Facts and Factors Market Research has published a new report titled “Sales Tax Software Market By Solution (Consumer Use Tax Management, Exemption Certificate Management, and Automatic Tax Filings), By Platform (Web and Mobile), By Deployment (On-Premise and Cloud-Based), By Industry Vertical (BFSI, Energy & Utilities, Healthcare, Government & Defense, Retail, Manufacturing, Food Services, Transport, and IT & Telecommunications), and By End-User (Individuals and Commercial Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”. According to the report, the global sales tax software market was valued at approximately USD 4,063 million in 2018 and is expected to reach a value of around USD 10,239 million by 2027, at a CAGR of around 10.8% between 2019 and 2027.
Sales tax software is software that aids business by making use of consumer-driven transactions and demonstrates the appropriate regional and national rules & tax rates in order to collect taxes in an accurate manner. These systems often integrate with ERP systems as well as accounting software systems for ensuring accuracy of the revenue figures, forecasts, and budgets across the group, as well as e-commerce and POS tools so taxes are correctly calculated for the customers and gathered during transactions.
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Escalating demand for sales process automation to drive the market trends
Massive need for reducing various kinds of errors caused due to wrong calculation of taxes manually has enhanced the market demand during the period from 2019 to 2027. Apart from this, the increase in internet penetration and massive consciousness among the people about the benefits of the sales process automation will drive the business trends over the forecast timeline.
Furthermore, the onset of connected things and cloud-based solutions is expected to create lucrative growth avenues for the sales tax software industry over the forecast timeline. Nonetheless, the lack of strong IT infrastructure and cyber-attacks witnessed in the emerging countries can hinder the expansion of the sales tax software industry over the forecast timeframe.
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Consumer use tax management to dominate the solution segment in terms of value
The dominance of the segment over the forecast timeline is attributed to the massive use of the sales tax software for consumer use tax management activities.
BFSI to lead the industry vertical landscape over the forecast period in terms of revenue
The growth of the segment during the period from 2019 to 2027 is due to the massive use of the sales tax software in the banking, financial, and insurance activities to promote accuracy and reduce the number of errors while calculation to sales taxes.
North America to contribute major revenue share of the overall market by 2027
The growth of the market in the region during the forecast timeline is due to robust IT infrastructure & use of new cyber-security systems in the countries like the U.S. Furthermore, the growing use of internet, onset of internet of things, and high use of the product in the small, medium, and large-sized firms in the countries like the U.S. and Canada are predicted to steer the growth of the sales tax software industry over the forecast timeline.
Browse the full “Sales Tax Software Market By Solution (Consumer Use Tax Management, Exemption Certificate Management, and Automatic Tax Filings), By Platform (Web and Mobile), By Deployment (On-Premise and Cloud-Based), By Industry Vertical (BFSI, Energy & Utilities, Healthcare, Government & Defense, Retail, Manufacturing, Food Services, Transport, and IT & Telecommunications), and By End-User (Individuals and Commercial Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027” Report at https://www.fnfresearch.com/sales-tax-software-market-by-solution-consumer-use-89
Furthermore, the rise in the automation and increase in the utilization of cloud-based computing solutions in the region will support the expansion of the sales tax software industry in North America.
Some of the key players in the market include Vertex Global Tax Solutions, Ryan, LLC, APEX Analytix, Avalara Inc., Zoho Corporation Pvt. Ltd., CCH Incorporated, eDocSolutions, Avenu Insights & Analytics, Intuit Inc., Legal Raasta Technologies Pvt. Ltd., LumaTax, Inc., Sage Intacct, Inc., Sales Tax DataLINK, Sovos Compliance, LLC, Thomson Reuters, Xero Limited, and Ireland Holdings.
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This report segments the Sales Tax Software market as follows:
Global Sales Tax Software Market: By Deployment Type Segment Analysis
Global Sales Tax Software Market: By Solution Segment Analysis
- Consumer Use Tax Management
- Exemption Certificate Management
- Automatic Tax Filings
Global Sales Tax Software Market: By Platform Segment Analysis
- Android Native
- iOS Native
Global Sales Tax Software Market: By Industry Vertical Segment Analysis
- Energy & Utilities
- Government & Defense
- Food Services
- IT & Telecommunications
Global Sales Tax Software Market: By End-User Segment Analysis
- Commercial Enterprises
- Small and Medium Enterprises
- Large Enterprises
Global Sales Tax Software Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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