(MENAFN- IMARC Group)
According to IMARC Group, the global tax automation software market size reached US$ 18.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 44.0 Billion by 2032, exhibiting a growth rate (CAGR) of 9.9% during 2024-2032.
Tax software refers to 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. Consequently, tax software finds extensive applications in numerous sectors, such as banking, financial services and insurance (BFSI), healthcare, information technology (IT), etc.
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Tax Automation Software Market Trends:
The rising usage of software for automatic tax filing and data exchange between several authorities in various countries, on account of the advanced features offered by these solutions, owing to the increasing complexity, is primarily augmenting the tax automation software market. The growing working population and the inflating per capita income levels have compelled the demand for tax software, as its usage facilitates improved tax decision-making while eliminating the complications and flaws associated with the manual processing of tax filing, which is positively influencing the global market.
The increasing investments by vendors across various sectors, such as banking and finance, healthcare, social networks, and transport, in advanced technologies to develop smarter and more integrated solutions are acting as significant growth-inducing factors. The rising penetration of high-speed internet and the easy availability of cloud-based solutions at affordable prices are also bolstering the market growth. Besides this, the emerging 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, which is expected to drive the tax automation software market in the coming years.
Competitive Landscape With Key Players:
The competitive landscape of the tax automation software market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key 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
Key Market Segmentation:
The report has segmented the global tax automation software market based on product type, tax type, software deployment type, end-use industry and region.
Breakup by Product Type:
Web Software Mobile Software
Breakup by Tax Type:
Sales Tax Income Tax Others
Breakup by Software Deployment Type:
Breakup by End-Use Industry:
Banking, Financial Services and Insurance (BFSI) Healthcare Retail, IT and Telecom Energy and Utilities Others
Breakup by Region:
Asia Pacific North America Europe Latin America Middle East and Africa
Key Highlights of the Report:
Market Performance (2018-2023) Market Outlook (2024-2032) Market Trends Market Drivers and Success Factors Impact of COVID-19 Value Chain Analysis Comprehensive mapping of the competitive landscape
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