New York, June 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vertical - Specific Software Global Market Report 2023" - https://www.reportlinker.com/p06464159/?utm_source=GNW
, VMware Inc., Infor Inc., Kronos Incorporated, Epicor Software Corporation, SYSPRO Corp., and Zoho Corporation Pvt. Ltd.
The global vertical-specific software market 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 vertical-specific software market is expected to reach $473.39 billion in 2027 at a CAGR of 9.6%.
The vertical-specific software consists of revenues earned by entities by providing 3D modelling software, animation software, oil and gas software, military and defense software, financial services CRM systems, tax practice management software and clinical data management systems.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
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.
North America was the largest region in the vertical-specific software market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in vertical-specific software report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of vertical-specific software are 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, and others.Commercial applications software is the use of goods, tools, or intellectual property for commercial gain.
The organization sizes involved are small and medium-sized enterprises (SMEs) and large enterprises which deploy software on premise and cloud for manufacturing, banking, financial services and insurance (BFSI), healthcare and pharmaceuticals, telecom and IT, government, retail, and other end-users.
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.
Product innovations are a key trend gaining popularity in the vertical-specific software market.Major companies operating in the vertical-specific software market are focused on developing innovative solutions to strengthen their position in the market.
For instance, in May 2020, Zoho Corporation, an India-based technology company launched a CRM system that is designed for small and micro businesses, that aims for simplicity and easy customer tracking.Bigin aspires to serve as an entry-level CRM platform that would support Zoho CRM upgrades.
Bigin can be up and operating in 30 minutes and has built-in automation, customer funnels, and telephony. Bigin is made for independent contractors, individuals, and small organizations who don’t require complete CRM solutions.
In March 2021, Valsoft Corporation Inc., a Canada-based industry-specific software business acquired Vertical Software Inc. for an undisclosed sum. With this acquisition, Valsoft Corporation will broaden its presence in the scale automation market. Vertical Software Inc. is a US-based software firm business focused on providing innovative software and scale automation solutions for the grain industry.
The countries covered in the Vertical - Specific Software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The vertical-specific software market research report is one of a series of new reports that provides vertical-specific software market statistics, including vertical-specific software industry global market size, regional shares, competitors with vertical-specific software market share, detailed vertical-specific software market segments, market trends, and opportunities, and any further data you may need to thrive in the vertical-specific software industry. This vertical-specific software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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