Tax Software Market: Introduction
Transparency Market Research delivers key insights on
the global
tax software market. In terms of revenue, the global tax
software market is estimated to expand at a CAGR of ~12% during the
forecast period from 2020 to 2030, owing to numerous factors, regarding which
TMR offers thorough insights and forecasts in its report on the global tax
software market.
The global tax software market is broadly affected by
several factors that include convergence of digital devices and technologies
with traditional business processes, and a rapidly changing industrial
environment, which are gradually enhancing the demand for tax software, thus
accelerating the growth of the tax software market across the world. The report
analyzes the global tax software market and provides estimates in terms of
revenue (US$ Mn) from 2018 to 2030.
Tax Software Market: Market Dynamics
The tax market is heading toward digital transformation.
Today, taxpayers use a range of digital services to manage their tax affairs,
and more than 85% of self-assessment tax returns are carried out
online. Large and small & medium enterprises are active in delivering
digital accounts to shape a bold vision for the future of the tax system. This
is expected to be one of the important factors that can drive the growth of the
tax software market. With the implementation of digital solutions, taxpayers
will obtain a real-time view of their tax affairs and witness how their tax is
calculated. They are also able to check how much tax they owe or need to be
reimbursed and monitor their decisions for paying securely. This is also set to
trigger the growth of the tax software market during the forecast period.
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According to the U.K. Government, individuals and
enterprises who pay their tax through PAYE have their income tax, National
Insurance contributions, and pension position shown in their digital tax
accounts, including any interest from banks and building societies, which, in
turn, is expected to enhance the growth of the tax software market.
Furthermore, enterprises have adopted the ‘pay as you go’ option to
manage their cash flow, wherein rather than making a number of payments across
different taxes, they pay a single tax.
According to a survey conducted by GOBankingRates, a
financial firm based in the U.S, 35.4% of the U.S. population
prefer the digital option for tax payments due to the lower costs associated
with digital filing, as well as the ease of using a program to automate
calculations and file online.
Tax Software Market: Prominent Regions
In terms of region, the global tax software market has been
segmented into North America, Europe, Asia Pacific, Middle East & Africa,
and South America. North America is a developed region and hence, innovations
and new technologies are expected to be key trends in the region over the next
few years. North America held a prominent share of the global tax software
market in 2020 and is expected to retain supremacy in the market, due to the
presence of prominent players and government funding for deploying tax software
to provide security and tax management solutions. Governments of countries in
North America are leveraging digital platforms to assess taxpayer data,
including cross-referencing information at the source, running it through
increasingly sophisticated analytics, and sharing it among enterprises. The
U.S. is estimated to hold a notable share of the tax software market in North
America and the market in the country is projected to expand at a CAGR of 12.8%
during the forecast period, as the maximum number of enterprises within North
America are based in the U.S. For the same reason, North America is expected to
witness the highest opportunity addition in the market globally, with Europe
and Asia Pacific being the next close regions.
The tax software market in Europe is projected to witness
favorable growth during the forecast period, due to increasing awareness about
tax software by developing tax processes and reporting framework through use of
Information and Communications Technology.
The market in Asia Pacific is expected to experience
substantial growth during the forecast period. This is mainly due to the
adoption of tax software in Singapore, China, India, Malaysia, Taiwan, etc.
Additionally, Asia Pacific is the fastest growing market as adoption of tax
software in small and large size enterprises drives the growth of the market.
The report provides in-depth segment analysis of the global
tax software market, thereby providing valuable insights at macro as well as
micro levels. The analysis of major countries which hold growth opportunities
or account for significant share has also been included as part of geographic
analysis of the tax software market.
Tax Software Market: Key Players
Key players operating in the global tax software market
are Automatic Data Processing, Inc., Avalara Blucora, Inc., Chetu,
Inc., Drake Software, H&R Block, Intuit Inc., Sage Tax & Financial
Solutions, TaxSlayer LLC, Thomson Reuters Corporation, Vertex, Inc., Wolters
Kluwer N.V. (Kluwer Publishers and Wolters Samsom), and Xero Limited.
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Global Tax Software Market: Segmentation
Tax Software Market, by Component
- Tax
Software
- Standalone
- Integrated
- Services
- Managed
- Professional
Tax Software Market, by Software Deployment
- Cloud
- On-premise
Tax Software Market, by Tax Type
- Sales
Tax
- Income
Tax
- Other
Tax (VAT, Service Tax, Estate Tax)
Tax Software Market, by End-user
- Individuals
- Commercial
Enterprise
- Small
& Medium Enterprises
- Large
Enterprises
Tax Software Market, by Industry
- BFSI
- Telecom
& IT
- Government
- Healthcare
- Retail
& Consumer Goods
- Transportation
- Manufacturing
- Energy
& Utilities
- Others
(Hospitality and Education)
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