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.
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