The global tax automation software market grew at a CAGR of around 8% during the historical period of 2013-2018. Tax software stands for a type of computer software designed to aid individuals or businesses in preparing and filing income, corporate, and similar tax returns. It facilitates the tax filing process by guiding the customer through tax forms and tasks as well as automatically determining the tax obligations of an individual or a company. The software is based on real-time information and reliable forecasting, thereby minimizing the risks associated with tax amendments.
Over the years, regulatory ecosystems have evolved exponentially. Owing to the increasing complexity, tax automation software has become a significant platform for automatic tax filing and data exchange between various authorities in different nations due to the advanced features offered by these solutions. For instance, these solutions are of great assistance in the banking and insurance industry as they offer automation of reports and analysis, reduction of errors, and integration with other systems, such as online banking and e-filing. These attributes of tax automation software have led to an increasing receptiveness by organizations to transform their tax tasks, thereby imparting a positive impact on the growth of the market. Vendors across various industries, such as banking and finance, healthcare, social networks, and transport, are investing in advanced technologies to develop smarter and more integrated solutions. Looking forward, IMARC Group expects the market to continue its growth during the next five years.
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Breakup by Tax Type:
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The report has also analysed the competitive landscape of the market with some of the key players being 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.
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