Overview:
The tax and accounting software market is witnessing a notable growth where the CAGR could touch a 7.9% mark during the forecast period of 2019 to 2025. Market Research Future (MRFR) found several factors while analyzing the market that could support the growth of this market. These factors are cost-effective nature of the software, ability to perform tasks without spending much time, easy installation process, rising demand from the developing countries, robust percolation across various end user industries, and others.
However, operating these tools requires specific skillset and for that, employees need training. This could be a factor in holding back growth.
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Segmentation:
The global tax and accounting software market, as discussed in detail by MRFR analysts, has been studied based on a segmentation that includes organization size, deployment mode, software type, and vertical.
By software type, the study of the tax and accounting software market comprises accounting software, tax and accounting software, and tax software.
By deployment model, the tax and accounting software market understanding include segments like cloud and on-premise. The cloud segment is getting substantial traction as it supports remote operations. The expanding cloud accounting software market is expected to back the market.
By organization size, the detailed study of the tax and accounting software market reveals segments like small and medium-sized enterprises and large enterprises.
By vertical, the comprehensive study of the tax and accounting software market includes a study of IT and telecommunications, BFSI, manufacturing, healthcare, retail and consumer goods, and others.
Regional Analysis:
North America, with 39.73% of the global market share in 2018, is on track to lead the market during the forecast period. However, Europe’s 6.9% CAGR during the forecast period, due to the rising demand for the business accounting software market, would be better than North America.
Industry News:
In August 2020, Verady, one of the foremost cryptocurrency tax and accounting software company, declared that Mazars in South Africa international audit, tax and advisory firm opted for Ledgible to ensure a proper supply of confirmation and reporting for its clients’ various digital currency audits. The company believes that knowing how digital assets work in tandem with reporting, accounting, and verification is the primary step to the adoption of cryptocurrency on a global scale. Ledgible bridges the gap between cryptocurrency and traditional financial accounting and it is widely acknowledged for its efficient performance.
In August 2020, developers at Halfpricesoft.com announced the release of the updated version of ezPaycheck for MAC that would simplify the processing of tax deposits and ease the process for business owners. ezPaycheck for MAC would cost around $109.00 per calendar year and it is designed to automate paycheck processing for both new and seasoned business owners. The main intention is to make running payroll time-efficient. Its graphic interface offers a start guide for the setup of importing data, employee information, calculating payroll, and others.
Simplified and digitalized procedures are expected to get the nod after the outbreak of the COVID-19 pandemic. This is to reduce contact and make the remote working option more feasible. At the same time, the financial crunch triggered by the pandemic would inspire a search for methods that are cost-efficient, which will bolster the market.
Competitive Analysis:
SAP SE, Intuit Inc., The Sage Group, TeamSystem SpA, Oracle Corporation, Microsoft Corporation, Epicor, Unit4, Xero Limited, FreshBooks, Tally Solutions Private Limited, Red Wing Software, Inc., Dezan Shira & Associates, Wolters Kluwer, Kingston & Knight Accountants, KPMG International, and others are noteworthy names in the global tax and accounting software market. These companies and their effective tactical measures are expected to bolster the growth of the market.
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