The report entitled “Global Sales Tax Software Market: Size, Trends and Forecast (2018-2022)” provides an in-depth analysis of the global sales tax software market including detailed description of market sizing and growth. The report provides analysis of the global sales tax software market by value and the global sales tax software market by region. The report also provides regional analysis of the sales tax software market for various other regions such as the US, Europe, Japan, China and India.
Furthermore, the report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global sales tax software market has also been forecasted for the period 2018-2022, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.
The global sales tax software market consists of a number of players. The key market players are Thomson Reuters, Xero, Wolters Kluwer and Avalara. The company profiling of the above market players has been done in the report consisting of their business overview, financial overview and the business strategies adopted by the companies.
Sales tax refers to the amount of money, which is added to the cost of a product or service when purchased by a consumer at a retail location. Sales tax is calculated as a percentage of the cost of the good or service purchased.
Sales tax software enables individuals and business organizations to file various kinds of transactional taxes electronically and helps in streamlining the tax filing process by calculating the individual’s tax obligations automatically.
The global sales tax software market has been segmented on the basis of type, application, solution and industry verticals. On the basis of type, the market can be segmented into cloud, SaaS, mobile-android native and mobile-iOS native. The market can be segmented on the basis of application into small businesses, midsize enterprises and large enterprises. On the basis of solution, the market is divided into consumer use tax management, tax filings and others. Various industry verticals where the sales tax software is used are transportation, retail, telecom & IT, healthcare, BFSI etc.
The global sales tax software market has witnessed continuous growth in the past few years and is projected to grow even further during the forecast period (2018-2022). The market is expected to be driven by various factors such as rising internet penetration, increased availability of cloud computing solutions, growing demand for internet of things (IoT), increasing adoption of electronic tax accounting etc. However, the market faces certain challenges as well such as lack of skilled workforce and security and networking issues for cloud applications.