Software Segment to Dominate Europe Tax Software Market during 2021–2028
According to The Insight Partners market research study on “Europe Tax Software Market Forecast to 2028 – COVID-19 Impact and Analysis – by Product, Tax Type, Deployment Type, End-user, and Vertical” the market is expected to reach US$ 7,631.9 million by 2028 from US$ 3,855.7 million in 2021. It is estimated to grow at a CAGR of 10.2% from 2021 to 2028. The report provides trends prevailing in the Europe tax software market along with the drivers and restraints pertaining to the market growth. Rising demand for tax software from the retail sector drives the growth of the market. However, concerns related to the increasing incidences of cyberattacks hinder the market growth.
The retail sector is continuously adopting advanced technological solutions to increase efficiency. The players operating in this sector maintain an enormous quantity of sensitive data collected from the financial statements, invoices, legal contracts, emails, and receipts. The retail sector has experienced a tremendous transformation due to the surging demand for online shopping. Retail leadership also faces increasing pressures from stakeholders to display higher returns. With solution maturity and pricing being no longer a barrier, they are encouraging automated systems to enhance the order accuracy, optimize the business, and upsurge throughput. Tax automation is a key part of the equation in the retail sector. With the help of tax automation, retailers become responsive to stakeholders and customers. It helps in lowering the risk associated with manual tax management, and also assisting in preparing to enter new markets and sales channels that drive growth. Furthermore, many retail companies are opting for cloud-based services. The cloud-based tax technology offers various benefits, such as business continuity management (BCM) and cost reduction, which leads to an overall low cost of ownership and disaster recovery benefits. In addition, retailers who have adopted cloud-based tax technology get cross-channel support (point-of-sale, e-commerce, and mobile), speedy implementation, and scalability as additional advantages.
The Europe tax software market is segmented on the basis of product, tax type, deployment type, end-user, and vertical. Based on product, the market is bifurcated into software and service. The software segment dominated the market in 2020, and the market for the service segment is expected to grow at a faster rate during the forecast period. Based on tax type, the Europe tax software market is segmented into sales tax, income tax, corporate tax, and others. The sales tax segment dominated the market in 2020, and the market for the others segment is expected to grow fastest during the forecast period. Based on deployment type, the tax software market is bifurcated into on-premises and cloud. The cloud segment dominated the market in 2020. However, the market for the on-premise segment is expected to grow at a faster rate during the forecast period. Based on end-user, the market is bifurcated into individual and commercial enterprises. The commercial enterprises segment dominated the market in 2020, whereas the market for the individual segment is expected to grow fastest during the forecast period. Based on vertical, the tax software market is segmented into BFSI, IT & telecom, healthcare, government, retail, and others. In 2020, the retail segment led the market.
A few key companies profiled in the Europe tax software market are APEX Analytix; Avalara Inc.; Chetu, Inc.; H & R Block; Intuit Inc.; Sage Group PLC; Thomson Reuters Corporation; Vertex, Inc.; Wolters Kluwer N.V.; Xero Limited; and The Sovos Compliance, LLC. Several other players are also functioning in the market, contributing significant revenue shares year-on-year.
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