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Sales Tax Software Market size worth $13.13B by 2027 at 8.8% CAGR

Latest research study was published by the Insight Partners on Sales Tax Software Market to 2027 – Global Analysis and Forecasts by Solution (Tax Filings, Consumer Use Tax Management, and Others); Deployment Model (Cloud, and On-Premise); Industry Vertical (IT & Telecom, BFSI, Retail, and Transportation).

The global sales tax software market growth is driven by growing demand for sales tax process automation and availability of low cast cloud-based sales tax software solutions. Furthermore, the demand for sales tax software is expected to grow, owing to the advanced features offered by sales tax software solutions providers.

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Details of Sales Tax Software Market Size research

Market Size Value in	US$ 6.21 Billion in 2018
Market Size Value by	US$ 13.13 Billion by 2027
Growth rate	CAGR of 8.8% from 2019-2027
Forecast Period	2019-2027
Base Year	2019
No. of Pages	181
No. Tables	84
No. of Charts & Figures	74
Historical data available	Yes
Segments covered	Solution ; Deployment Model ; Industry Vertical
Regional scope	North America; Europe; Asia Pacific; Latin America; MEA
Country scope	US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends

The global sales tax software market is a highly competitive and fragmented. The sales tax and regulations differ drastically across geographies/countries/states and depend on various political, economic, social and technological conditions prevailing in those specific regions.

Hence, businesses use a variety of approaches to address their tax compliance. This market fragmentation presents a huge challenge for sales tax software market players to acquire a global market share.

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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.

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.

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Key findings of the study

This digitisation revolution around the world presents a massive opportunity for businesses to utilise digital services and automation in order to transform their business models and existing processes for increasing operational efficiency and revenue.

Digital transformation or digitisation of businesses is basically the integration of digital technology in various business processes, organisational activities and business models. End to end business process optimisation, 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.

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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 digitisation 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.

With investment in cloud-based solutions, the companies are anticipated to reduce their operational costs, decrease human errors in tax calculations and filing, and thus to increase their productivity and revenues in this process.

The on-premises solutions are sometimes complex to manage and expensive. Not every mid-size or to some extent, even the large enterprise finds it infeasible to invest in-house automation systems, and hence, most enterprises outsource their work.

Each enterprise requires a specific & customised tax solution based on their organisation’s requirements and using cloud-based solutions for these specific needs is considered as one of the best business models for most companies worldwide.

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.

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About The Insight Partners

The Insight Partners is a one stop industry research provider of actionable intelligence. They help their clients in getting solutions to their research requirements through their syndicated and consulting research services.

They specialise in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact

If you have any queries about this report or if you would like further information, please contact us:

Contact person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press release: https://www.theinsightpartners.com/pr/sales-tax-software-market/

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