Global Sales Tax Software Market Share Likely to Reach at a CAGR of 9% By 2030

The Sales Tax Software Market was estimated at USD 7.1 billion in 2021 and is anticipated to grow to approximately USD 14.5 billion by 2030, witnessing a CAGR growth of roughly 9%between 2022 and 2030.

The report examines the Sales Tax Software market’s driving and restraining factors, along with the impact analysis throughout the projection period. Further, the report observes global opportunities prevailing in the Sales Tax Software market worldwide.

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Sales Tax Software Market: Overview

Sales Tax Software streamlines, automate, and unifies the management, reporting, and calculation of sales taxes. The system provides options for managing consumer use taxes, value added taxes, filing tax returns, and integrating software with the financial database.

Growth Factors

The global Sales Tax Software market is accelerating as a result of key driving factors such as the ongoing expansion in the amount of digital financial transitions and the complexity of tax rules. Additionally, the increased usage of cutting-edge technology for tracking taxpayers and strict government tax collection regulations offers lucrative market prospects during the projection period. Global market growth is hampered by a shortage of skilled labor and rising data security concerns.

Segmental Overview

Complex Regulations and Compliances Boosting the Demand for Sales Tax Software Market

The market for Sales Tax Software is categorized into solution, deployment, and end-user. Based on the solution, the consumer use tax management segment dominated the Sales Tax Software market in 2021. By end-user, the retail segment is expected to dominate throughout the forecast period.

The growing e-commerce sector is supporting the growth of the retail segment. Also, the rising digitalization in various organizations across varied sectors is expected to drive the demand for Sales Tax Software. Based on deployment, the cloud-based Sales Tax Software is expected to dominate the market throughout 2022-2030. The low cost of initial deployment offered by cloud-based software is boosting its demand among SMEs.

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Regional Overview

Asia Pacific is expected to witness a high CAGR during 2022-2030. The developing economies in the region, such as India, China, Thailand, and Malaysia, are noticing high adoption of digitalization by the organizations. The growth of cloud infrastructure supported by the availability of high-speed internet infrastructure, coupled with supportive government initiatives is resulting in the digitalization of enterprises. Thus, the demand for Sales Tax Software is expected to accelerate from the organizations undergoing the digitalization process.

The market for Sales Tax Software in North America is anticipated to hold the largest market share during the forecast period of 2022-2030. The stringent government regulations and early adoption of advanced software by the organization, particularly in the US and Canada, is propelling the growth of the market.