Tax Compliance Software Market Scope
Tax compliance software provides organizations with accurate local and federal tax calculations and automates tax form filing and reporting. Leading tax compliance vendors offer separate applications to manage particular kinds of transactions and their associated taxes. Tax compliance software is often cloud-based and available on a per month subscription basis. Leading tax compliance software vendors offer a range of applications supporting the needs of specific industries (e.g. manufacturing), global corporations operating in multiple countries, or modules for only the specific kinds of transactions needed. Additionally, some leading vendors provide all-in-one offerings for small and midsize businesses.
The Tax Compliance Software market is fragmented as the market has a number of companies that offer software and there are lots of new companies entering the market due to the relative ease of developing software. The companies are exploring the market by expansions, investments, new service launches, and collaborations as their preferred strategies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Tax Compliance Software market throughout the predicted period.
Vertex, Inc. (United States), SOVOS (United States), H&R Block (United States), EGov Systems (United States), Intuit Inc. (United States), Xero (New Zealand), Thomson Reuters (United States), LegalRaasta (India), Service Objects (United States) and Avalara, Inc (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are BLUCORA (United States) and LumaTax (United States).
The study have segmented the market of Global Tax Compliance Software market , by Application (Small Business and Individuals, Midsize Enterprise and Large Enterprise) and Region with country level break-up.
On the basis of geography, the market of Tax Compliance Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Rising Investment in Digital Solutions and Increasing Demand of Automated Business Applications
Market Growth Drivers:
Continuous Changes in Tax Rates and Jurisdictions and Up Surging Demand for Tax Compliance Software
Lack of Technical Expertise and Working Professional and Software Technical Issues
Rising Security Issues
Potential New Technologies Such as Big Data and Analytics and The Emerging Demand from Developing Nations
Market Leaders and their Expansionary Development Strategies
In July 2020, Tax software provider Sovos has acquired Accordance, a U.K.-based value-added tax managed-services company.
In Sept 2020, Avalara, Inc. has debuted its Avalara India GST e-Invoicing product. The solution comes on top of the technology firmís array of offerings to bolster the GST compliance experience for companies in the country.
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Tax Compliance Software Provider, Cloud Provider, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Users
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.