The global sales tax software market is growing due to several factors, such as the shift towards automation and integration, increasing demand for streamlined tax processes, and skyrocketing demand for IoT devices.

NEW CASTLE, Delaware., 15 August 2024 /PRNewswire/ — Allied Market Research has published a report titled “Sales Tax Software Market by Solution (Excise Tax Management, Tax Returns, and Others), Deployment Mode (On-Premise and Cloud), and Industry Vertical (BFSI, Transportation, Retail, IT & Telecom, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033”. According to the report, the Sales Tax Software market has been 6.9 billion US dollars in 2023 and is expected 17.2 billion US dollars by 2033, with an average annual growth rate of 9.5% between 2024 and 2033.

Key growth factors

The sales tax software market is gaining importance due to the shift towards automation and integration, which is driven by the increasing demand for streamlined tax processes and availability of cloud-based solutions at competitive prices. These factors are fueling the growth in the market, with a focus on simplifying tax calculations, administration, and reporting through advanced software solutions such as excise management and tax filing. Furthermore, the market is witnessing a rising demand for IoT devices, which is further driving the adoption of sales tax software to improve operational efficiency and accuracy in tax-related tasks. On the contrary, the increasing emphasis on regional integration and harmonization of tax legislation and the rising demand for accessible and cost-effective platforms are expected to provide lucrative growth opportunities for the sales tax software market.

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Segment highlights

As a solution, excise duty management is expected to dominate the market during the forecast period. The excise duty management segment is driven by the growing need of businesses to accurately track and report excise taxes that are often overlooked or undervalued. Sales tax software solutions that offer robust excise duty management capabilities enable businesses to automate the calculation, reporting, and filing of these taxes to ensure compliance and reduce the risk of penalties.

In terms of deployment mode, the on-premises segment is driven by the preference of some organizations, especially larger enterprises, to retain control over their tax data and infrastructure. On-premises solutions offer customization options and integration with existing systems, making them attractive to companies with specific requirements or concerns about data security and privacy.

Based on the industry vertical, retail dominates the market due to the high volume of transactions and complexity of sales tax calculations in the industry. As e-commerce continues to grow, retailers need efficient and accurate sales tax software to manage their tax obligations across multiple jurisdictions and channels. Implementing sales tax software helps retailers streamline their tax processes, reduce errors, and ensure compliance with evolving regulations.

Regional outlook

The growth of the VAT software market in North America is primarily driven by the high transaction volumes and values ​​in the region, resulting in complex tax filing processes. The presence of numerous tax software providers such as Avalara, Sage Group Plc, Thomson Reuters Corp and Xero Ltd. offers advanced solutions for efficient and error-free tax filing. In addition, the increasing use of artificial intelligence (AI) solutions among businesses and individuals is driving the demand for AI-based tax software solutions and further propelling the market growth in North America.

But in Asia-PacificThe growth of the sales tax software market is driven by the region’s focus on smart city projects and government initiatives that require efficient tax management solutions. The increasing use of sales tax software in smart city programs and city monitoring projects is a major driver. Furthermore, the presence of many third-party vendors and system integrators in the region, coupled with the rapid demand for sales tax software across various verticals including BFSI, transportation, retail, healthcare, and manufacturing, is contributing to the market growth in Asia Pacific.

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Key players in the industry

• APEX Analytix, LLC
• Avalanche Inc.
• Intuit Inc.
• LumaTax, Inc.
• Ryan, LLC
• Sage Intacct, Inc.
• VAT dataLINK
• Sovos Compliance, LLC
• Thomson Reuters
• Vertex, Inc.

The report offers a detailed analysis of these key players in the global Sales Tax Software market. These players have adopted different strategies such as new product launch, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant market shares in different regions. The report is valuable as it highlights the business development, business segments, product portfolio, and strategic moves of the market players to present the competitive scenario.

Recent developments

• In April 2023Taxally, one of Europe’s leading providers of cloud-native VAT software, announced that CaliforniaProvince-based LumaTax has joined its family of automated corporate tax software solutions. This acquisition enables Taxually to accelerate global growth in both the corporate and e-commerce segments and further expand its leading indirect tax product offering.
• In April 2021Intuit Inc.’s Intuit ProConnect announced its partnership with Practice Ignition (PI) to increase the productivity of tax professionals. Practice Ignition, an automated quote and payment management software that eliminates administrative tasks, works hand-in-hand with Intuit’s professional tax products to enable tax professionals to have a better end-to-end workflow.

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Source: Allied Market Research