Tax and Accounting Software Market is Expected to Grow at a CAGR of 8.3% from the Year 2024-2032

MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Tax And Accounting Software Market.

Tax Accounting Software Market Overview

Global Tax and Accounting Software Market is expected to grow at a CAGR of 8.3% from the year 2024-2032. In this report, Market Research Future (MRFR) includes the segmentation and market dynamics to offer a better glimpse of the market in the coming years.

The market is driven by increasing demand for automated solutions across various industry verticals globally. Also, since tax and accounting software offers several benefits including efficient planning and management of financial data in a cost-effective manner, it is being widely deployed across industries including manufacturing, retail & consumer goods, and BFSI among others.  The global tax and accounting software market are dominated by a few major players; however, new players are expected to enter the market due to new revenue opportunities in regions such as Asia-Pacific, the Middle East and Africa, and South America. The entry of new players is expected to increase the competition in the market.

Competitive Analysis

The Key Players in the Global Tax and Accounting Software Market are Intuit Inc. , The Sage Group, SAP SE, Oracle Corporation, Microsoft Corporation, TeamSystem SpA, Xero Limited, FreshBooks, Epicor, Unit4, Red Wing Software, Inc., Tally Solutions Private Limited, Wolters Kluwer, Kingston & Knight Accountants, Dezan Shira & Associates, and KPMG International among others.

Segmental Analysis

The Global Tax and Accounting Software Market has been segmented based on software Type, Deployment Mode, Organization Size, Vertical, and Region.

By software type, the market has been segmented into tax and accounting software, accounting software and tax software. The accounting software has been further divided into billing/invoice software, payroll management software, ERP system, and others. The accounting software segment accounted for the largest market share of 67.6% in 2018, with a market value of USD 12,595.3 Million; it is expected to register a CAGR of 7.6% during the forecast period. The tax software segment was valued at USD 6,048.3 Million; it is projected to register the highest CAGR of 8.4%.

By Deployment Mode, the market has been divided into cloud and on-premise. The on-premise segment accounted for the larger market share of 51.9% in 2018, with a market value of USD 9,672.2 Million; it is expected to register a CAGR of 5.0% during the forecast period. The cloud segment was valued at USD 8,971.5 Million; it is projected to register a higher CAGR of 10.5%.

By organization size, the market has been divided into small- and medium-sized enterprises and large enterprises. Companies such as Intuit Inc., Sage, SAP SE, and Oracle Corporation offer tax and accounting software platform for both small- and medium-sized enterprises (SMEs) and large enterprises. The SME segment accounted for the larger market share of 58.9% in 2018, with a market value of USD 10,983.8 Million; it is expected to register a higher CAGR of 8.1% during the forecast period. The large enterprise segment was valued at USD 7,659.8 Million; it is projected to exhibit a CAGR of 7.5%.

By vertical, the market has been divided into BFSI, IT and telecommunications, retail and consumer goods, manufacturing, healthcare, and others. The manufacturing segment accounted for the largest market share of 33.1% in 2018, with a market value of USD 6,173.6 million; it is expected to register the highest CAGR of 8.4% during the forecast period. The retail & e-commerce segment was the second-largest market in 2018, valued at USD 3,689.4 Million; it is projected to exhibit a CAGR of 7.9%.

By region, the Global Tax Accounting Software Market has been segmented into North America, Europe, Asia-Pacific, Africa, the Middle East, and South America. Regions such as North America, Europe, and Asia-Pacific are positively influenced by the increasing number of SMEs and self-owned businesses, which is projected to add to the subscriber base of tax accounting software. North America accounted for the largest market share, whereas Europe holds the second-largest market in 2018, valued at USD 5,263.1 million; the market is projected to exhibit a CAGR of 6.9%.