Global Sales Tax Software Market is expected to grow at a CAGR of more than 10.8% by 2027 owing to Increased Adoption of Automation to Increase Operational Efficiency: Says Absolute Markets Insights

The sales tax software is being increasingly used in businesses including shipping, contracts, products and accounting. Integration of technology in sales tax management of the business assists in reducing the time effort. The sales tax management process generally involves includes calculation, filing, and reporting with an aim to fulfill all the tax obligations. In addition, advent of technology automation results in significant reduction of average cost for small and medium sized organizations. Automation of sales tax management is pushing the organizations to enhance their operational efficiency and overall profit. For instance, SOVOS introduced an automated government certified sales tax software, Taxify, which provides real time tax rates, and is a print ready platform. The sales tax software is equipped with self-service portal that provides easy procedure of filing the taxes. Thus, such factors are expected to enhance the growth of global sales tax software market during the forecast period.

 

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The major market participants in the global sales tax software market are heavily investing to integrate the enhanced technologies, such as artificial intelligence (AI), robotics, machine learning, and bots in their existing offerings with an aim to transform the tax compliance structure. Moreover, tax software solutions providers are strengthening their regional as well as global footprints and offerings by acquiring AI technology to deliver better tax compliance solutions. For instance, In Feb 2019, Avalara, Inc. announced the acquisition of Indix IP AI technology in order to provide AI based solutions to its customers. Through this acquisition, the company aimed to broaden their product content and artificial intelligence for enhancement in decision makings. Furthermore, growing concerns of organizations towards modernization and standardization of their portfolio is pushing them to form strategic alliances. Thus, such factors are anticipated to positively impact the growth of global sales tax software market during forecast period.

 

In terms of revenue, the global sales tax software market stood at US$ 4063.2 Mn in 2018 expanding at a CAGR of more than 10.8% during the forecast period.

 

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The detailed research study provides qualitative and quantitative analysis of the global sales tax software market. The sales tax software market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America

 

Key Findings of the Report:

In terms of revenue, global sales tax software market was valued US$ 4063.2 Million in 2018 owing to growing adoption of advanced technologies in order to standardizes and regularize taxation systems.

On the basis of deployment, cloud is expected to grow exponentially over the forecast period owing to growing adoption of cloud based services by industries.

Based on the industry vertical, BFSI is projected to hold largest market share over the forecast period. The adoption of sales tax software in BFSI enables secure transactions and better evaluation of tax filing systems, which is expected to be a key driver for the market.

 

Some of the prominent players operating in the global sales tax software market include APEX Analytix, Avalara, CCH Incorporated, eDocSolutions, eGov Systems amongst others.

 

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Global Sales Tax Software Market

By Solutions

Consumer Use Tax Management

Automatic Tax Filings

Exemption Certificate Management

Others

 

By Deployment

On-premise

Cloud

Single-Tenant

Multi-Tenant

 

By Platform

Web

Mobile

Android Native

iOS Native

 

By End User

Individuals

Commercial Enterprise

Small & Medium Enterprises

Large Enterprises

By Industry Vertical

Banking, Financial Services and Insurance ( BFSI )

Transportation

Retail

Telecommunication & IT

Healthcare

Manufacturing

Food Services

Energy and Utilities

Others (Construction, Education, Etc.)

 

By Region

North America

U.S.

Canada

Mexico

Rest of North America

Europe

France

The UK

Spain

Germany

Italy

Nordic Countries

Denmark

Finland

Iceland

Sweden

Norway

Benelux Union

Belgium

The Netherlands

Luxembourg

Rest of Europe

Asia Pacific

China

Japan

India

New Zealand

Australia

South Korea

Southeast Asia

Indonesia

Thailand

Malaysia

Singapore

Rest of Southeast Asia

Rest of Asia Pacific

Middle East & Africa

Saudi Arabia

UAE

Egypt

Kuwait

South Africa

Rest of Middle East & Africa

Latin America

Brazil

Argentina

Rest of Latin America

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Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization.

From the in-depth analysis and segregation, we serve our clients to fulfill their immediate as well as ongoing research requirements. Minute analysis impact large decisions and thereby the source of business intelligence (BI) plays an important role, which keeps us upgraded with current and upcoming market scenarios.

 

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