Tax and Accounting Software Market Worth USD 31,590.1 Million at a 7.9% CAGR by 2025
New York, US, Aug. 26, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Tax and Accounting Software Market information by Software Type, by Deployment Mode, by Vertical and Region – forecast to 2027” the market size to grow at a CAGR of 7.9% to reach USD 31,590.1 Million by 2025.
The tax and accounting software market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Dominant Key Players on Tax and Accounting Software Market Covered Are:
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Tax and Accounting Software Market Drivers
Growing Need for Cloud-Based Technology to Boost Market Growth
The growing need for cloud-based technology in different industries will boost market growth over the forecast period. They are widely adopting cloud-based tax software as this helps in mitigating the time to process as well as is cost-effective.
Tax and Accounting Software Market Opportunities
Shift to Accounting Information System to Offer Robust Market Opportunities
The on-going shift to use accounting information systems from conventional methods of storing financial records manually will offer market players with robust opportunities in the future.
Tax and Accounting Software Market Restraints
Concerns about Data Security to act as Market Restraint
The growing dependency on digital communication and rising dependency on ePayment is causing data security concerns which may act as market restraint over the forecast period.
Tax and Accounting Software Market Challenges
Networking Problems to act as Market Challenge
The concern regarding networking issues is likely to act as a market challenge over the forecast period.
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Segmentation of Market Covered in the Research:
The global tax & accounting software market has been classified based on software type, organization size, vertical, and deployment mode.
By software type, the accounting software segment will dominate the market over the forecast period. It will develop at a 7.6% CAGR by 2027.
By deployment mode, the on-premise segment will lead the market in the forecast period. It is predicted to grow at a 5.0% CAGR by 2027.
By organization size, the SMEs segment will spearhead the market over the forecast period. It is predicted to grow at an 8.1% CAGR by 2027.
By vertical, the manufacturing segment will have the lions share in the market over the forecast period. It is predicted to grow at an 8.4% CAGR by 2027.
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North America to Steer Tax and Accounting Software Market
North America will steer the market over the forecast period. The presence of several large scale companies, constant reforms in tax regulations and rules, rise in IT offices, increasing industrialization, the presence of several leading accounting software players in the US, growing investments by the US government to offer accounting management systems in various public and private organizations, the growing complexity of the tax system, the differences between tax and employment law, the creation of API-based software for the smooth functioning of the taxation system, as well as the adoption of advanced technologies and channels are adding to the tax and accounting software market growth in the region. Besides, the spending by the US government for the provision of accounting management systems in various private and public organizations and the presence of prominent and strong players operating in the accounting software across the US are also adding market growth.
Business accounting software, BUSY has joined hands with ICICI Bank for banking solutions. This integration will assist BUSY users in gaining better accessibility to manage their banking, and thus improve their business efficiency from BUSY itself.
COVID-19 Impact on the Global Tax and Accounting Software Market
The ongoing COVID-19 outbreak has compelled people in staying at home and living with the basics. Following the shutting down of businesses and closure of factories and the trend of work from home, the global economy had collapsed. During such challenging times, the use of technology is being made at the utmost. Due to physical distancing needs, experts dealing with tax and accounting are making the complete use of technology for completing their work without meeting clients in person. It is this urgency that has made accountants into round the clock zoom calls with clients for communicating everything right from cash flow, keeping the business afloat among others together with ways of keeping people employed. These conversations offered new visibility into the cultures as well as people which define their clients business. The accounting systems empower people to work from home, manage demand patterns effectively, and keep production on track at the facility. This is a key benefit at the time of the pandemic. Shifting the accounting process into the cloud will enable people in saving everything easily in the online database that can be accessed from anywhere, hence making it simpler for teams to collaborate across the globe. This in turn will have a positive effect on the global accounting software market size. For instance, Turbo Tax is offering online EAs and CPAs on demand for solving the queries of clients.
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