The latest report on “Sales Tax Software Market (Solution – Tax Management, Automatic Tax Filings, Exemption Certificate Management, and Other Solutions; Deployment – Cloud, and On-premise; Vertical – Banking, Healthcare, Financial Services, Insurance (BFSI), Transportation, Telecommunication & IT, Retail, Food Services, Manufacturing, Energy and Utilities, and Others; End-user – Individuals, and Commercial Enterprises): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025.” The global sales tax software market is projected to grow at a CAGR of 8.5% over the forecast period of 2019-2025.
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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. The sales tax software market is expected to grow at a beneficial rate throughout the forecast period.
Growing Demand for Sales Process Automation and Developing Technologies are the Other Key Factors Driving the Growth of the Sales Tax Software Market
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.
North America is Leading the Sales Tax Software Market
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 the 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.
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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.
Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the sales tax software.
=> Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2025.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.