Tax Software Market Growth Remains Lucrative with Vast Adoption across Verticals Such as BFSI and Retail


Published on : Sep 20, 2018

Albany, New York, September 20, 2018: Amidst burgeoning enterprise needs, automation of tax calculation in compliance with stipulated norms remains crucial, thus necessitating adoption of apt tax software for streamlined, error-free operations. This growing adoption of tax software across verticals has therefore propelled growth in tax software market. Market Research Hub (MRH) in its recent report addition, 'Tax Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026' analyses core developments and their corresponding impact on the growth of tax software market.

Thomas Reuters Upgrades its Tax Software Onesource, Partners with Cognizant to Retain Market Lad

Leading market players in fast transitioning tax software market are eyeing growth and sustenance pioneered by accurate software solutions that comply with end-user needs and expectations. Noted market players are also akin to develop strategic partnership ventures to diversify their portfolio and retain market dominance.

To justify its leading position in tax software market, prominent market participant, Thomson Reuters has unrolled an upgraded version of its tax software, Onesource. This upgraded version is estimated to aid the tax maintenance activities of MNCs, by allowing them to prepare transfer pricing documentation and maintain custom reports, adhering with latest norms. Extending further, noted IT giant Cognizant has inked a deal with Thomson Reuters, that will enable Cognizant to offer Reuter's tax software Onesource to its esteemed customers thus allowing several enterprises to automate their tax filing processes as well maintain relevant tax stipulation. The development is expected to elevate Thomson Reuter's position on the global growth chart of tax software market, and incur lucrative returns.

Tax software market depicts elaborate categorization. Based on thorough research postulates included in this section, the report diversifies tax software market by component, tax type, end-users, software deployment, and by industry. Based on component, tax software market is categorized as tax software and services. On the basis of tax type, tax software market is segregated as sales tax and income tax. In terms of end-users, tax software market is bifurcated as individuals and commercial enterprises. By software deployment, tax software market is classified as cloud and on-premise. BFSI, telecom, government, healthcare, transportation, manufacturing, and utilities amongst others are some of the core industries where tax software finds ample usability. This section briefs readers about the segment attributed for surged revenue generation in tax software market, besides allowing readers to understand the impact of segments in orchestrating growth in tax software market.

Additionally, the report also provides vital research details on regional diversification of tax software market, based on which the market is classified as Europe, North America, South America, Asia-Pacific, and Middle East and Africa. On the basis of research components derived in this section of the report, readers are enlightened about various marketing tactics and tools implemented by market players across regions and their corresponding impact on end-user response.

Competition Deep Dive: Tax Software Market

Thorough research elements postulated in this section of the report allow readers to gain firsthand information on the effectiveness of marketing tactics in orchestrating holistic market growth, besides triggering favorable end-user response such as their buying preferences and eventual buying discretion. New entrants as well as existing market players can engage in thorough analytical study of these research elements to derive comprehensive inferences based on which market players can facilitate profit driven marketing decisions to ensure growth and sustenance in tax software market. Eminent market players noted in this report include, Blucora, Inc., Drake Software, Thomson Reuters Corporation, Vertex, Wolters Kluwer N.V., Xero Limited, Avalara, and Sage amongst others.

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