8.8% CAGR, Sales Tax Software Market Growth with Rising Adoption of Cloud-Based Solutions across Industries – Tripura Newspaper
Sales Tax Software Market Major Industry Players are – APEX Analytix, Avalara, Inc., Ryan, LLC, The Sage Group Plc, Sovos Compliance LLC, Taxjar, Thomson Reuters Corporation, Vertex, Inc., Wolters Kluwer (CCH Incorporated), Xero Limited
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)
Sales tax and indirect taxes are major sources of revenue for governments, and efficient as well as elaborate tax laws help authorities collect maximum tax revenue. With increasing cross border trade and online retail around the world, coupled with latest trends such as e-commerce and digitalization, taxation authorities around the world are constantly updating their tax laws and regulations to cover these recent developments in global market places. The effect of tax laws and regulations changes is uncertain and depends on multiple factors, hence, businesses need to invest substantial amount of resources to understand and evolve their sales tax determination calculations. With humans involved, there is a high risk of missing important details which could lead to calculation errors and penalties from authorities.
Large enterprises understood this need and are investing in automation of sales tax determination, and filing process in order to reduce chances of human error, however, small and medium sized businesses are still in the process of adapting to the idea of automation and digitization. Hence, continuously changing tax laws and regulations are expected to drive the future growth of sales tax software market.
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Among the various geographic regions, 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.
The global sales tax software market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. North America is expected to contribute largest market share by the year 2027. The global sales tax software market is expected to experience significant growth in the coming years to ease the business process and eliminate and the manual-based tax process.
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.
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.
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