Global Tax Software Market Report, Insights and Trends, Positive and Negative Factors, Areas to Focus on, Potential Markets, Key Developments, Segments and Verticals, and Forecast 2019 – 2028

“Global Tax Software Market Trends, Analysis, Applications, and Forecast & Growth Rate: 2019 –2028” is a recently tracked report by MarketResearch.biz research team. The report includes growth supporting and limiting factors, trends, and opportunities. In addition, the dynamics section includes opportunity map analysis, value chain analysis, PEST analysis, and Porter’s Five Forces analysis. Numerical data included in the report are growth rates and revenue share in percentage and revenue in US$ Mn for the global market, region-wise and country-wise markets and segment-wise markets. The key companies operating in the global market are profiled in the report with details such as company and business segment revenue, website and contact number, market footprint, competitive analysis, and SWOT analysis. To provide holistic view of the target market, the report has been bifurcated based on component, tax type, deployment type, end use, industry vertical, and region.

Request Covid - 19 Impact

Tax Software: Overview

Tax software, or tax compliance software, is developed and designed to aid companies and individuals to file income and corporate tax returns. It ensures streamlining and systematic process of filing returns. This software helps to simplify the procedure of filing income tax returns, takes the user through forms, and calculates the company's or individual’s tax obligations automatically. The key objective of developing the software is to enable easy payment of tax and file returns and reduce human error.

Global Tax Software Market: Dynamics

Increasing demand for tax software by various end-use industries owing to its advanced features that enable smooth process of filing returns and paying income or corporate tax and other procedures is a key factor projected to drive the global tax software market growth in the forthcoming years. In addition, increasing penetration of Internet, rising number of digital solutions, and growing adoption of electronic accounting are factors projected to boost the tax software market growth. Moreover, growing adoption of tax software in the BFSI sector in order to analyze a large volume of data and avoid losses is another factor fuel global tax software market growth. Furthermore, increasing technological advancements in tax software automation and rising investments by end-use industries to purchase automated systems for tax calculations and filing returns are among other major factors projected to support global market growth.

However, concerns related to networking issues and data security for cloud applications is a major factor restraining global tax software market growth to some extent.

Global Tax Software Market: Segment Insights

By Component Insights:

Among the component segments, the service segment is estimated to account for significant revenue share in the market owing to constant need for services pre and post-installation of the software. The software segment is projected to register higher growth rate owing to need for updating software after a certain period of time.

Deployment Type Segment Insights:

Among the deployment type segments, the On-premise segment is recorded a higher share in terms of value in the global market in the last year. On-premise deployment permits real-time access to documents and ensures safety of search data. These are factors driving growth of this segment in the global market.

Industry Vertical Segment Insights:

Among the industry vertical segments, the BFSI segment is estimated to record highest revenue share and is projected to register moderately higher CAGR in the global market over the 10-year forecast period, owing to increasing demand for software-based data storage and services for smooth functioning of tax process and to reduce human errors. The telecom & IT segment is expected to record second-highest revenue contribution in the market owing to rapidly growing telecommunication and information technology (IT) industry and need for automated systems for handling tax issues.

Global Tax Software Market: Region Insights

The North America tax software market is expected to account for major share in terms of value in the global market and is projected to record the highest revenue share in the years to come. Early and higher adoption of advanced technologies and security solutions in public and private organizations and rapidly growing US and Canada economies are resulting in need for automated systems to reduce dependency on human workforce. These are major factors driving growth of the market in countries in this region. The Asia Pacific tax software market is projected to register significant growth rate in terms of value over the 10-year forecast period. Rising awareness regarding the advantages of automated software systems for tax payment and return filing among individuals and enterprises and rapid growth of end-use industries in economies such as Japan, Australia, China, India among others are major factors fueling growth of the market in this region. The Europe market is estimated to record second-highest revenue share in the global market. Revenues from the markets in MEA and Latin America are projected to expand at a slower rate owing to steadily growing economies in the regions and low adoption of automated systems and software.

Global Tax Software Market Segmentation:

Segmentation by Component:           

• Software
• Services

Segmentation by Tax Type:   

• Sales Tax
• Income Tax
• Others (VAT, Service Tax, Estate Tax)

Segmentation by Deployment Type: 

• Cloud
• On-Premise

Segmentation by End Use:     

• Individual
• Commercial Enterprises
  • Small and Medium Enterprises
  • Large Enterprises

Segmentation by Industry:     

• BFSI
• IT &Telecom
• Government
• Healthcare
• Retail
• Transportation
• Manufacturing
• Energy and Utilities
• Others (E-commerce, Education, etc.)

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa