Press Release

TIP

Tax software Market Forecasting Revenue of Market and Estimating Revenue Show Big Move in 2028

May 19th, 2022 11:11 AM

Tax Software Market accounted for US$10.9 Bn in 2019 and is expected to grow at a CAGR of 11.2% over the forecast period 2020-2027, to account for US$ 24.8 Bn by 2027.

The Tax software is incorporated with various other software, such as customer relationship management (CRM), enterprise resource planning (ERP), and reporting applications; also, the Tax software performs calculations and generates reports. Tax software solutions offer real-time business visibility through its easy to create reports. Wide-ranging Tax reporting and analysis across several businesses are increasing swiftly. To manage all the Tax-related reports, organizations are embracing Tax software. Due to the growing demand for cloud-based technology in various industries, they are widely adopting cloud-based Tax software as it mitigates the time to process, and it is also cost-effective software.

The Tax Software Market operates in a highly fragmented and competitive marketplace. As leading companies in this market continue to broaden its addressable market, by expanding its current offerings, diversifying its client base, all the prominent players face an increasing level of competition, both from start-ups to leading established companies across the world. Several companies in the value chain are acquiring other players in the market to maintain their position in the market and provide efficient services to its customers. For instance, in September 2019, Wealth simple Inc., a Canada-based online investment management company, acquired Simple Tax, a Tax return software firm based in Canada, which is engaged in preparing and filing Tax returns. Significant number of Tax software providers is based in North America, mainly in the US. However, the market is penetrating at a high rate in APAC.

Key Players Influencing the Market

  • Avalara, Inc.
  • Chetu Inc.
  • Drake Software
  • H & R Block
  • Intuit Inc.
  • The Sage Group plc
  • Thomson Reuters Corporation
  • Vertex, Inc.
  • Wolters Kluwer (cch incorporated)
  • Xero Limited

The Tax Software Market has been segmented on the basis of business model, education level and geography. Based on of business model, the Tax Software Market has been segmented into revenue share, hybrid, and fee for service. Based on education level, the Tax Software Market has been segmented under graduate, post graduate, professional certifications, and others. Geographically, the Tax Software Market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

The overall global Tax Software Market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global Tax Software Market. It also provides an overview and forecast for the Tax Software Market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Tax software industry.

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