According to IMARC Group’s latest report, titled “Tax Automation Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, the global tax automation software market size reached US$ 16.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11.3% during 2023-2028.
Tax automation software refers to a specialized category of software designed to automate various aspects of tax preparation, compliance, and management. It streamlines the complex process of calculating taxes, filing returns, and ensuring adherence to ever-changing tax laws and regulations. Utilizing such software, businesses, and individuals can significantly reduce the time and effort required in manual tax calculations and reporting. Moreover, it helps in minimizing human errors and offers a more accurate and efficient way to handle tax-related tasks. Tax automation software often integrates with other financial systems, gathering data to automatically populate tax forms and calculate liabilities. Features may include support for multiple tax jurisdictions, real-time tax rate updates, and analytical tools for tax planning and optimization.
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What are the growth prospects and trends in the industry?
The shift toward paperless processes represents one of the key factors driving the growth of the market across the globe. It aligns with sustainability goals, and tax automation software supports this trend. With ever-changing and intricate tax laws across different jurisdictions, the automation of tax processes helps in ensuring compliance and reduces the risk of errors. Companies operating in multiple countries face diverse tax rules and regulations.
Tax Automation software simplifies the management of these complexities. Automating tax procedures saves significant time and labor costs, which is driving businesses of all sizes to adopt these solutions. Tax automation software’s ability to integrate with existing accounting and financial systems provides seamless data flow and improves overall efficiency. The broader trend of digital transformation across industries encourages the adoption of software solutions, including tax automation. In some regions, governments are encouraging or mandating electronic tax filing and compliance, which is driving demand for automated solutions. Advanced tax automation tools offer real-time analytics, assisting businesses in strategic decision-making and tax planning which is creating a positive outlook for the market across the globe.
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:
- On-Premise
- Cloud
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
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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