New York, Aug. 17, 2022 (GLOBE NEWSWIRE) — The Insight Partners has released the latest research study on “Sales Tax Software Market through 2027 – Global analysis and forecasts by solution (tax filings, consumer tax management and others); Deployment model (cloud and on-premises); Industry vertical (IT & Telecom, BFSI, Retail & Transportation) Global sales tax software market growth is driven by growing demand for sales tax process automation and availability of tax software solutions low-spread cloud-based sales platforms. Additionally, the demand for sales tax software is expected to increase owing to the advanced features offered by sales tax software solution 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|
|Rate of growth||CAGR of 8.8% from 2019 to 2027|
|Number of pages||181|
|Number of tables||84|
|Number of graphs and figures||74|
|Historical data available||Yes|
|Segments Covered||The solution ; deployment model; industry vertical|
|Regional scope||North America; Europe; Asia Pacific; Latin America; AEM|
|Country scope||United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report cover||Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends|
The global sales tax software market is highly competitive and fragmented. Sales tax and regulations differ significantly across geographies/countries/states and depend on various political, economic, social, and technological conditions prevailing in those specific regions. Therefore, businesses use a variety of approaches to ensure tax compliance. This market fragmentation presents a huge challenge for the Sales Tax Software market players to gain a global market share.
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Some very well-established market players are operating in the global sales tax software market. The top five market players in this market are Avalara Inc., CCH Incorporated (a subsidiary of Wolters Kluwer NV), Vertex, Inc., ONESOURCE (a division of Thomson Reuters), and Sovos Compliance LLC.
Developing and growing regions such as Middle East, Africa, and South America are anticipated to provide substantial growth opportunities for market players operating in the global Sales Tax Software market. Moreover, increasing adoption rate of advanced technological solutions, rising process automation, and growing adoption of cloud-based solutions are some of the major factors driving the future growth of the global IT market. sales tax software, over the forecast period from 2019 to 2027. , growing adoption rate of advanced technology solutions, increasing process automation, and growing adoption of cloud-based solutions are some- one of the major factors driving the future growth of the global sales tax software market during the forecast period of 2019 to 2027.
Main results of the study:
This digitalization revolution in the world presents a huge opportunity for businesses to use digital services and automation to transform their existing business models and processes to increase operational efficiency and revenue. Digital transformation or digitization of businesses is basically the integration of digital technology into various business processes, organizational activities and business models. End-to-end business process optimization, operational efficiency, reduction of costs and human errors are some of the main drivers of digital transformation in any industry. Over the past few decades, the proliferation of smart devices, easy availability of the Internet, advancements in IoT, artificial intelligence, and the advent of smart work homes have increased exponentially.
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The business paradigm shift from traditional to digital and automated processes has reaped multiple benefits for businesses ranging from improved efficiency to reduced costs and increased revenue opportunities. In addition to this, technological advancements in cloud computing and storage technology, the power of cloud-based platforms has increased many times in the past decade. This has further created new opportunities for businesses to opt for cloud-based sales tax software solutions with low initial investment. Digitizing and automating the sales tax determination and filing process is the need of the hour, in order to adapt to ever-changing tax laws and regulations and to efficiently meet tax obligations and compliance . The above factors are driving the global sales tax software market.
By investing in cloud-based solutions, businesses are expected to reduce operational costs, decrease human error in tax calculations and reporting, and thereby increase productivity and revenue in this process. On-premises solutions are sometimes complex to manage and expensive. Not all medium sized companies or to some extent even large companies find it possible to invest in in-house automation systems and therefore most of the companies outsource their work. Every business needs a specific and customized tax solution based on their organization’s requirements and using cloud-based solutions for these specific needs is considered one of the best business models for most businesses in the world. world.
On top of that, the growing digital revolution across the globe is fueling the adoption of cloud-based solution. Governments in developing economies like India and China are taking various initiatives to boost the adoption of digital services by consumers and industries.
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