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.
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Rise in digitalization is projected to escalate the tax software market at a CAGR of 11.2%
The tax software market is receiving high momentum throughout the globe. 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.
Demand Of Tax Software Market
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.
Some of the companies competing in 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
- Intuit Inc.
North America accounted for the largest market in 2019
North America accounted for the largest market in 2019 and is expected to maintain its dominance during the forecast period. The region attracts several technological developments, and the companies operating in this region are continuously enhancing the overall business processes to meet the customer demand for high-quality products and services in the best possible way. The global software industry is growing at a fast pace. Moreover, with increase in the implementation of automation in various industries to simplify business operations, the demand for tax software solutions is growing exponentially in North America.
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