Market Overview 

The global Tax and Accounting Software Market is predicted to develop at an 8.29% CAGR between 2020- 2030, as revealed by the current global market trends for the ongoing forecast period. The strong growth is due to the growing demand for automated solutions in different industry verticals worldwide.

The ongoing COVID-19 pandemic has compelled people to stay at home and live with the basics. With factories closed and businesses closing down, and the adoption of work from home trends, the worldwide economy has been facing a tough time. During these times of crisis, technology is being employed at its best.

Additional factors adding to the growth of the global tax and accounting software industry include the different benefits. The benefits include effective planning and management of financial data affordably, growing adoption in BFSI, retail and consumer goods, manufacturing, and others. The growing trend of SMEs collaborating with e-commerce companies and integrating with other applications, like automated billing features and automated bank feeds, rise in financial transactions, digitalization, increased vigilance of tax administrators, complex nature of existing tax system, and use of block technology.

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Market Segmentation 

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

By software type

The market includes tax software, accounting software, and tax and accounting software. The accounting software is segmented into ERP, payroll management, billing/invoice, and others. Of these, the accounting software segment will lead the market over the forecast period and is likely to develop at a 7.6% CAGR by 2025.

By deployment mode

The market has been segmented into on-premise and cloud. Of these, the on-premise segment will dominate the market over the forecast period and is likely to grow at a 5.0% CAGR by 2025.

By organization size

The global market is segmented into large enterprises and SMEs. The SMEs segment will have the lion's share in the market over the forecast period and is likely to grow at an 8.1% CAGR by 2025.

By vertical

The market has been segmented into healthcare, manufacturing, retail and consumer goods, IT and telecommunications, BFSI, and others. The manufacturing segment will spearhead the market over the forecast period and is likely to grow at an 8.4% CAGR by 2025.

Regional Analysis 

Geographically, the global tax and accounting software market are functional in Europe, North America, South America, the Asia Pacific, the Middle East, and Africa. Constant reforms in tax regulations and rules, presence of many large scale companies, followed by the emergence of other prominent factors like the increasing industrialization, rise in IT offices, the fact of significant accounting software players in the US, increasing investments by the US government to provide accounting management systems in different private and public organizations are proving to be helpful.

Industry News

• In January 2021- Cygnet Infotech, a business software maker, has updated its Financial Accounting Comprehensive and Easy (FACE) accounting software platform. 
• Avalara, a significant market player, has acquired Inposia Solutions, a leading invoicing tax reporting software company.

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