New York, NY, May 09, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Sales Tax Software Market By Solution (Consumer Use Tax Management, Automatic Tax Filings, Exemption Certificate Management, and Others), By Deployment (On-Premises and Cloud-Based), By Platform Type (Web and Mobile), By Vertical (Banking, Financial Services, and Insurance (BFSI), Transportation, Retail, Telecommunication & IT, Healthcare, Manufacturing, Food Services, Energy and Utilities, and Others), and BY End-User (Individuals and Commercial Enterprises): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018–2025”. According to the report, the global sales tax software market was approximately USD 4,063 million in 2018 and is expected to generate around USD 8,285 million by 2025, at a CAGR of around 10.8% between 2019 and 2025.
Sales tax software helps businesses by utilizing consumer transactions and put them on the appropriate local and national rules and rates to collect accurate taxes. These systems are often incorporated with ERP systems and accounting software to ensure profits, projections, and budgets are exact across the group, e-commerce, and POS tools so that the taxes are correctly presented to customers and collected in transactions. The global sales tax software market is likely to be driven by the increasing demand for sales process automation in the years ahead. Manual work leads to various errors that cause miss-calculation of taxes, which has increased the demand for sales process automation over the estimated timeline. Furthermore, the increasing penetration of the internet, developing technologies, and rising software awareness among people are also driving the global sales tax software market. The use of IoT devices is increasing rapidly as it helps in improving efficiency and reducing human errors. The increasing penetration of IoT will be a major growth driver for the sales tax software market globally. However, huge initial investments for sales tax software installation and the need for skilled professionals to use this software may hamper the global sales tax software market.
Browse through 17 Tables & 36 Figures spread over 110 Pages and in-depth TOC on “Global Sales Tax Software Market Size & Share 2018 Analysis: Industry Type, Trends, Applications, Segments, Analysis and Forecast 2025”.
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The global sales tax software market is categorized into solution, deployment, platform, vertical, and end-user. The solution segment includes consumer use tax management, automatic tax filings, exemption certificate management, and others. The deployment segment includes on-premises and cloud-based. The platform type includes web and mobile. The vertical segment includes banking, financial services, and insurance (BFSI), transportation, retail, telecommunication & it, healthcare, manufacturing, food services, energy and utilities, and others. The end-users of this market are individuals and commercial enterprises.
By region, North America is expected to dominate the global sales tax software market in terms of revenue in 2018. This can be attributed to the presence of large market players in the region, the presence of developed countries like the U.S. and Canada with developed technologies and infrastructures. Furthermore, the rising adoption rate of advanced technological solutions, increasing automation, escalating technological advancements, and growing adoption of cloud-based computing are expected to support the growth of the North American sales tax software market.
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Europe is expected to be the second largest developing market over the forecast time period in terms of revenue. This can be due to the increased demand for the internet of things (IoT) and growing internet penetration across the region.
The Asia Pacific is expected to show tremendous market growth over the forecast time period, owing to the presence of developing economies like India and China, increasing awareness of sales tax software, and rising adoption of advanced technological solutions. Furthermore, business expansion of major market players in the region is also expected to contribute majorly to the Asia Pacific sales tax software market.
Browse the full “Sales Tax Software Market By Solution (Consumer Use Tax Management, Automatic Tax Filings, Exemption Certificate Management, and Others), By Deployment (On-Premises and Cloud-Based), By Platform Type (Web and Mobile), By Vertical (Banking, Financial Services, and Insurance (BFSI), Transportation, Retail, Telecommunication & IT, Healthcare, Manufacturing, Food Services, Energy and Utilities, and Others), and BY End-User (Individuals and Commercial Enterprises): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/sales-tax-software-market
Latin America and the Middle East and Africa are expected to grow considerably over the forecast time period, owing to the economic developments of these regions.
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Some major players of the global sales tax software market are APEX Analytix, Avalara, CCH Incorporated, eDocSolutions, eGov Systems, Exactor, LegalRaasta.com, LumaTax, Inc., Ryan, Sage Intacct, Inc., Sales Tax DataLINK, Sovos Compliance, Thomson Reuters, Vertex, Inc., Xero, and Zoho Corporation.
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This report segments the global sales tax software market as follows:
Global Sales Tax Software Market: Solution Analysis
- Consumer Use Tax Management
- Automatic Tax Filings
- Exemption Certificate Management
- Others
Global Sales Tax Software Market: Deployment Analysis
- On-Premises
- Cloud-Based
Global Sales Tax Software Market: Platform Type Analysis
- Web
- Mobile
Global Sales Tax Software Market: Vertical Analysis
- BFSI
- Transportation
- Retail
- Telecommunication and IT
- Healthcare
- Manufacturing
- Food Services
- Energy and Utilities
- Others
Global Sales Tax Software Market: End-User Analysis
- Individuals
- Commercial Enterprises
Global Sales Tax Software Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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