Tax Software Market is expected to reach US$ 46.90 billion by 2030

Rise In Online Transactions to Provide Opportunities for Tax Software Market During 2023–2030

According to our latest market study on "Tax Software Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Product, Tax Type, Deployment Type, End-User, Enterprise Size, and Vertical," the tax software market size is expected to grow from US$ 20.95 billion in 2022 to US$ 46.90 billion by 2030; it is estimated to record a CAGR of 10.6% from 2022 to 2030.

The digital payments ecosystem has gained traction in recent years. Internet penetration and the rise in usage of smartphones are a few of the prominent factors fueling digital payments. The rise in online shopping and e-commerce sector has also increased in the pandemic, which has led to the growth of online financial transactions. Thus, the growing online transaction generates the demand for digital solutions. Tax software offers numerous advantages that help individuals and businesses streamline transaction tracking and simplify business finances. Effective transaction tracking is vital for the smooth operation of any business. The tax software ensures that every transaction is recorded, making financial data analysis and decision-making easier. It also ensures legal and regulatory compliance. Its calculation functions guarantee accurate tax calculations and minimize the risk of incorrect tax filing. It makes the complex task of tax filing easier by automating the generation of GST and VAT reports. Thus, the rise in online transactions creates complexity in financial management, which is expected to fuel the tax software market size in the coming years.

Tax Software Market — by Geography, 2022

Source: The Insight Partners Analysis

Sage Group Plc, Thomson Reuters Corp, Xero Ltd, IRIS Software Group Ltd, Wolters Kluwer NV, Intuit Inc, HRB Digital LLC, Wealthsimple Technologies Inc, SAP SE, and CloudTax Inc are among the key tax software market players profiled during the report which provide tax software solution. Several other major tax software market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The tax software market report provides detailed market insights, which helps the key players strategize their growth.

The Asia Pacific tax software market is segmented into Australia, India, China, Japan, South Korea, and the Rest of Asia Pacific. The region is focused on bringing digitalization to gain a competitive advantage in the global market. To support this, in March 2022, the Organization for Economic Co-operation and Development (OECD) released a new Value Added Tax (VAT) Digital Toolkit for Asia Pacific to guide the implementation of VAT strategy in e-commerce. This toolkit's objective is to assist the region's tax authorities with the outline and execution of reform to guarantee the effective collection of VAT on e-commerce activities. Thus, such government initiatives to boost digitalization and launch tax software solutions are likely to foster the growth of the Asia Pacific tax software market share.

The global tax software market players are expanding their businesses in the region. For instance, in May 2023, PwC launched the Asia Pacific Marketplace across Indonesia, Singapore, Malaysia, Thailand, and Vietnam, with other areas soon to follow to cater to growing digitalization in the region. Under this strategy, PwC aims to provide its clients with digital solutions such as cybersecurity, data and analytics, and tax solutions. With this, the company introduced over 160 solutions, which includes licensed Software as a service (SaaS) product. Thus, such expansion and proliferation of software solutions leads to the adoption of tax software solutions across various industry verticals, further driving the Asia Pacific tax software market share.

Contact Us
 
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com