The tax software market was valued at US$ 10.9 Bn in 2019 and is expected to grow at a CAGR of 11.2% from 2020to 2027 to reach US$24.8 Bn by 2027.
The digital revolution across the world presents huge opportunity aspects for businesses to utilize digital services and automation to modify their Product Types and traditional processes in order to improve operational efficiency and increase revenue. Digital transformation or automation in the businesses is the integration of digital technology in various business processes, organizational activities, and Product Types. Enhanced operational efficiency, end-to-end business process optimization, and reduction of cost and human errors are among the major factors driving the growth of digital transformation in tax systems.
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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.
Tax Software Market Segmentations:
Deployment Type Insights
The tax software market, by deployment type, is segmented into cloud and on-premise. The cloud segment captured dominating share in the global tax software market.
Tax Type Insights
The tax software market, by tax type, is segmented into sales tax, income tax, corporate tax, and others. The sales tax segment captured dominating share in the global tax software market.
The tax software market, by end-user, is segmented into individual and commercial enterprises. The commercial enterprise segment captured dominating share in the global tax software market.
The tax software market, by vertical, is segmented into BFSI, IT& telecom, healthcare, government, retail, and others. The retail segment captured dominating share in the global tax software market.
Strategy and Business Planning is commonly adopted by companies to expand their footprint worldwide and meet the growing demand. This strategy is mostly observed in Europe. Few of the recent partnerships are listed below;
2019: EY announced Tax partnership with Thomson Reuters.
2019: Vertex announced Salesforce Commerce Cloud Integration
2019: Vertex announced partnership with Insite Software
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