iCrowd Newswire – Jun 15, 2020
With the rising digital marketplaces, e-commerce and international trade coupled with ever changing taxation laws and regulations, enterprises around the world are looking for efficient sales tax determination and filing solutions. There are hundreds and thousands of national, state, regional, and local taxing authorities in all geographic regions, who levy transaction taxes on businesses operating in their jurisdiction. In order to comply with these obligations, businesses are using a mix of various methods for sales tax determination.
The global sales tax software market is expected to reach US$ 13.13 Bn by 2027, registering a CAGR of 8.8% during the forecast period of 2019-2027.
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In addition to tax determinations, businesses are also supposed to collect, store and maintain hundreds of records, certificates and compliance documents. The sales tax software solutions and services are thriving globally as they help enterprises/customers in adhering their tax compliance in an efficient way without any human errors.
The global sales tax software market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East, and Africa, and South America. North America is expected to contribute largest market share by the year 2027. The global sales tax software market is expected to experience significant growth in the coming years to ease the business process and eliminate and the manual-based tax process.
The market players present in sales tax software market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally. Few of the recent developments in the global sales tax software market are listed below:
2019: Sovos Compliance and Tytho signed a strategic partnership agreement to reinforce the position in tax leadership and also to assist with the implementation of Sovos Compliance solutions and promote its product as well.
2017: TaxJar closed US$ 60 Mn in Series A funding round from Insight Venture Partners. The most recent funding of US$ 2Mn was led by Rincon Venture Partners and Daher Capital in 2014. The funding would allow the company to focus on product development and business development strategies.
2018: Ryan extended the scope of alliance with Avalara to provide advisory services for motor fuel companies which are looking to switch ERP systems to gain efficient tax determination and reporting.
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Keywords: Sales Tax Software Market, Sales Tax Software, Sales Tax Software Market 2020, Sales Tax Software Market 2027