As more and more industries are digitalized, specialized software development is a burgeoning field for talented young developers, but there are just so many different options. Which fields are the best ones in which to start off a promising software development career? Well, we’re here to answer that for you.
In today’s article, we’re going to take a brief look a three of the most profitable types of commercial software that developers can focus on. While these programs may be harder to build, they’ll also have a much greater potential for success.
We’re going to take a look at insurance agency management software, hospital management software, and accounting software, so let’s get into it.
3 Profitable Types of Commercial Software to Develop
Insurance Management Software
The insurance industry is one that is built around money, so it makes sense that it’s one of the more profitable places for a talented software developer to turn to. Insurance management software helps insurance companies keep track of their clients and all of the information about them, greatly streamlining their work.
Of course, when big sums of money are being passed around in your industry, you’re going to want to work with reliable software, so insurance software has to be well made. Beyond keeping records, insurance management software should also be able to control accountable forms, generate automated emails and texts, and issue invoices.
Hospital Management Software
Clinics and hospitals use specialized software to keep track of their patients’ info, doctors’ schedules, prescriptions, and more. Hospital management software development is potentially immensely profitable, but it also requires a great deal of care since reliability is crucial.
Software like this is usually built by teams, with an entire branch dedicated to poring over the code to ensure that there are no glitches hidden away. As you can see, there is a lot of work involved in creating hospital management software, but that’s what makes it more profitable than other kinds of commercial applications.
Accounting Software
Accounting software is a little less specialized than the other two choices on this list, and that’s what helps make it a great option. Since nearly every business needs accounting software, it will be easier to find clients, though the projects themselves will likely be less in-depth.
Working with accounting software is a great option for beginners since the stakes are a little lower than with insurance and hospital management programs. However, accounting applications will still have to be as reliable as possible, as a glitch may result in a business or a customer losing money.
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Conclusion
Choosing the kind of software to specialize in is a challenge that all developers face at one point or another. Thankfully, there are so many different fields to work in, and we’ve only scratched the surface in this guide. We hope that we’ve been able to share some details on the inner workings of the software development industry.
The short version: The most profitable commercial software right now falls into three categories: SaaS tools that solve a specific business pain point, vertical software built for a single industry's workflow, and API or integration products that other developers pay to build on top of. Pick one based on a problem you already understand well, since niche knowledge often beats a bigger feature list.
Frequently asked questions
Which of the three software types is easiest to start with?
SaaS tools tend to be the most approachable starting point because you can launch a narrow version fast, charge a monthly fee, and expand based on what customers ask for. Vertical and API products usually require more industry knowledge or technical infrastructure before you can charge for them.
How much money do I need to build one of these products?
You can start a basic SaaS or vertical tool with a small budget if you build a minimum viable version yourself or with one developer, then reinvest early revenue into features. API and integration products often need more upfront technical work, so budget accordingly if that's the path you choose.
How do I know which industry or niche to target?
Look at problems you've personally dealt with in a past job or business, since that firsthand experience helps you build something people will pay for. Talking to 10 to 15 potential customers before writing any code will tell you fast whether the problem is worth solving.
What pricing model works best for these types of software?
Monthly subscriptions work well for SaaS and vertical tools because they create predictable recurring revenue and lower the barrier to trying the product. Usage-based or tiered pricing tends to fit API and integration products better since customers pay in proportion to how much value they get.
