Sales Tax Software Market Scope
Sales tax software is the software that automates, simplifies, and integrates the sales tax calculation, management, and reporting. Moreover, Sales tax software assists in an accurate tax decision making on sales tax. It also helps in eliminating the complications, flaws, and assist in improving them.
According to AMA, the Global Sales Tax Software market is expected to see growth rate of 8.5%
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Sales Tax Software market throughout the predicted period.
Vertex Inc. (United States), Avalara (United States), Thomson Reuters (Canada), Xero (New Zealand), Zumzum (United Kingdom), Paddle (United Kingdom), DAVO Technologies (United States), FedTax (United States), RepairDesk (United States) and Blockpit (Austria) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are AccurateTax.com (United States), LegalRaasta.com (India), Sales Tax DataLINK (United States), CFS Tax Software (United States), Sovos Compliance (United States), TPS Unlimited (United States), Wolters Kluwer (Netherlands), LumaTax, Inc. (United States), Intuit (United States) and FORMAT Software Service (Germany).
About Approach
The 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 total available market.
Segmentation Overview
The study have segmented the market of Global Sales Tax Software market and Region with country level break-up.
On the basis of geography, the market of Sales Tax 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).
Market Leaders and their expansionary development strategies
On 28 May 2019, Global tax software provider Sovos announced that it will acquire Istanbul-based Foriba, a leading player in e-invoicing, e-delivery notes, e-receipts and periodic value-added tax (VAT) reporting in Turkey and beyond.
On 1 April 2017, DAVO Sales Tax, the only integrated and automated sales tax cash management solution targeted to small and medium-sized businesses is now available on Square.
Market Trend
- The Emergence of Artificial Intelligence and Cloud Computing
Market Drivers
- Continuous Changes in Tax Rates and Jurisdictions
- Rising Demand for Sales Tax Software’s from Retail Sector
Opportunities
- Potential New Technologies Such as Big Data and Analytics
- The Emerging Demand from Developing Nations
Restraints
- Security Threats May Hamper the Growth of the Market
Key Target Audience
Sales Tax Software Key Providers, Regulatory & Government Bodies, Research & Consulting Firms, End Users and Others