The tax software market in North America was valued US$ 3,536.7 million in 2019 and is projected to reach US$ 7,878.6 million by 2027; it is expected to grow at a CAGR of 10.8% from 2020 to 2027.
The tax software quickly ascertains a client?s overall financial situation and suggests insurance or investment products, or other services, such as auditing, bookkeeping, or even comprehensive financial plans, that may be needed. The additional revenue that can be generated from this approach can be substantial in many cases. Also, the tax preparation process has become faster and more efficient as vast information is now available in digital format, which would, in turn, help accountants preparing tax to import their client data from personal finance software directly onto their tax returns with a single click as a substitute of entering all of those numbers manually. Also, electronic signatures have been entered with the client?s permission, which often eliminates the need for clients to be physically present in the accountant?s office. Thus, digitization in the tax-paying system is expected to propel the growth of the tax software market.
Based on end-user, the North American tax software market was led by a commercial segment in 2019 with a decent share and is expected to continue its dominance during the forecast period. However, the individual segment is expected to grow at a high CAGR in the tax software market. Commercial enterprises consist of small and medium (SMEs) enterprises and large enterprises. Large enterprises deal with a large volume of data; thus, the tax software is mostly adopted by them. However, the growing awareness regarding tax software among SMEs is further supporting the growth of the market for SMEs. As the tax software simplifies the tax filing process, it is meant to increase productivity by automating and integrating ERP systems. They also help enhance profitability and operational efficiency and mitigate costs. Therefore, the growing focus of SMEs towards improving the efficiencies is supporting the growth of the tax software market in the region.
Overall, North America'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 North American tax software market. It also provides an overview and forecast for the tax software based on all the segmentation provided with respect to the North America 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 North America 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.
TABLE OF CONTENTS
1. Introduction 13
1.1 Study Scope 13
1.2 Research Report Guidance 13
1.3 Market Segmentation 14
2. Key Takeaways 16
3. Research Methodology 21
3.1 Coverage 22
3.2 Secondary Research 22
3.3 Primary Research 23
4. Tax Software Market Landscape 24
4.1 Market Overview 24
4.2 PEST Analysis 26
4.2.1 North America 26
4.3 Ecosystem Analysis 28
4.4 Expert Opinion 29
5. North America Tax Software Market ? Key Market Dynamics 30
5.1 Market Drivers 30
5.1.1 Growing Popularity of Automation and Increase in Digitization 30
5.1.2 Technological Transformation in The Retail Sector 30
5.2 Market Restraints 31
5.2.1 Increasing privacy concerns 31
5.3 Market Opportunities 31
5.3.1 Integration Of Advanced Technologies Such As Blockchain and AI 31
5.4 Future Trends 32
5.4.1 Enhancing Business Processes in Various Industries 32
5.5 Impact Analysis of Drivers and restraints 33
6. North America Tax Software Market?Market Analysis 34
6.1 Tax Software Market Overview 34
6.2 Tax Software Market ?Revenue, and Forecast to 2027 (US$ Million) 34
7. North America Tax Software Market Analysis ? By Product Type 36
7.1 Overview 36
7.2 Tax Software Market Breakdown, by Product Type, 2019 & 2027 36
7.3 Software 38
7.3.1 Overview 38
7.3.2 Software Market Revenue and Forecast to 2027 (US$ Million) 38
7.4 Service 39
7.4.1 Overview 39
7.4.2 Service Market Revenue and Forecast to 2027 (US$ Million) 39
8. North America Tax Software Market Analysis ? By Deployment Type 40
8.1 Overview 40
8.2 Tax Software Market Breakdown, by Deployment Type, 2019 & 2027 40
8.3 On-Premise 41
8.3.1 Overview 41
8.3.2 On-Premise Market Revenue and Forecast to 2027 (US$ Million) 41
8.4 Cloud 43
8.4.1 Overview 43
8.4.2 Cloud Market Revenue and Forecast to 2027 (US$ Million) 43
9. North America Tax Software Market Analysis ? By Tax Type 44
9.1 Overview 44
9.2 Tax Software Market Breakdown, by Tax Type, 2019 & 2027 44
9.3 Sales Tax 45
9.3.1 Overview 45
9.3.2 Sales Tax Market Revenue and Forecast to 2027 (US$ Million) 45
9.4 Income Tax 46
9.4.1 Overview 46
9.4.2 Income Tax Market Revenue and Forecast to 2027 (US$ Million) 46
9.5 Corporate Tax 48
9.5.1 Overview 48
9.5.2 Corporate Tax Market Revenue and Forecast to 2027 (US$ Million) 48
9.6 Others 49
9.6.1 Overview 49
9.6.2 Others Market Revenue and Forecast to 2027 (US$ Million) 49
10. North America Tax Software Market Analysis ? By End-User 50
10.1 Overview 50
10.2 Tax Software Market Breakdown, by End-User, 2019 & 2027 50
10.3 Individual 51
10.3.1 Overview 51
10.3.2 Individual Market Revenue and Forecast to 2027 (US$ Million) 51
10.4 Commercial Enterprises 53
10.4.1 Overview 53
10.4.2 Commercial Enterprises Market Revenue and Forecast to 2027 (US$ Million) 53
11. North America Tax Software Market Analysis ? By Vertical 54
11.1 Overview 54
11.2 Tax Software Market Breakdown, by Vertical, 2019 & 2027 54
11.3 BFSI 55
11.3.1 Overview 55
11.3.2 BFSI Market Revenue and Forecast to 2027 (US$ Million) 55
11.4 IT and Telecom 56
11.4.1 Overview 56
11.4.2 IT and Telecom Market Revenue and Forecast to 2027 (US$ Million) 56
11.5 Healthcare 57
11.5.1 Overview 57
11.5.2 Healthcare Market Revenue and Forecast to 2027 (US$ Million) 57
11.6 Government 58
11.6.1 Overview 58
11.6.2 Government Market Revenue and Forecast to 2027 (US$ Mn) 58
11.7 Retail 59
11.7.1 Overview 59
11.7.2 Retail Market Revenue and Forecast to 2027 (US$ Mn) 59
11.8 Others 60
11.8.1 Overview 60
11.8.2 Others Market Revenue and Forecast to 2027 (US$ Mn) 60
12. North America Tax Software Market ? Country Analysis 61
12.1 North America Country Analysis 61
12.1.1 North America: Tax Software Market, by Key Country 61
12.1.1.1 US: Tax Software Market ? Revenue and Forecast to 2027 (US$ Million) 62
12.1.1.1.1 US: Tax Software Market, by Product Type 62
12.1.1.1.2 US: Tax Software Market, by Tax Type 63
12.1.1.1.3 US: Tax Software Market, by Deployment Type 63
12.1.1.1.4 US: Tax Software Market, by End-User 63
12.1.1.1.5 US: Tax Software Market, by Vertical 64
12.1.1.2 Canada: Tax Software Market ? Revenue and Forecast to 2027 (US$ Million) 65
12.1.1.2.1 Canada: Tax Software Market, by Product Type 65
12.1.1.2.2 Canada: Tax Software Market, by Tax Type 66
12.1.1.2.3 Canada: Tax Software Market, by Deployment Type 66
12.1.1.2.4 Canada: Tax Software Market, by End-User 67
12.1.1.2.5 Canada: Tax Software Market, by Vertical 67
12.1.1.3 Mexico: Tax Software Market ? Revenue and Forecast to 2027 (US$ Million) 68
12.1.1.3.1 Mexico: Tax Software Market, by Product Type 68
12.1.1.3.2 Mexico: Tax Software Market, by Tax Type 69
12.1.1.3.3 Mexico: Tax Software Market, by Deployment Type 69
12.1.1.3.4 Mexico: Tax Software Market, by End-User 69
12.1.1.3.5 Mexico: Tax Software Market, by Vertical 70
13. Industry Landscape 71
13.1 Overview 71
13.2 Strategy and Business Planning 71
13.3 Product News 71
14. IMPACT OF COVID-19 PANDEMIC ON GLOBAL TAX SOFTWARE MARKET 74
14.1 North America: Impact assessment of COVID-19 Pandemic 74
14.2 Europe: Impact assessment of COVID-19 Pandemic 75
14.3 APAC: Impact assessment of COVID-19 Pandemic 76
14.4 Middle East & Africa: Impact assessment of COVID-19 Pandemic 77
14.5 SAM: Impact assessment of COVID-19 Pandemic 79
15. Company Profiles 80
15.1 Avalara, Inc. 80
15.1.1 Key Facts 80
15.1.2 Business Description 80
15.1.3 Products and Services 81
15.1.4 Financial Overview 81
15.1.5 SWOT Analysis 81
15.1.6 Key Developments 84
15.2 The Sage Group plc 85
15.2.1 Key Facts 85
15.2.2 Business Description 85
15.2.3 Products and Services 86
15.2.4 Financial Overview 86
15.2.5 SWOT Analysis 86
15.2.6 Key Developments 89
15.3 Thomson Reuters Corporation 90
15.3.1 Key Facts 90
15.3.2 Business Description 90
15.3.3 Products and Services 91
15.3.4 Financial Overview 91
15.3.5 SWOT Analysis 92
15.3.6 Key Developments 93
15.4 Vertex, Inc. 94
15.4.1 Key Facts 94
15.4.2 Business Description 94
15.4.3 Products and Services 94
15.4.4 Financial Overview 95
15.4.5 SWOT Analysis 95
15.4.6 Key Developments 98
15.5 Wolters Kluwer (cch incorporated) 99
15.5.1 Key Facts 99
15.5.2 Business Description 99
15.5.3 Products and Services 100
15.5.4 Financial Overview 101
15.5.5 SWOT Analysis 101
15.5.6 Key Developments 102
15.6 Xero Limited 104
15.6.1 Key Facts 104
15.6.2 Business Description 104
15.6.3 Products and Services 106
15.6.4 Financial Overview 106
15.6.5 SWOT Analysis 106
15.6.6 Key Developments 109
15.7 Chetu Inc. 110
15.7.1 Key Facts 110
15.7.2 Business Description 110
15.7.3 Products and Services 110
15.7.4 SWOT Analysis 110
15.7.5 Key Developments 112
15.8 Drake Software 113
15.8.1 Key Facts 113
15.8.2 Business Description 113
15.8.3 Products and Services 113
15.8.4 SWOT Analysis 113
15.9 H & R Block 116
15.9.1 Key Facts 116
15.9.2 Business Description 116
15.9.3 Products and Services 116
15.9.4 Financial Overview 117
15.9.5 SWOT Analysis 117
15.10 Intuit Inc. 119
15.10.1 Key Facts 119
15.10.2 Business Description 119
15.10.3 Products and Services 119
15.10.4 Financial Overview 120
15.10.5 SWOT Analysis 120
15.10.6 Key Developments 121
16. Appendix 122
16.1 About 122
16.2 Appendix 122
LIST OF TABLES
Table 2. North America: Tax Software Market, by Product Type ? Revenue and Forecast to 2027 (US$ Million) 37
Table 3. North America: Tax Software Market, by Deployment Type ? Revenue and Forecast to 2027 (US$ Million) 40
Table 4. North America: Tax Software Market, by Tax Type ? Revenue and Forecast to 2027 (US$ Million) 45
Table 5. North America: Tax Software Market, by End-User ? Revenue and Forecast to 2027 (US$ Million) 51
Table 6. North America: Tax Software Market, by Vertical ? Revenue and Forecast to 2027 (US$ Million) 54
Table 7. US: Tax Software Market, by Product Type ?Revenue and Forecast to 2027 (US$ Million) 62
Table 8. US: Tax Software Market, by Tax Type ?Revenue and Forecast to 2027 (US$ Million) 63
Table 9. US: Tax Software Market, by Deployment Type ?Revenue and Forecast to 2027 (US$ Million) 63
Table 10. US: Tax Software Market, by End-User ?Revenue and Forecast to 2027 (US$ Million) 63
Table 11. US: Tax Software Market, by Vertical ?Revenue and Forecast to 2027 (US$ Million) 64
Table 12. Canada: Tax Software Market, by Product Type ? Revenue and Forecast to 2027 (US$ Million) 65
Table 13. Canada: Tax Software Market, by Tax Type ? Revenue and Forecast to 2027 (US$ Million) 66
Table 14. Canada: Tax Software Market, by Deployment Type ? Revenue and Forecast to 2027 (US$ Million) 66
Table 15. Canada: Tax Software Market, by End-User ? Revenue and Forecast to 2027 (US$ Million) 67
Table 16. Canada: Tax Software Market, by Vertical ? Revenue and Forecast to 2027 (US$ Million) 67
Table 17. Mexico: Tax Software Market, by Product Type ? Revenue and Forecast to 2027 (US$ Million) 68
Table 18. Mexico: Tax Software Market, by Tax Type ? Revenue and Forecast to 2027 (US$ Million) 69
Table 19. Mexico: Tax Software Market, by Deployment Type ? Revenue and Forecast to 2027 (US$ Million) 69
Table 20. Mexico: Tax Software Market, by End-User ? Revenue and Forecast to 2027 (US$ Million) 69
Table 21. Mexico: Tax Software Market, by Vertical ? Revenue and Forecast to 2027 (US$ Million) 70
Table 22. List of Abbreviation 122
The List of Companies - North America Tax Software Market
1. Avalara Inc
2. Chetu, Inc
3. Drake Software
4. H & R Block; Intuit Inc.
5. Sage Group PLC
6. Thomson Reuters Corporation
7. Vertex, Inc.
8. Wolters Kluwer N.V.
9. Xero Limited.
10. Intuit Inc.