ALBANY, New York, Aug. 30, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research , the global tax software market is expected to reach a value of US$ 19,513.2 Mn by 2026 on account of growing adoption of tax software and e-accounting solutions across various industries. The market is projected to expand at a CAGR of 10.5% during the forecast period from 2018 to 2026.The market in Asia Pacific is anticipated to experience healthy growth which is expected to be followed by Middle East & Africa during the forecast period.The tax software services segment is expected to see flourishing growth, owing to rising demand of tax software in various industries such as banking, retail, information technology, etc.
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Adoption of tax software driving the global tax software market
Rapid developments in technologies for tax management have made it possible for a range of industries to increase their number of consumers across the world. There has been a significant need for technological solutions in the taxation industry due to advance features that help in enhancing financial management of various organizations. This is likely to create strong demand for tax software in the near future. Similarly, vendors across countries such as China, India, the U.S., U.K, Germany, Finland, Singapore, and Denmark are focusing on enhancing tax management solutions aspect of the taxation industry. Public agencies as well as private companies are emphasizing on providing tax software mainly due to the benefits offered by electronic accounting, as these solutions are highly effective in improving the performance and infrastructure of organizations across regions.
Tax Software Market: Scope of the Report
The tax software market is segmented based on component, tax type, software deployment type, end-user, industry, and geography. According to the research study, the cloud segment is anticipated to experience flourishing growth during the forecast period. This is mainly due to multiple cloud applications and adoption of cloud computing in BFSI, government, retail, IT and telecom etc. In addition to this, various end-users across regions prefer cloud based software to be the reliable solution with respect to its cost, security, and accessibility. By 2026, commercial enterprises software is projected to cover more than 60% of the global market. Apart from this, banking, financial services and insurance (BFSI) also plays a vital role in supplementing the growth of the tax software market. Vendors are offering tax software due to the rise in need for tax management systems and a move by the governments across regions toward digitalization in the taxation industry. Furthermore, the income tax segment is likely to hold a significant share of the tax software market.
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North America is leading the tax software market with more than 30% share globally. This is due to increase in advance technologies for tax management systems and also high penetration of accounting software in the region. Furthermore, strong presence of tax software providers across the region is contributing to the growth of the market. North America is contributing the highest share in the tax software market because the U.S. is considered as a highly developed country in terms of technological innovations and adoptions.
In terms of new opportunities, the market in Asia Pacific is expected to witness healthy growth during the forecast period. Increasing awareness of tax software as well as adoption of advance and technological solutions in the taxation industry across countries such as Singapore, India, South Korea, Taiwan, China, Malaysia, and Thailand is expected to offer prominent opportunities to the tax software market.
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Global Tax Software Market : Competitive Dynamics
The research study includes profiles of leading companies operating in the global tax software market. Some of the key players profiled in the market include ADP LLC., Blucora, Inc., Chetu, Inc., Intuit Inc., Drake Software. Thomson Reuters Corporation, Vertex, Inc., Wolters Kluwer N.V. (Kluwer Publishers and Wolters Samsom), Xero Limited, Sage, and Avalara.
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