According to the new research report published by The Insight Partners, titled “Tax Software Market - Global Analysis and Forecast to 2027”, the global tax software market is expected to reach US$ 24.8 Bn by 2027, registering a CAGR of 11.2% during the forecast period 2020-2027.
The market for global tax software market is concentrated with some very well-established players. Some of the key players in the global tax software market are Avalara, Inc.The Sage Group plc, Thomson Reuters Corporation, Vertex, Inc., Wolters Kluwer (cch incorporated), Xero Limited, Chetu Inc., Drake Software, H & R Block, and Intuit Inc. among others.
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Strategy and Business Planning is commonly adopted by companies to expand their footprint worldwide and meet the growing demand. This strategy is mostly observed in Europe. Few of the recent partnerships are listed below;
2019: EY announced Tax partnership with Thomson Reuters.
2019: Vertex announced Salesforce Commerce Cloud Integration
2019: Vertex announced partnership with Insite Software
Impact of COVID-19 on Tax Software Market
COVID-19 pandemic is affecting various industries in the North America region, including the software industry and directly impacting IT and tech spending. According to the Center for Strategic and International Studies, owing to COVID-19 impact, the US would experience contraction in GDP in the second quarter. Further, as per the United Nations Conference on Trade and Development (UNCTAS), foreign direct investment (FDI) flows could fall between 5% and 15% to their lowest levels since the 2008–2009 financial crisis. In March 2020, President Donald Trump of the US signed a law in order to offer relief for the taxpayers in the US, which is hugely impacted by COVID-19. The COVID-19 law, namely, the Families First Coronavirus Response Act or H.R. 6201, comprises relief for self-employed, businesses, and individuals. As coronavirus is negatively impacting various industries, it is also affecting the tax industry in the North America region. The coronavirus outbreak will have a limited short-term impact on the market. The short-term effect of coronavirus would not affect the recovery of overall sales in the tax industry in 2020; this is mainly because of the continued promotion of tax information by various companies in the region.
Due to the advent of digitalization across regions, companies are adopting advanced technologies for reducing manual business process and implementing automated process for increasing productivity and achieving efficient business outcomes. Owing to the internet and various platforms, such as desktop and smartphone, there is no need for individuals to visit a Tax Office; they can file a tax return and make a tax payment remotely. End users such as commercial enterprises and individuals are adopting tax software as it automates tax processes and reduces the manual efforts of computing tax. In 2019, North America led the global tax software market with more than 30% revenue share, followed by Europe and APAC. North America is characterized by the presence of well-developed countries such as the US and Canada, a strong industry base, and high technology adoption. The growing adoption of technologies in the tax industry is increasing the adoption of tax software. The government in the region is investing in the provision of tax management systems in several private and public organizations. Cloud technology provides numerous benefits for the organization; hence, several companies in the region are adopting cloud-based cloud technology. The tax software market is anticipated to register significant growth during the forecast period, attributed to an increase in the demand for tax process automation and the availability of cloud-based tax software at a low price.
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The Insight Partners
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.