The global sales tax software market is experiencing growth due
to several factors such as the shift towards automation and
integration, increase in demand for streamlined tax processes, and
surge in demand for IoT devices.
NEW
CASTLE, Del., Aug. 15,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "Sales Tax Software Market by Solution (Consumer
Use Tax Management, Tax Filings and Others), Deployment Mode
(On-Premises and Cloud), and Industry Vertical (BFSI,
Transportation, Retail, IT and Telecom, Healthcare and Others):
Global Opportunity Analysis and Industry Forecast, 2024-2033".
According to the report, the sales tax software market was valued
at $6.9 billion in 2023, and is
estimated to reach $17.2 billion by
2033, growing at a CAGR of 9.5% from 2024 to 2033.
Prime determinants of growth
The sales tax software market is gaining traction due to the
shift towards automation and integration, driven by rise in demand
for streamlined tax processes and availability of cloud-based
solutions at competitive prices. These factors are fostering growth
in the market, with focus on simplifying tax calculations,
management, and reporting through advanced software solutions like
consumer use tax management and tax filing. Moreover, the market is
witnessing rise in demand for IoT devices, further propelling
the adoption of sales tax software to enhance operational
efficiency and accuracy in tax-related tasks. On the contrary,
growing emphasis on regional integration and harmonization of tax
legislation, with rise in demand for accessible and cost-effective
platforms is expected to provide lucrative growth opportunities to
the sales tax software market.
Request Sample Pages:
https://www.alliedmarketresearch.com/request-sample/4215
Report Coverage and Details
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base
Year
|
2023
|
Market Size in
2023
|
$6.9 billion
|
Market Size in
2032
|
$17.2 billion
|
CAGR
|
9.5 %
|
No. of Pages in
Report
|
254
|
Segments
Covered
|
Solution, Deployment
Mode, Industry Vertical, and Region.
|
Drivers
|
- Shift towards automation and
integration
- Increase in demand for streamlined tax
processes
- Surge in demand for IoT devices
|
Opportunities
|
• Growing
emphasis on regional integration and harmonization of tax
legislation
|
Restraint
|
• Substantial
initial investments and the need for specialized skill
sets
|
Buy this Complete Report (254 Pages PDF with Insights,
Charts, Tables, and Figures) at:
https://www.alliedmarketresearch.com/purchase-enquiry/sales-tax-software-market/purchase-options
Segment Highlights
By solution, the consumer use tax management is expected to
dominate the market during the forecasted period. The consumer use
tax management segment is driven by the growing need for businesses
to accurately track and report consumer use taxes, which are often
overlooked or underreported. Sales tax software solutions that
offer robust consumer use tax management capabilities enable
companies to automate the calculation, reporting, and filing of
these taxes, ensuring compliance and reducing the risk of
penalties.
By deployment mode, the on-premises segment is driven by the
preference of some organizations, particularly larger enterprises,
to maintain control over their tax data and infrastructure.
On-premises solutions offer customization options and integration
with existing systems, making them appealing to businesses with
specific requirements or concerns about data security and
privacy.
On the basis of industry vertical, the retail segment is
dominating the market due to the high volume of transactions and
the complexity of sales tax calculations in the industry. As
e-commerce continues to grow, retailers require efficient and
accurate sales tax software to manage their tax obligations across
multiple jurisdictions and channels. The adoption of sales tax
software helps retailers streamline their tax processes, reduce
errors, and ensure compliance with evolving regulations.
Regional Outlook
The growth of the sales tax software market in North America is primarily driven by the
region's high levels of transaction quantities and values, leading
to complex tax filing processes. The presence of numerous tax
software providers such as Avalara, Sage Group Plc, Thomson Reuters
Corp, and Xero Ltd. offers advanced solutions for efficient and
error-free tax filing. In addition, rise in adoption of artificial
intelligence (AI) solutions among businesses and individuals fuels
the demand for AI-based tax software solutions, further propelling
the market growth in North America.
However, in Asia-Pacific, the
growth of the sales tax software market is fueled by the region's
focus on smart city projects and government initiatives that
necessitate efficient tax management solutions. Rise in adoption of
sales tax software in smart city programs and city surveillance
projects is a key driver. Moreover, the presence of many
third-party sellers and system integrators in the region, coupled
with the rapid demand for sales tax software across various
industries, including BFSI, transportation, retail, healthcare, and
manufacturing, contributes to the market growth in
Asia-Pacific.
Enquiry Before Buying:
https://www.alliedmarketresearch.com/purchase-enquiry/4215
Major Industry Players
- APEX Analytix, LLC
- Avalara Inc.
- Intuit Inc.
- LumaTax, Inc.
- Ryan, LLC
- Sage Intacct, Inc.
- Sales Tax DataLINK
- Sovos Compliance, LLC
- Thomson Reuters
- Vertex, Inc.
The report provides a detailed analysis of these key players in
the global sales tax software market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
Recent Development
- In April 2023, Taxually, one of
the leading European cloud-native VAT software providers, announced
that California-based LumaTax
joined its family of Enterprise-grade automated tax software
solutions. This acquisition enables Taxually to accelerate growth
globally across both Enterprise and E-commerce segments and to
further expand its leading indirect tax product suite.
- In April 2021, Intuit ProConnect,
from Intuit Inc., announced its partnership with Practice Ignition
(PI) to increase productivity for tax professionals. Practice
Ignition, an automated proposal and payment management software
that eliminates administrative tasks, works in tandem with Intuit
professional tax products, allowing for a better end-to-end
workflow for tax professionals.
AVENUE- A Subscription-Based Library (Premium on-demand,
subscription-based pricing model):
AMR introduces its online premium subscription-based library
Avenue, designed specifically to offer cost-effective, one-stop
solution for enterprises, investors, and universities. With Avenue,
subscribers can avail an entire repository of reports on more than
2,000 niche industries and more than 12,000 company profiles.
Moreover, users can get an online access to quantitative and
qualitative data in PDF and Excel formats along with analyst
support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any
device and anywhere. For more details, follow the
link: https://www.alliedmarketresearch.com/library-access
About Us:
Allied Market Research (AMR) is a full-service market research
and business-consulting wing of Allied Analytics LLP based in
Wilmington, Delaware. Allied
Market Research provides global enterprises as well as medium and
small businesses with unmatched quality of "Market Research Reports
Insights" and "Business Intelligence Solutions." AMR has a targeted
view to provide business insights and consulting to assist its
clients to make strategic business decisions and achieve
sustainable growth in their respective market domain.
We are in professional corporate relations with various
companies, and this helps us in digging out market data that helps
us generate accurate research data tables and confirms utmost
accuracy in our market forecasting. Allied Market Research CEO
Pawan Kumar is instrumental in
inspiring and encouraging everyone associated with the company to
maintain high quality of data and help clients in every way
possible to achieve success. Each and every data presented in the
reports published by us is extracted through primary interviews
with top officials from leading companies of domain concerned. Our
secondary data procurement methodology includes deep online and
offline research and discussion with knowledgeable professionals
and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Logo:
https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/sales-tax-software-market-to-reach-17-2-billion-globally-by-2033-at-9-5-cagr-allied-market-research-302222329.html
SOURCE Allied Market Research