IndustryThe term vertical market is most often applied to products and services that are designed for a specific industry. These are known as industry verticals. For example, retail point of sale systems for processing payments in stores. The following are examples of industries.
SectorsA sector is like an industry but bigger. For example, the financial sector includes several industries such as investment banking, banking and insurance. Products are often tailored to an entire sector such as revenue management software for the hospitality sector that includes industries such as hotels and restaurants.
Non-ProfitProducts and services for non-profits such as charities and religions. For example, an event management service that specializes in fundraisers.
GovernmentIt is common for government spending to be a large percentage of economic activity such that this is a large vertical. For example, an information security consultant who specializes in government systems such that they are familiar with applicable regulations, policies and standards that must be followed by government agencies.
ProfessionsProducts and services that target a specific profession such as animation software for professional architects.
DemographicIn most cases, a market demographic is referred to as a market segment as opposed to a vertical. However, this is a very similar concept. For example, financial products for seniors.
NicheA niche is a market segment that is constructed from unique customer needs or perceptions. For example, a coffee shop for people who only drink environmentally and socially responsible organic coffee.
|Overview: Vertical Market|
An identifiable group of customers who have unique needs.