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Friday, 17 Jul 2020 01:00 pm

North America Tax Software Market is expected to reach US$ 7878.6 Million by 2027 with CAGR of 10.8%.

Tax compliance software is software that assists in tax compliance and may include income tax, corporate tax, VAT, service tax, customs, excise tax, use tax, or other taxes that you must pay.

By SMN Bureau
According to the report, The tax software market in North America was valued US$ 3,536.7 million in 2019 and is projected to reach US$ 7,878.6 million by 2027; it is expected to grow at a CAGR of 10.8%
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Tax software is defined as a type of computer software designed to assist individuals or businesses in preparing and filing income tax, corporate tax and similar tax returns. The tax software streamlines the tax filing process by explaining the tax form and issues to the user and automatically calculates the tax obligations of an individual or company. Many personal tax software applications are now available in traditional physical box software formats (retail software) and hosted online services (SaaS) formats.

According to the report, The tax software market in North America was valued US$ 3,536.7 million in 2019 and is projected to reach US$ 7,878.6 million by 2027; it is expected to grow at a CAGR of 10.8% from 2020 to 2027.

Tax compliance software is software that assists in tax compliance and may include income tax, corporate tax, VAT, service tax, customs, excise tax, use tax, or other taxes that you must pay.

The Technology, Media and Telecom sector is a group of industries that includes the majority of companies focused on new technologies. As this industry segment is widespread, it may be convenient to divide TMT into sub-sectors such as hardware, semiconductor, software, media and communications.

The North America Tax Software market is growing along with the Technology, Media and Telecommunications industry, but the market is likely to slow down its growth due to the shortage of skilled professionals, suggests the Business Market Insights report.

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The tax software market operates in a highly fragmented and competitive marketplace. As leading companies in this market continue to broaden its addressable market, by expanding its current offerings, diversifying its client base, all the prominent players face an increasing level of competition, both from start-ups to leading established companies across the world. Several companies in the value chain are acquiring other players in the market to maintain their position in the market and provide efficient services to its customers. For instance, in September 2019, Wealth simple Inc., a Canada-based online investment management company, acquired SimpleTax, a tax return software firm based in Canada, which is engaged in preparing and filing tax returns. The significant number of tax software providers is based in North America, mainly in the US.

 These factors are expected to offer broad growth opportunities in the Technology, Media and Telecommunications industry and this is expected to cause the demand for Tax Software assays in the market.

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North America Tax Software Market–Segmentation

North America Tax Software Market By Type

  • Software
  • Services

North America Tax Software Market By Deployment

  • On-Premise
  • Cloud

North America Tax Software Market By Tax Type

  • Sales Tax
  • Income Tax
  • Corporate Tax
  • Others

North America Tax Software Market By Industry Vertical

  • BFSI
  • IT& Telecom
  • Healthcare
  • Government
  • Retail
  • Others

North America Tax Software Market By Country

  • US
  • Canada
  • Mexico

North America Tax Software Market-Companies Mentioned

  • Avalara Inc
  • Chetu, Inc
  • Drake Software
  • H & R Block; Intuit Inc.
  • Sage Group PLC
  • Thomson Reuters Corporation
  • Vertex, Inc.
  • Wolters Kluwer N.V.
  • Xero Limited.
  • Intuit Inc.

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