MarkNtel Advisors Predicts Tax Software Market to Surge to USD 18.5 billion in 2023 at 10% CAGR

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Tax Software Market, The Global Tax Software Market size was valued at around USD 18.5 billion in 2023 and is estimated to grow at a CAGR of about 10% during the forecast period, i.e., 2024-30. Along with this, the market is estimated to grow at a CAGR of around 10% during the forecast period. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Tax Software Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

Forecast Period: 2024-2030
Market Size in 2023: USD 18.5 billion
CAGR (2024-2030): 10%

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Global Tax Software Market Segmentation Breakdown:

The Tax Software Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Offerings
- Tax Software- Market Size & Forecast 2019-2030, (USD Million)
  - Standalone- Market Size & Forecast 2019-2030, (USD Million)
  - Integrated- Market Size & Forecast 2019-2030, (USD Million)
- Services- Market Size & Forecast 2019-2030, (USD Million)
  - Managed- Market Size & Forecast 2019-2030, (USD Million)
  - Professional- Market Size & Forecast 2019-2030, (USD Million)
- By Deployment
  - Cloud- Market Size & Forecast 2019-2030, (USD Million)
  - On-premise- Market Size & Forecast 2019-2030, (USD Million)
- By Tax Type
  - Sales Tax- Market Size & Forecast 2019-2030, (USD Million)
  - Income Tax- Market Size & Forecast 2019-2030, (USD Million)
  - Others (VAT, Service Tax, Estate Tax, etc.)- Market Size & Forecast 2019-2030, (USD Million)
- By Enterprise Type
  - Large Enterprises- Market Size & Forecast 2019-2030, (USD Million)
  - Small & Medium Enterprises (SMEs)- Market Size & Forecast 2019-2030, (USD Million)

Out of these, the Small & Medium Enterprises (SMEs) have been dominating the Global Tax Software Market during the past few years.

By End User
- IT & Telecom- Market Size & Forecast 2019-2030, (USD Million)
- BFSI- Market Size & Forecast 2019-2030, (USD Million)
- Government- Market Size & Forecast 2019-2030, (USD Million)
- Retail & Consumer Goods- Market Size & Forecast 2019-2030, (USD Million)
- Healthcare- Market Size & Forecast 2019-2030, (USD Million)
- Others (Hospitality, Education, etc.)- Market Size & Forecast 2019-2030, (USD Million)

Among them, the government & public sector, which includes various government agencies, public institutions, and government-owned entities, held a noteworthy share of the market.

Geographical Growth Insights:

By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific

Regionally, Asia-Pacific has been showing significant market growth in the Global Tax Software Market over the past few years.

MarkNtel Advisors Highlights Key Market Drivers for Tax Software Market:

Increasing Digitalization of Tax Systems Among Businesses – The market growth has been attributed to the increasing digital transformation of business operations, leading to the heightened adoption of tax software solutions globally. Additionally, businesses were transitioning away from manual, paper-based tax processes toward digital solutions to enhance workflow efficiency, data management, and collaboration among stakeholders, positively impacting market growth during the historical years.

Digital tax software streamlines tax-related processes by automating tasks such as data entry, calculation, and reporting. This automation reduces manual effort and minimizes errors, resulting in substantial efficiency gains in tax preparation for businesses. Moreover, the adoption of digital tax software contributes to cost savings by diminishing the need for manual labor, paper-based processes, and administrative overheads associated with traditional tax preparation methods. Consequently, the automation and efficiency achieved through digitalization translate into cost savings over time, making tax software a cost-effective investment for SMEs worldwide.

A Comprehensive Analysis of Leading Companies in Global Tax Software Market

SAP SE
Avalara Inc.
Sovos Compliance, LLC
HRB Digital LLC
Intuit Inc.
Xero Limited
Thomson Reuters
Wolters Kluwer N.V.
Drake Software
TaxSlayer LLC
Sage Group plc
ClearTax
TaxJar
TaxACT
Rethink Solutions Inc.
Others

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Tax Software Market Recent Development:

2024: Sovos Compliance, LLC,acquired Aatrix Software, known for its e-filing solutions catering to small and medium-sized businesses (SMBs). This move aims to bolster Sovos' capabilities in compliance technology, particularly in local, state, and federal e-filing. The acquisition enhances Sovos' offerings for SMBs amidst evolving regulatory requirements and lower electronic filing thresholds.
2023: Avalara, Inc. introduced Avalara Property Tax, which is an innovative digital business solution that caters to real property and personal property tax management, aiming to enhance tax compliance through streamlined automation processes.

What are the growth Opportunity driving the Global Tax Software Market?

Expansion of Small and Medium-Sized Enterprises (SMEs) to Offer New Opportunities – SMEs play an important role in increasing the demand for tax software solutions globally. SMEs in emerging markets often operate with limited resources and manpower, making manual tax compliance processes time-consuming, error-prone, and costly. Tax software offers cost-effective solutions tailored to the needs and budget constraints of SMEs, enabling them to automate routine tasks, reduce manual errors, and enhance efficiency in tax preparation and reporting.

In addition, SMEs in emerging markets engage in cross-border trade, and they operate in multiple tax jurisdictions, requiring tax software solutions that support international tax compliance. Tax software dealers offer multi-jurisdictional support, localization features, and expertise in international taxation, which positively address the challenges faced by SMEs in navigating diverse regulatory environments. Hence, with the rising expansion of SMEs, the demand for tax software solutions is anticipated to increase in the forthcoming years.

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About Us –

MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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