Which Industries Need Creative Custom Software Solutions to Gain a Competitive Edge?

by Shivangi

According to Grand View Research, the global custom software development market will rise at a CAGR rate of 22.3% between 2022 and 2030. As far as more software development statistics are concerned, the world will have 27.7 million software developers in 2023, and approximately 70% of software developers use JavaScript for creating software.

In today's digital era, business dynamics are growing abruptly. Hence, custom software development has become an elementary driver for customer satisfaction, functional effectiveness, and sustainable development. It plays a vital role in this cathartic journey, authorizing businesses to navigate the intricacies of digital landscapes, stay competitive, and streamline their processes.

Almost every industry can benefit from tailored software applications. As a software engineer, you would like to know what rising industries can benefit from custom-fit applications. This is how you will know who to target for your next digital project.

So, what are the top industries that benefit from custom software solutions? What's the role of custom software in streamlining operations across sectors? Let's find out everything!

The top Industries that Extensively Utilize Custom Software Solutions

Custom software development offers a competitive benefit by allowing businesses to pioneer rapidly to customer demands and market trends. These are the top industries that benefit from custom software solutions:

Healthcare

According to the Centers for Medicare and Medicaid Services projections, between 2022 and 2031, the average yearly rise in the nation's healthcare spending will be 5.4%. It will be faster than the moderate annual expansion in GDP of 4.6%. Consequently, the GDP spent on health care will rise from 18.3% in 2021 to 19.6% in 2031.

Solution

The healthcare industry has three leading branches: products, services, and finance. It includes drug & medical equipment, nursing, and health insurance. With diplomatic data and norms to uphold, a paperless custom software solution is one of the best options to boost safety and organization.

The medical industry's innovative, sensitive, and regulated characteristic makes custom software development the best substitute. Indeed, the healthcare industry is highly rigid, which can benefit from tailored software applications.

As far as an example of the healthcare industry using custom software solutions is concerned, Mayo Clinic, the best healthcare company, employs AI to assess electronic genetic data and health records to offer customized treatment plans.

Finance

The finance industry is the pillar of a running economy. It helps regulates the cash flow among businesses, individuals, and government agencies. From simplifying daily transactions to combining investment capital for large-scale projects, the influence & reach of the finance industry is enormous.

According to Boston Consulting Group's report in 2020, financial service companies are 300% more targeted by a cyberattack than any other industry. Hence, it necessitates the deployment of custom software. It can facilitate and automate regulatory compliance. For example, AI-driven software can assess transactions quickly, finding & reporting any suspicious activities to help impede fraud.

Solution

Boosting customer experience is vital in the financial industry. Custom software development plays a crucial role in obtaining this goal. Banks, for instance, Capital One and DBS, have employed these bespoke software solutions to give customized customer experiences. These banks provide customized services by anticipating consumer demands and actions using statistical analysis and AI.

Retail

This retail industry is a miscellaneous sector simplifying the sale of goods & services from companies to end customers. It serves as the last connection between manufacturers and customers in the supply chain, performing a significant role in the world economy.

The biggest challenge in the retail industry is various brick-and-mortar shops haven't adopted the online mechanism. These figures exhibit why brick-and-mortar shops should embrace retail software solutions and digital modification to lure trustworthy customers.

  • 30% of customers don't like waiting for over 2 minutes to ascertain if the product they want to purchase is in stock.
  • After three incomplete deliveries, 78% of the consumers will never go to a retailer again.
  • 87% of purchasers abandon the store immediately if the product they're searching for is unavailable.

As far as more challenges in the retail industry are concerned, data security is a growing issue. The seriousness of this problem is shown by the fact that 52% of U.S. merchants claimed a data breach in previous years, based on a 2020 analysis by Thales.

Solution

The best solution to these challenges is to employ custom software development in the retail industry. The industry-specific trends and innovations in custom software development can maximize customized recommendations, modify the checkout process, and provide post-sales support.

For instance, Amazon's recommendation engine, driven by custom-built algorithms, quickly boosts customer engagement & increases sales. On the other hand, owning a tailored eCommerce platform gives businesses a competitive benefit. To provide you with an idea, Nike has employed a personalized eCommerce platform to offer customized and brand-oriented shopping experiences.

Logistics

The logistics & transportation industry is the backbone of the global economy. It ensures the hassle-free flow of merchandise and individuals from one place to another. So, what are the challenges logistics companies encounter?

The biggest challenge of this logistics industry is the impact of changing fuel costs on transportation. Diesel fuel charges, vital for hassle-free trucking operations, have manifolded by 52% over the past years, showing this price factor's complicated nature.

Furthermore, this transportation & logistics industry encounters arduous environmental guidelines. According to the Global Energy Agency, the transportation sector is responsible for around 37% of the world's CO2 emissions from petroleum burning. Companies are therefore being urged to lessen their impact on the planet.

Solution

Employing custom software solutions can significantly lower these issues. Customized TMS can improve route planning, regulate carrier selection, and consolidate shipments, leading to time and cost-effectiveness.

DHL is a global logistics firm that employs a personalized TMS to tackle complex shipping needs effectively.

Custom software may measure emissions and aid in planning more environmentally friendly activities to tackle ecological problems. For example, it can promote electric car adoption, cut fuel and carbon dioxide emissions, and facilitate effective transportation planning.

You probably didn't realize how many more sectors can profit from custom software. Businesses can benefit from customized strategies and improved efficiency thanks to distinctive approaches. Here are the top 4 industries that benefit from custom software solutions. The effectiveness of a personalized approach may be readily monitored and improved over time.

Explore here the Methodologies for Custom Software Development