Global Vertical - Specific Software Market Report 2023: Adoption of 5G Technology Bolsters Growth

DUBLIN, June 21, 2023 /PRNewswire/ -- The "Vertical - Specific Software Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

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 vertical-specific software market is expected to reach $473.39 billion in 2027 at a CAGR of 9.6%.

Major players in the vertical - specific software market are 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., and Zoho Corporation Pvt. Ltd.

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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.

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.

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. 

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 countries covered in the Vertical - Specific Software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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.

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.

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.

Key Topics Covered:

1. Executive Summary

2. Vertical - Specific Software Market Characteristics

3. Vertical - Specific Software Market Trends And Strategies

4. Vertical - Specific Software Market - Macro Economic Scenario
4.1. COVID-19 Impact On Vertical - Specific Software Market
4.2. Ukraine-Russia War Impact On Vertical - Specific Software Market
4.3. Impact Of High Inflation On Vertical - Specific Software Market

5. Vertical - Specific Software Market Size And Growth
5.1. Global Vertical - Specific Software Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Vertical - Specific Software Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Vertical - Specific Software Market Segmentation
6.1. Global Vertical - Specific Software Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• 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

6.2. Global Vertical - Specific Software Market, Segmentation By Organization Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Small And Medium-Sized Enterprises (SMEs)
• Large Enterprises

6.3. Global Vertical - Specific Software Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• On-Premise
• Cloud

6.4. Global Vertical - Specific Software Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Manufacturing
• Banking, Financial Services And Insurance (BFSI)
• Healthcare And Pharmaceuticals
• Telecom And IT
• Government
• Retail
• Other End-Users

7. Vertical - Specific Software Market Regional And Country Analysis
7.1. Global Vertical - Specific Software Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Vertical - Specific Software Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/45gxwt

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