Sales Tax Software Market Prophesied to Grow at a Faster Pace by 2027
The global sales tax software market accounted for US$ 6.21 Bn in 2018 and is expected to grow at a CAGR of 8.8% over the forecast period 2019–2027, to account for US$ 13.13 Bn by 2027.
The global sales tax software market is predicted to draw significant growth during the coming years, majorly due to the growing demand for sales tax process automation, and availability of low cast cloud-based sales tax software solutions. Furthermore, the need for sales tax software is expected to grow, owing to the advanced features offered by sales tax software solutions providers.
Presently, cloud-based sales tax software solutions are dominating the global sales tax software market. This trend is expected to continue during the forecast period also majorly due to the rising adoption of cloud-based platforms by companies worldwide. The advanced features and evolving architectures of today’s cloud platforms are further boosting the adoption of cloud-based sales tax software solutions, and sales tax software market.
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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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The overall sales tax software market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the sales tax software market. It also provides the overview and forecast for the global sales tax software market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the sales tax software industry.
Some of the players present in the sales tax software market are APEX Analytix, Avalara, Inc., Ryan, LLC, The Sage Group Plc, Sovos Compliance LLC., Taxjar, Thomson Reuters Corporation, Vertex, Inc., Wolters Kluwer (CCH Incorporated), and Xero Limited among others.
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