The global sales tax software market accounted to US$ 6.21 Bn in 2018 and is expected to grow at a CAGR of 8.8% during the forecast period 2019 – 2027, to account to US$ 13.13 Bn by 2027.
The global sales tax software market is anticipated to exhibit impressive growth in near future. Some of the major driving factors contributing to the market growth include constantly evolving sales taxation laws and regulations in various countries, and increasing digital transformation across small, medium, and large enterprises. However, factors such as concerns related to data privacy, confidentiality and security related to cloud based solutions, lack of technology know-how, and inadequate IT and Cloud infrastructure in developing nations are anticipated to hinder the market growth in the coming years. In spite of these hindering factors, small, medium and do it yourself businesses and rising adoption of cloud-based solutions by enterprises are projected to offer future growth opportunities for market players operating in the global sales tax software market during the forecast period.
• To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global Sales Tax Software Market
• To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
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- APEX Analytix
- Avalara, Inc.
- Ryan, LLC
- The Sage Group Plc
- Sovos Compliance
- Thomson Reuters
- Vertex, Inc.
- Wolters Kluwer
- Xero Limited
Sales tax and indirect taxes are major sources of revenue for governments, and efficient as well as elaborate tax laws help authorities collect maximum tax revenue. With increasing cross border trade and online retail around the world, coupled with latest trends such as e-commerce and digitalization, taxation authorities around the world are constantly updating their tax laws and regulations to cover these recent developments in global market places. The effect of tax laws and regulations changes is uncertain and depends on multiple factors, hence, businesses need to invest substantial amount of resources to understand and evolve their sales tax determination calculations. With humans involved, there is a high risk of missing important details which could lead to calculation errors and penalties from authorities.
Large enterprises understood this need and are investing in automation of sales tax determination, and filing process in order to reduce chances of human error, however, small and medium sized businesses are still in the process of adapting to the idea of automation and digitization. Hence, continuously changing tax laws and regulations are expected to drive the future growth of sales tax software market.
Among the various geographic regions, North America was the leading sales tax software market, and it is anticipated to be the highest revenue contributor throughout the forecast period. The growth and adoption in North American sales tax software market is primarily driven by the growing demand of sales tax software from various industries such as retail, IT & telecom, transportation, and healthcare among others.
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With presence of some of the major players such as Avalara Inc., Vertex Inc., Thomson Reuters Corporation (ONESOURCE), and Sovos Compliance LLC, and a large number of small players, the adoption of sales tax software has been growing at an impressive pace in the North America region. However, developing and growing regions such as Asia Pacific, Middle East, Africa, and South America are expected to contribute a substantial percentage in the growth of global sales tax software market during the forecast period from 2019 to 2027, owing to the supportive government initiatives for digital transformation and presence of a large number of small and medium sized enterprises.
GLOBAL SALES TAX SOFTWARE MARKET – MARKET SEGMENTATION
Tax Determination & Filing Solutions
Compliance Document Management Solutions
By Deployment Type
By Industry Vertical
IT and Telecom
Reason to Buy:
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Sales Tax Software Market
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Sales Tax Software Market, thereby allowing players to develop effective long term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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