Global Vertical - Specific Software Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers
6 Jul, 2023
The global vertical-specific software market size is expected to grow from $301.44 billion in 2022 to $328.32 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global vertical-specific software market size is expected to reach $473.39 billion in 2027 at a CAGR of 9.6%.
Global Vertical - Specific Software Market Key Driver
The adoption of 5G technology is likely to drive future growth in the vertical-specific software industry. 5G is the fifth generation of mobile networks, allowing for the creation of a new form of network capable of connecting practically everyone and everything, including machines, objects, and gadgets. 5G deployment is expected to increase the vertical-specific software industry by enabling the integration of diverse technologies such as IoT, AI, robots, cloud computing, and edge computing in a mobile context, leading in the production of new goods and services. Furthermore, the growing popularity of cloud computing is increasing demand for 5G.
Get a sample of the global vertical - specific software market reportGlobal Vertical - Specific Software Market Segments
The global vertical - specific software market 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 Organization Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By Deployment: On-Premise, Cloud
4) By End-User: Manufacturing, Banking, Financial Services And Insurance (BFSI), Healthcare And Pharmaceuticals, Telecom And IT, Government, Retail, Other End-Users
5) By Geography: The regions covered in the vertical - specific software market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global vertical - specific software market.
Major Vertical - Specific Software Industry Players
Microsoft Corporation, IBM Corporation, SAP SE, Hewlett Packard Inc., Oracle Corporation, Salesforce.com Inc., EMC Corporation, Gen Digital Inc, CA Technologies Inc., VMware Inc., Infor Inc., Kronos Incorporated, Epicor Software Corporation, SYSPRO Corp., Zoho Corporation Pvt. Ltd.
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Vertical - Specific Software Market Overview
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.
Vertical - Specific Software Global Market Report 2023 provides data on the global vertical - specific software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The vertical - specific software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.