronos Group, Ceridian HCM Inc., Paycom Software Inc., Paylocity Holding Corporation

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What Is Covered In The Vertical - Specific Software Global Market Report?

• Market Size Forecast: Examine the vertical - specific software market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the vertical - specific software market for a structured understanding.
• Key Players Overview: Analyze major players in the vertical - specific software market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the vertical - specific software market.
• Segment Contributions: Evaluate how different segments drive overall growth in the vertical - specific software market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the vertical - specific software market.
• Industry Challenges: Identify potential risks and obstacles affecting the vertical - specific software market.
• Competitive Landscape: Review strategic developments in the vertical - specific software market, including expansions, agreements, and new product launches.

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