According to the latest report by IMARC Group, titled "Tax Automation Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global tax automation software market reached a value of US$ 16.5 Billion in 2022. Tax automation refers to the process of automating the tax process for increasing accuracy and reducing errors. The use of automation in the process improves transparency and compliance while minimizing data processing inefficiencies. The use of software for tax automation assists individuals and businesses to conveniently prepare and file income, corporate and similar tax returns. Its deployment streamlines the process of tax filing by guiding through tax forms and associated tasks. The usage of the software further enables organizations to budget, plan and forecast in an efficient manner, thus aiding in an effective decision-making process.
Global Tax Automation Software Market Trends:
The global tax automation software market is primarily driven by significant growth in the banking and finance sector. Increasing working population and per capita income levels on a global level have impelled the demand for tax automation software as its usage facilitates improved tax decision making while eliminating the complications and flaws associated with manual processing of tax filing. Moreover, increasing automation across numerous industries, the rising trend of digitalization and the complex nature of the existing tax system have led numerous corporate organizations to deploy this software for operating their tax tasks. The rising penetration of high-speed internet and the easy availability of cloud-based solutions at affordable prices are also anticipated to impact the market growth positively. Other factors, including extensive research and development (R&D) to introduce smarter and more integrated solutions, are also creating a positive outlook for the market. On account of the aforementioned factors, the market is expected to grow at a CAGR of 11.3% during 2023-2028.
- On the basis of the product type, the market has been bifurcated into web and mobile software.
- Based on the tax type, the market has been divided into sales, income and other types of tax.
- On the basis of the software deployment type, the market has been categorized into on-premise and cloud.
- Based on the end use industry, the market has been segregated into banking, financial services, and insurance (BFSI), healthcare, retail, IT and telecom, energy and utilities, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru and others), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include ADP LLC., Blucora Inc., Chetu Inc., Intuit Inc., Drake Software, Thomson Reuters Corporation, Vertex Inc., Wolters Kluwer N.V. (Kluwer Publishers and Wolters Samsom), Xero Limited, Sage, Avalara, etc.
|Base Year of the Analysis
||Product Type, Tax Type, Software Deployment Type, End-Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||China, Japan, India, South Korea, Australia, Indonesia, United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
||ADP LLC., Blucora Inc., Chetu Inc., Intuit Inc., Drake Software, Thomson Reuters Corporation, Vertex Inc., Wolters Kluwer N.V. (Kluwer Publishers and Wolters Samsom), Xero Limited, Sage and Avalara
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