Sales Tax Software Market is segmented By Solution (Consumer Use Tax Management, Automatic Tax Filings, Exemption Certificate Management, and Others), By Platform Type (Web and Mobile), By Deployment (On-Premises and Cloud), By Industry Vertical (BFSI, Transportation, Retail, Telecommunication and IT, Healthcare, Manufacturing, Food Services, Energy and Utilities, and Others), By End-User (Individuals and Commercial Enterprises) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)
Sales tax software is described as a technical solution supplied by various financial and information technology firms that primarily assist people and businesses in reporting taxes on their company sales. This software is directly connected to the authorities in a specific location, capturing all the rules and compliance requirements that a business organization or an individual must adhere to, facilitating tax filing and processing.
Sales Tax Software Market size was estimated at $4,063 million in 2021 and is expected to reach $8,285 million by 2031, growing at a CAGR of 10% during the forecast period of 2022 to 2031.
Sales Tax Software is software that automates and combines calculating, managing and reporting on sales taxes. The system includes:
• Managing consumer use taxes.
• Value-added taxes.
• Submitting tax returns.
• Software interface with financial databases.
By deployment method, the cloud segment led the worldwide sales tax software market. Businesses choose cloud-based sales tax software because it automatically backs up their tax returns to secure servers. Cloud-based software enables organizations to develop rapidly without making significant investments in their technological infrastructure since cloud technologies are highly adaptable to faster rates of change. They are flexible in their response to rapidly changing regulatory and reporting contexts.
Sales Tax Software Market Growth and Trend
With the growth of cross-border trade and online shopping globally and current trends such as e-commerce and digitalization, taxation authorities worldwide are continuously changing their tax rules and regulations to reflect these recent advances in global markets. Because the effect of changing tax laws and regulations is unclear and dependent on a variety of circumstances, firms must devote significant resources to understanding and evolving their sales tax determination processes. There is a considerable danger of overlooking critical elements when people are involved, resulting in calculating mistakes and fines from authorities. While large firms have recognized this requirement and are investing in automation of the sales tax determination and filing processes to eliminate the possibility of human mistakes, small and medium-sized businesses are still adjusting to the notion of automation and digitalization. As a result, constantly changing tax rules and regulations will likely fuel the sales tax software markets future growth.
The digital transformation of organizations, or digitalization, is the process through which digital technology is integrated into different business processes, organizational activities, and business models. Optimization of end-to-end business processes, operational efficiency, cost savings, and decrease of human error are only a few of the key drivers of digital transformation in any sector. Businesses paradigms change from manual to digital and automated operations has resulted in a slew of benefits, ranging from enhanced efficiency to cost savings and higher income potential. Moreover, due to improvements in cloud computing and storage technologies over the last decade, the capability of cloud-based systems has multiplied. This has generated more options for businesses to utilize cloud-based sales tax software.
COVID-19 is an unprecedented worldwide public health emergency that has impacted nearly every business. The long-term repercussions are expected to influence the industrys growth throughout the projection period adversely. Our continuous study strengthens our research framework by ensuring that all relevant COVID-19 concerns and potential routes ahead are included. The research provides insight into COVID-19 by examining consumer preferences and demand, purchasing patterns, supply chain rerouting, the dynamics of new market forces, and substantial government engagement. The revised report includes insights, analyses, projections, and forecasts for the market, considering the effect of COVID-19.
Sales Tax Software Market Segmentation
The sales tax software market is segmented by solution, platform type, deployment, industry vertical, and end-user. Based on solution, the market consists of consumer use tax management, automatic tax filings, exemption certificate management, and others. By platform type, the market is divided into web and mobile. Based on deployment, the market is segmented into on-premises and cloud-based system. Based on industry vertical, the market is divided into BFSI, transportation, retail, telecommunication and IT, healthcare, manufacturing, food services, energy and utilities, and others. By end-user, the market consists of individual and commercial enterprises.
Sales Tax Software Market Country Analysis
In terms of market share, North America is anticipated to lead the worldwide sales tax software market in 2018. This may be credited to the regions presence of prominent market participants and industrialized nations such as the United States and Canada, which have developed technology and infrastructures. Europe is anticipated to be the second-largest emerging market in terms of revenue throughout the forecast period. The Asia Pacific is projected to expand at a phenomenal rate throughout the forecast period due to developing economies such as India and China, growing awareness of sales tax software, and increased use of innovative technology solutions.
Sales Tax Software Market Share and Competition
The major players operating in the global sales tax software market are APEX Analytix, Avalara, CCH Incorporated, eDocSolutions, eGov Systems, Exactor, LegalRaasta.com, LumaTax, Inc., Ryan, Sage Intacct, Inc., Sales Tax DataLINK, Sovos Compliance, Thomson Reuters, Vertex, Inc., Xero, and Zoho Corporation.
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• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Solution Analysis (Revenue, USD Million, 2022 - 2031)
• Consumer Use Tax Management
• Automatic Tax Filings
• Exemption Certificate Management
Platform Type Analysis (Revenue, USD Million, 2022 - 2031)
Deployment Analysis (Revenue, USD Million, 2022 - 2031)
Industry Vertical Analysis (Revenue, USD Million, 2022 - 2031)
• Telecommunication and IT
• Food Services
• Energy and Utilities
End-User Analysis (Revenue, USD Million, 2022 - 2031)
• Commercial Enterprises
Region Analysis (Revenue, USD Million, 2022 – 2031)
• North America
o United States
• South America
o United Kingdom
• Asia Pacific
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
Sales Tax Software Market Companies
• APEX Analytix
• CCH Incorporated
• eGov Systems
• LumaTax, Inc.
• Sage Intacct, Inc.
• Sales Tax DataLINK
• Sovos Compliance
• Thomson Reuters
• Vertex, Inc.
• Zoho Corporation
• United States Sales Tax Software Industry Research Report
• Europe Sales Tax Software Industry Research Report
• Asia Pacific Sales Tax Software Industry Research Report
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