asia pacific tax software Market

The tax software market in Asia-Pacific was valued at US$ 2,832.1 million in 2019 and is projected to reach US$ 7,070.8 million by 2027; it is expected to grow at a CAGR of 12.4% from 2020 to 2027.

Rapid developments pertaining to technologies, initiatives from governments, digitalization of economies, and rising disposable income of the middle-income class group are among the factors propelling the growth of the overall economy of the region, driving it from a developing to developed phase. APAC is projected to register the fastest CAGR in the global tax software market during the forecast period. The region has strong IT infrastructure and strong software and services offerings, along with leadership positions in developing areas such as robotics. The concept of cloud-based tax software is used to manage regular tax business operations Also, booming technology landscape in Asian countries, especially in the sectors such as retail, healthcare, and BFSI. The governments of countries in the region are continuously focusing on increasing the spending on the IT operations related to various industries, enabling companies to adopt new advanced software and services for simplifying their business process. Therefore, growing digitization is expected to support the growth of the tax software market in Asia-Pacific.

Based on tax type, the Asia-Pacific tax software market was led by a sales tax segment in 2019 with a decent share and is expected to continue its dominance during the forecast period by 2027. However, the income tax segment is expected to grow at a high CAGR during the forecast period in the APAC tax software market. Sales tax software streamline, automate, and integrate the sales tax calculation, management, and reporting. The software meant for this tax type feature abilities such as value-added tax, consumer use tax management, and tax return filing; they find and calculate sales tax rates precisely with the advanced validation technology. The software helps in removing the complications and assist in enhancing them. With technological advancements in various countries in the world, several states have begun to file returns and pay taxes electronically with the help of sales tax software. Some states accept credit cards for the tax payment. The growing focus of organizations towards reducing the costs and improving the efficiencies are expected to drive the growth of the tax software market.

Overall, Asia-Pacific's tax software market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia-Pacific tax software market. It also provides an overview and forecast for the tax software based on all the segmentation provided with respect to the Asia-Pacific region. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the tax software industry. Some of the players present in the Asia-Pacific tax software market are Avalara Inc.; Chetu, Inc.; H & R Block; Intuit Inc.; Sage Group PLC; Thomson Reuters Corporation; Vertex, Inc.; Wolters Kluwer N.V.; and Xero Limited, among several other players.