Report : 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)
Rise in digitalization is projected to escalate the tax software market at a CAGR of 11.2%
According to the new research report published by The Insight Partners, titled “Tax Software Market - Global Analysis and Forecast to 2027”, the global tax software market is expected to reach US$ 24.8 Bn by 2027, registering a CAGR of 11.2% during the forecast period 2020-2027.
Due to the advent of digitalization across regions, companies are adopting advanced technologies for reducing manual business process and implementing automated process for increasing productivity and achieving efficient business outcomes. Owing to the internet and various platforms, such as desktop and smartphone, there is no need for individuals to visit a Tax Office; they can file a tax return and make a tax payment remotely. End users such as commercial enterprises and individuals are adopting tax software as it automates tax processes and reduces the manual efforts of computing tax. The software allows registering the information of the taxpayer, and it is then automatically entered into tax returns; it also enables automatic calculation.
The tax software quickly ascertains a client’s overall financial situation and suggests insurance or investment products, or other services, such as auditing, bookkeeping or even comprehensive financial plans, that may be needed. The additional revenue that can be generated from this approach can be substantial in many cases. Also, the tax preparation process has become faster and more efficient as vast information is now available in digital format, which would, in turn, help accountants preparing tax to import their client data from personal finance software directly onto their tax returns with a single click as a substitute of entering all of those numbers manually. Quicken personal finance management tool and the Mint.com—a free, web-based personal financial management service are a few tax software available in the market. Also, electronic signatures have been entered with the client’s permission, which often eliminates the need for clients to be physically present in the accountant’s office. Furthermore, mobile apps are now available for taxpayers to e-file their tax effortlessly. Thus, digitization in the tax paying system is expected to propel the growth of tax software in various industries.
The market for global tax software market is concentrated with some very well-established players. Some of the key players in the global tax software market are Avalara, Inc.The Sage Group plc, Thomson Reuters Corporation, Vertex, Inc., Wolters Kluwer (cch incorporated), Xero Limited, Chetu Inc., Drake Software, H & R Block, and Intuit Inc. among others.
The report segments the global tax software market as follows:Global Tax Software Market – By Product Type