New York, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Sales Tax Software Market to 2027 - Global Analysis and Forecasts by Solution (Tax Filings, Consumer Use Tax Management, and, Others); Deployment Model (Cloud, and On-Premise); Industry Vertical (IT & Telecom, BFSI, Retail, and Transportation), the global sales tax software market growth is driven by growing demand for sales tax process automation and availability of low cast cloud-based sales tax software solutions. Furthermore, the demand for sales tax software is expected to grow, owing to the advanced features offered by sales tax software solutions providers.
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| Market Size Value in | US$ 6.21 Billion in 2018 |
| Market Size Value by | US$ 13.13 Billion by 2027 |
| Growth rate | CAGR of 8.8% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
| No. of Pages | 181 |
| No. Tables | 84 |
| No. of Charts & Figures | 74 |
| Historical data available | Yes |
| Segments covered | Solution ; Deployment Model ; Industry Vertical |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
The global sales tax software market is a highly competitive and fragmented. The sales tax and regulations differ drastically across geographies/countries/states and depend on various political, economic, social and technological conditions prevailing in those specific regions. Hence, businesses use a variety of approaches to address their tax compliance. This market fragmentation presents a huge challenge for sales tax software market players to acquire a global market share.
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There are some very well–established market players operating in the global sales tax software market. The top five market players in this market include Avalara Inc., CCH Incorporated (a subsidiary of Wolters Kluwer NV), Vertex, Inc., ONESOURCE (division of Thomson Reuters), and Sovos Compliance LLC
Developing and growing regions such as Middle East and Africa and South America are expected to offer substantial growth opportunities for market players operating in the global sales tax software market. Moreover, the growing adoption rate of advanced technological solutions, increasing process automation, and rising adoption of cloud-based solutions are some of the major factors driving the future growth of global sales tax software market, during the forecast period of 2019 to 2027. Moreover, the growing adoption rate of advanced technological solutions, increasing process automation, and rising adoption of cloud-based solutions are some of the major factors driving the future growth of global sales tax software market during the forecast period of 2019 to 2027.
Key findings of the study:
This digitization revolution around the world presents a massive opportunity for businesses to utilize digital services and automation in order to transform their business models and existing processes for increasing operational efficiency and revenue. Digital transformation or digitization of businesses is basically the integration of digital technology in various business processes, organizational activities and business models. End to end business process optimization, operational efficiency, reduction of cost and human errors are some of the major drivers for digital transformation in any industry. In the past few decades, the proliferation of smart devices, easy availability of internet, advancement of IoT, artificial intelligence, and the advent of smart workplaces homes have been increasing exponentially.
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The paradigm shift of companies from traditional processes to digital and automated processes has reaped multiple benefits for the enterprises ranging from improved efficiency, to reduced cost and increased revenue opportunities. In addition to this, the technological advancements in cloud computing and storage technology, the power of cloud based platforms has increased multi-fold during the last decade. This has further created new opportunities for enterprises to opt for cloud based sales tax software solutions with low initial investment. The digitization and automation of sales tax determination and filing process is the need of the hour, in order to adapt with constantly changing tax laws, regulations and to fulfil tax obligations and compliance efficiently. The above factors are driving the global sales tax software market.
With investment in cloud-based solutions, the companies are anticipated to reduce their operational costs, decrease human errors in tax calculations and filing, and thus to increase their productivity and revenues in this process. The on-premises solutions are sometimes complex to manage and expensive. Not every mid-size or to some extent, even the large enterprise finds it infeasible to invest in-house automation systems, and hence, most enterprises outsource their work. Each enterprise requires a specific & customized tax solution based on their organization’s requirements and using cloud-based solutions for these specific needs is considered as one of the best business models for most companies worldwide.
In addition to this, the growing digital revolution across the globe is fuelling the adoption of a cloud-based solution. Governments of developing economies such as India and China are taking various initiatives to boost the adoption of digital services by consumers and industries.
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