Tax Software Market to 2027 - Global Analysis and Forecasts by Product (Software, Service); Tax Type (Sales Tax, Income Tax, Corporate Tax, Others); Deployment Type (Cloud, On-premise); End-User (Individual, Commercial Enterprises); Vertical (BFSI, IT& Telecom, Healthcare, Government, Retail, Others)
The global tax software market accounted for US$10.9 billion in 2019 and is expected to grow at a CAGR of 11.2% during 2020–2027 to reach US$ 24.8 billion by 2027. The tax software is incorporated with various other software, such as customer relationship management (CRM), enterprise resource planning (ERP), and reporting applications; also, the tax software performs calculations and generates reports. Tax software solutions offer real-time business visibility through its easy to create reports. Wide-ranging tax reporting and analysis across several businesses are increasing swiftly. To manage all the tax-related reports, organizations are embracing tax software. Due to the growing demand for cloud-based technology in various industries, they are widely adopting cloud-based tax software as it mitigates the time to process and is also cost-effective.
The tax software market operates in a highly fragmented and competitive marketplace. As leading companies in this market continue to broaden its addressable market by expanding its current offerings and diversifying its client base, all the prominent players face an increasing level of competition, both from start-ups and established companies across the world. Several companies in the value chain are acquiring other players in the market to maintain their position in the market and provide efficient services to its customers. For instance, in September 2019, Wealthsimple Inc., a Canada-based online investment management company, acquired SimpleTax, a tax return software firm based in Canada, which is engaged in preparing and filing tax returns. Significant number of tax software providers are based in North America, mainly in the US. However, the market is penetrating at a high rate in APAC.
The key companies profiled in the tax software market include Avalara Inc.; Chetu, Inc.; Drake Software; H & R Block; Intuit Inc.; Sage Group PLC; Thomson Reuters Corporation; Vertex, Inc.; Wolters Kluwer N.V.; and Xero Limited. Several other players are also functioning in the market worldwide, contributing significant revenue shares year-on-year.
The tax software market has been segmented on the basis of business model, education level and geography. Based on of business model, the tax software market is further segmented into revenue share, hybrid, and fee for service. Based on education level, the tax software market is further segmented into under graduate, post graduate, professional certifications, and others. Geographically, the tax software market is fragmented into five regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The well-established market players operating in the tax software market include 2U, Inc.; Academic Partnerships; Apollidon, Bisk Education, Inc.; Blackboard Inc.; Keypath Education; Noodle Partners; Online Education Services (OES); Pearson Education; and Wiley Education Services.
The overall global tax software market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global tax software market. It also provides an overview and forecast for the tax software market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in tax software.
Reasons to buy
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global tax software market, thereby allowing players to develop effective long term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook