Sales Tax Software Market to Grow at 8.8% CAGR to Reach $13.13 Billion by 2027 Led by Ryan, Thomson Reuters, Vertex, Wolters Kluwer, Xero Limited, APEX Analytix, Avalara, The Sage Group, Sovos Compliance, Taxjar

The Global Sales Tax Software Market to grow at a CAGR of 8.8% during 2019-2027 to reach $13.13 Billion by 2027 from $6.21 Billion in 2018 driven by increase in digitization and focus on constantly updating tax laws and regulations across the globe; while North America was the leading sales tax software market, and it is anticipated to be the highest revenue contributor throughout the forecast period. The growth and adoption in North American sales tax software market is primarily driven by the growing demand of sales tax software from various industries such as retail, IT & telecom, transportation, and healthcare among others.

In 2018, North America the global sales tax software market accounted for the largest share, growing at a CAGR of 8.6%.

With presence of some of the major players such as Avalara Inc., Vertex Inc., Thomson Reuters Corporation (ONESOURCE), and Sovos Compliance LLC, and a large number of small players, the adoption of sales tax software has been growing at an impressive pace in the North America region. However, developing and growing regions such as Asia Pacific, Middle East, Africa, and South America are expected to contribute a substantial percentage in the growth of global sales tax software market during the forecast period from 2019 to 2027, owing to the supportive government initiatives for digital transformation and presence of a large number of small and medium sized enterprises.

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There are some very well–established market players operating in the global sales tax software market. The top five market players in this market include Avalara Inc., CCH Incorporated (a subsidiary of Wolters Kluwer NV), Vertex, Inc., ONESOURCE (division of Thomson Reuters), and Sovos Compliance LLC

The North America region consists of developed economies such as the U.S. and Canada as well as Mexico as a developing nation. Advantage of developed economy and highly advanced technology ecosystem gives ample opportunities to small & medium enterprises and large enterprises to better fulfill the requirement of its users. The software industry at a global level is increasing, and their growth is rising from single-digit to double-digit.

Among the other global regions, Asia Pacific is the fastest growing region in the global sales tax software market. The region has growing IT infrastructure and strong software and services offerings. Due to such factors, the Asia Pacific region would continue to grow. Presently, cloud based sales tax software solutions are dominating the sales tax software market in the region, and this trend is expected to continue during the forecast period majorly due to rising adoption of cloud based platforms by companies worldwide. The advanced features and evolving architectures of today’s cloud platforms are further boosting the adoption of cloud based sales tax software solutions.

Sales Tax Software Market Strategic Insights:

The market players present in sales tax software market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally. Few of the recent developments in the global sales tax software market are listed below:

2019: Sovos Compliance and Tytho signed a strategic partnership agreement to reinforce the position in tax leadership and also to assist with the implementation of Sovos Compliance solutions and promote its product as well.

2017: TaxJar closed US$ 60 Mn in Series A funding round from Insight Venture Partners. The most recent funding of US$ 2Mn was led by Rincon Venture Partners and Daher Capital in 2014. The funding would allow the company to focus on product development and business development strategies.

2018: Ryan extended the scope of alliance with Avalara to provide advisory services for motor fuel companies which are looking to switch ERP systems to gain efficient tax determination and reporting.

In addition to this, the growing digital revolution across the globe is fuelling the adoption of a cloud-based solution. Governments of developing economies such as India and China are taking various initiatives to boost the adoption of digital services by consumers and industries.

The shift towards automation process that enables enterprises to implement sales tax software is significantly driving the market:

The process includes in taxation such as researching, filing, calculating, and reporting is time-consuming, costly, and highly prone to error. Hence, several companies have been quick to adopt tax automation software. Sales tax software automates, simplifies, and integrates the sales tax calculation, reporting, and management. The software offers solutions such as value added tax, tax return filing, and integration with the financial database.

Moreover, with an increase in the usage of automated solutions in various industries, which simplify the operation of the business, sales tax solution is experiencing high growth in North America. This has raised the scope of cloud sales tax software as well. In this region, technology evolves faster; hence, the adoption of cloud technology has evolved earlier. Cloud technology enables companies to access sales tax software and provide massive data storage space. As business models and technology grow, more cloud service providers offering services that integrate with sales tax software to provide efficient solutions. Thus, these factors are driving the sales tax software market in the North America region.

With the rising digital marketplaces, e-commerce and international trade coupled with ever changing taxation laws and regulations, enterprises around the world are looking for efficient sales tax determination and filing solutions. There are hundreds and thousands of national, state, regional, and local taxing authorities in all geographic regions, who levy transaction taxes on businesses operating in their jurisdiction.

In order to comply with these obligations, businesses are using a mix of various methods for sales tax determination. In addition to tax determinations, businesses are also supposed to collect, store and maintain hundreds of records, certificates and compliance documents. The sales tax software solutions and services are thriving globally as they help enterprises/customers in adhering their tax compliance in an efficient way without any human errors.

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Developing and growing regions such as Middle East and Africa and South America are expected to offer substantial growth opportunities for market players operating in the global sales tax software market. Moreover, the growing adoption rate of advanced technological solutions, increasing process automation, and rising adoption of cloud-based solutions are some of the major factors driving the future growth of global sales tax software market, during the forecast period of 2019 to 2027.

Moreover, the growing adoption rate of advanced technological solutions, increasing process automation, and rising adoption of cloud-based solutions are some of the major factors driving the future growth of global sales tax software market during the forecast period of 2019 to 2027.

Key findings of the study:
This digitization revolution around the world presents a massive opportunity for businesses to utilize digital services and automation in order to transform their business models and existing processes for increasing operational efficiency and revenue.

Digital transformation or digitization of businesses is basically the integration of digital technology in various business processes, organizational activities and business models. End to end business process optimization, operational efficiency, reduction of cost and human errors are some of the major drivers for digital transformation in any industry.

In the past few decades, the proliferation of smart devices, easy availability of internet, advancement of IoT, artificial intelligence, and the advent of smart workplaces homes have been increasing exponentially. The paradigm shift of companies from traditional processes to digital and automated processes has reaped multiple benefits for the enterprises ranging from improved efficiency, to reduced cost and increased revenue opportunities.

In addition to this, the technological advancements in cloud computing and storage technology, the power of cloud based platforms has increased multi-fold during the last decade. This has further created new opportunities for enterprises to opt for cloud based sales tax software solutions with low initial investment. The digitization and automation of sales tax determination and filing process is the need of the hour, in order to adapt with constantly changing tax laws, regulations and to fulfil tax obligations and compliance efficiently. The above factors are driving the global sales tax software market.

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