Sales tax software is the automation process of filing sales tax that is provided by specialized financial and IT firms. This involves providing the specialized software service to consuming organizations organize their financial transactions and reduce the incidences of human errors whenever filing their sales tax. This software consistently updates the regulations presented by the particular authorities which make them an enhanced operational solution when compared to accounting professionals.
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Sales tax software market is growing due to increasing complications in regulations and compliances, rise in the levels of quantities of transactions; the effects of these factors are mentioned below:
Strategic acquisitions and product innovations of the major market players:
The market is segmented on the basis of solution as consumer use tax management, automatic tax filings, exemption certificate management, others; deployment model is categorized into on-premises, cloud-based, SaaS; platform type as web, mobile; industrial vertical as BFSI, transportation, retail, telecommunications & IT, healthcare, manufacturing, food services, energy & utilities, others; application as small businesses, midsize enterprise, large enterprise; end-users as individuals, commercial enterprises.
“According to Data Bridge Market Research, global sales tax software market is expected to reach USD 9.29 billion by 2026, growing with a healthy CAGR during the forecast period of 2019 to 2026”
Some of the major players operating in market are APEX Analytix; Avalara Inc.; CCH INCORPORATED.; Intuit Inc.; LegalRaasta.com; LumaTax, Inc.; Ryan, LLC; Sage Intacct, Inc.; Sales Tax DataLINK; Sovos Compliance, LLC; Thomson Reuters; Vertex, Inc.; Zoho Corporation Pvt. Ltd.; Xero Limited; The Federal Tax Authority, LLC d/b/a TaxCloud; Wolters Kluwer; CFS Tax Software Inc.; Service Objects, Inc.; TaxJar; Chetu Inc. and HRB Digital LLC among others.
One of the major benefits available in the favor of sales tax software market and its providers is the significant penetration of internet and cloud-based computing. This technological availability has given rise to the adoption of specialized software solutions and advanced technologies available through the internet and cloud-based deployment model to better organize their business operations.
Global Sales Tax Software Market – Industry Trends and Forecast to 2026