Latest News- Vertical-Specific Software Market: Banking and financial services is expected to lead the End-user segment during 2025-2029
The Vertical-Specific Software Market is being driven by Digital transformation across industries
The Vertical-Specific Software Market is expected to grow at a CAGR of 11.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 111.7 billion. The vertical-specific software market is experiencing a notable trend of mergers and acquisitions (M&A), with companies aiming to broaden their market scope and augment their product offerings. Recent M&A activities underscore the strategic intentions of major players to fortify their market positions and harness synergies across various industries. For instance, in June 2023, Total Specific Solutions (TSS) completed the acquisition of Deal Informatique and its subsidiary Planilog. This strategic move bolsters TSS's presence in the French market, notably in the construction, agriculture, industry, and public sectors. The comprehensive suite of solutions from Deal Informatique complements TSS's existing portfolio, empowering them to deliver more extensive and integrated software solutions to their clientele.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (Banking and financial services, Healthcare and pharmaceuticals, Telecom, Manufacturing, Others) Deployment (On-premises, Cloud) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Vertical-Specific Software Market Research Report
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In the Vertical-Specific Software Market, businesses can find personalized solutions tailored to their industry needs, including commerce applications, customer relationship management, supply chain management, enterprise resource planning, financial applications, HR and payroll, office productivity, product lifecycle management, and more. These solutions can be delivered on-premise or in the cloud, with a focus on resource utilization, product functionality, data analytics, sales and marketing, customization, industry-specific tools, user-friendly UI/UX, AI integration, subscription-based pricing, integrated services, payment processing, financial services, cross-selling, ERP solutions, compliance software, mass customization, fintech, and reducing customer acquisition cost.
The global IT software market encompasses businesses specializing in the development and production of application and system software, including database management software. The application software market segment focuses on enterprises creating software for industry-specific applications in the business or consumer sector. This segment includes enterprise and technical software, as well as cloud-based solutions. Notably, it excludes companies in the interactive home entertainment industry and those producing systems or database management software. According to Technavio, the IT software market size is determined by the consolidated revenue of these businesses, incorporating both on-premise and cloud-based software offerings. This market caters to various industries, including personalized solutions, commerce applications, customer relationship management, supply chain management, enterprise resource planning, financial applications, HR and payroll, office productivity, and product lifecycle management.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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