Sales Tax Software Market Forecast : $17.2 Billion by 2033 with Steady 9.5% Growth | AMR

Allied Market Research published a report, titled, "Sales Tax Software Market by Solution (Consumer Use Tax Management, Tax Filings and Others), Deployment Mode (On-Premises and Cloud), and Industry Vertical (BFSI, Transportation, Retail, IT and Telecom, Healthcare and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the sales tax software market was valued at $6.9 billion in 2023, and is estimated to reach $17.2 billion by 2033, growing at a CAGR of 9.5% from 2024 to 2033.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/4215

𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 :

By solution, the consumer use tax management is expected to dominate the market during the forecasted period. The consumer use tax management segment is driven by the growing need for businesses to accurately track and report consumer use taxes, which are often overlooked or underreported. Sales tax software solutions that offer robust consumer use tax management capabilities enable companies to automate the calculation, reporting, and filing of these taxes, ensuring compliance and reducing the risk of penalties.

By deployment mode, the on-premises segment is driven by the preference of some organizations, particularly larger enterprises, to maintain control over their tax data and infrastructure. On-premises solutions offer customization options and integration with existing systems, making them appealing to businesses with specific requirements or concerns about data security and privacy.

On the basis of industry vertical, the retail segment is dominating the market due to the high volume of transactions and the complexity of sales tax calculations in the industry. As e-commerce continues to grow, retailers require efficient and accurate sales tax software to manage their tax obligations across multiple jurisdictions and channels. The adoption of sales tax software helps retailers streamline their tax processes, reduce errors, and ensure compliance with evolving regulations.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐮𝐭𝐥𝐨𝐨𝐤

The growth of the sales tax software market in North America is primarily driven by the region's high levels of transaction quantities and values, leading to complex tax filing processes. The presence of numerous tax software providers such as Avalara, Sage Group Plc, Thomson Reuters Corp, and Xero Ltd. offers advanced solutions for efficient and error-free tax filing. In addition, rise in adoption of artificial intelligence (AI) solutions among businesses and individuals fuels the demand for AI-based tax software solutions, further propelling the market growth in North America.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/sales-tax-software-market/purchase-options

However, in Asia-Pacific, the growth of the sales tax software market is fueled by the region's focus on smart city projects and government initiatives that necessitate efficient tax management solutions. Rise in adoption of sales tax software in smart city programs and city surveillance projects is a key driver. Moreover, the presence of many third-party sellers and system integrators in the region, coupled with the rapid demand for sales tax software across various industries, including BFSI, transportation, retail, healthcare, and manufacturing, contributes to the market growth in Asia-Pacific.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

APEX Analytix, LLC
Avalara Inc.
Intuit Inc.
LumaTax, Inc.
Ryan, LLC
Sage Intacct, Inc.
Sales Tax DataLINK
Sovos Compliance, LLC
Thomson Reuters
Vertex, Inc.

The report provides a detailed analysis of these key players in the global sales tax software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/4215

𝐑𝐞𝐜𝐞𝐧𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭

In April 2023, Taxually, one of the leading European cloud-native VAT software providers, announced that California-based LumaTax joined its family of Enterprise-grade automated tax software solutions. This acquisition enables Taxually to accelerate growth globally across both Enterprise and E-commerce segments and to further expand its leading indirect tax product suite.

In April 2021, Intuit ProConnect, from Intuit Inc., announced its partnership with Practice Ignition (PI) to increase productivity for tax professionals. Practice Ignition, an automated proposal and payment management software that eliminates administrative tasks, works in tandem with Intuit professional tax products, allowing for a better end-to-end workflow for tax professionals.

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

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