North America Tax Software Market to 2027 - Regional Analysis and Forecasts by Product; Tax Type; Deployment Type; End-User; Vertical

The tax software market in North America was valued at 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% during 2020-2027. The tax software quickly ascertains an overall financial situation of the client and suggests insurance or investment plans, or other services, such as auditing, bookkeeping, or comprehensive financial plans. 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 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 the 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 the 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 comprise small and medium (SMEs) enterprises and large enterprises. The tax software is mostly adopted by the large enterprises as they deal with a large volume of data. 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 toward improving the operations is supporting the growth of the tax software market in the region.

The overall size of the North American tax software market has been derived using both primary and secondary sources. The research process begins with extensive 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 segmentation provided with respect to the North American region. Also, primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants who 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 specialized in the tax software industry. Avalara Inc.; Chetu, Inc.; H & R Block; Intuit Inc.; Sage Group PLC; Thomson Reuters Corporation; Vertex, Inc.; Wolters Kluwer N.V.; and Xero Limited are among the key players present in the North American tax software market.

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