A recent report published by Infinium Global Research on sales tax
software market provides an in-depth analysis of segments and sub-segments in the
global as well as regional sales tax software market. The study also highlights
the impact of drivers, restraints, and macro indicators on the global and
regional sales tax software market over the short term as well as long term.
The report is a comprehensive presentation of trends, forecast and dollar
values of the global sales tax software market. According to the report, the global
sales tax software market is projected to grow at a CAGR of 8.5% over the
forecast period of 2019-2025.
Sales tax software simplifies, automates, and integrates the sales
tax calculation, management, and reporting. It finds and calculates sales tax
rates accurately with advanced validation technology. The software gives easy
access to exemption certificates, payment reports, which helps in smooth
business operations. It also helps in eliminating the complications and flaws
and assist in improving them. Sales tax software market is expected to grow at
a beneficial rate throughout the forecast period.
The growing penetration of the internet and rising software
awareness among people are the major drivers for the growth of the sales tax
software market across the globe. Growing demand for sales process automation
and developing technologies are the other key factors driving the growth of the
sales tax software market. Furthermore, the rise in investments in digital
solutions, and the adoption of electronic accounting also boosts the growth of
the sales tax software market. However, huge initial investments for sales tax
software installation and the need for skilled professionals to use this
software may hinder the growth of the sales tax software market. Moreover, the
market creates an opportunity for vendors across India, Germany, China, and the
U.K. to develop new tax software.
Geographically, North America is leading the sales tax software
market owing to the increasing adoption rate of advanced technological
solutions, growing automation, rising technological advancements, and growing
adoption of cloud-based computing. Furthermore, the presence of developed
countries like the United States and Canada with advanced technologies and
infrastructures also fuels the growth of sales tax software market in the North
American region. Europe region is estimated to be the second-largest region in
the sales tax software market owing to the growing internet penetration across
the region. The Asia Pacific is likely to grow at a faster rate during the
forecast period due to the increasing adoption of advanced technological
solutions and raising awareness of sales tax software. Furthermore, the
business expansion of major market players in the region is also anticipated to
contribute majorly to the Asia Pacific sales tax software market.
The report on the global sales tax software market covers segments
such as solution, deployment, vertical, and end-user. On the basis of solution,
the sub-markets include tax management, automatic tax filings, exemption
certificate management, and other solutions. On the basis of deployment, the
sub-markets include cloud, and on-premise. On the basis of vertical, the
sub-markets include banking, healthcare, financial services, insurance (BFSI),
transportation, telecommunication & IT, retail, food services, manufacturing,
energy and utilities, and others. On the basis of end-user, the sub-markets
include individuals, and commercial enterprises.
The report provides profiles of the companies in the market such
as APEX Analytix, Avalara Inc., CCH Incorporated, eDocSolutions, Ryan LLC, Sage
Intacct, Inc., Sales Tax DataLINK, Vertex, Inc., Zoho Corporation Pvt. Ltd.,
and Thomson Reuters.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of sales tax
software market. Moreover, the study highlights current market trends and
provides forecast from 2019-2025. We also have highlighted future trends in the
market that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.