What do we understand as Industry Verticals and Business Verticals?

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The term "verticals" in business refers to a vertical market. Basically, a vertical market is one where businesses and marketers cater to the needs of a specific group of people within an industry. This concept is in contrast to a horizontal market, where the focus is diverted to a large amount of people regardless of industry.

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Source: Houston Chronicle Small Business Initiative

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The single defining characteristic of the participants in a vertical market is competition within a well-defined segment.

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Source: Wikipedia