Fintech PR
Sales Tax Software Market to Reach $17.2 Billion, Globally, by 2033 at 9.5% CAGR: Allied Market Research
The global sales tax software market is experiencing growth due to several factors such as the shift towards automation and integration, increase in demand for streamlined tax processes, and surge in demand for IoT devices.
NEW CASTLE, Del., Aug. 15, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Sales Tax Software Market by Solution (Consumer Use Tax Management, Tax Filings and Others), Deployment Mode (On-Premises and Cloud), and Industry Vertical (BFSI, Transportation, Retail, IT and Telecom, Healthcare and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the sales tax software market was valued at $6.9 billion in 2023, and is estimated to reach $17.2 billion by 2033, growing at a CAGR of 9.5% from 2024 to 2033.
Prime determinants of growth
The sales tax software market is gaining traction due to the shift towards automation and integration, driven by rise in demand for streamlined tax processes and availability of cloud-based solutions at competitive prices. These factors are fostering growth in the market, with focus on simplifying tax calculations, management, and reporting through advanced software solutions like consumer use tax management and tax filing. Moreover, the market is witnessing rise in demand for IoT devices, further propelling the adoption of sales tax software to enhance operational efficiency and accuracy in tax-related tasks. On the contrary, growing emphasis on regional integration and harmonization of tax legislation, with rise in demand for accessible and cost-effective platforms is expected to provide lucrative growth opportunities to the sales tax software market.
Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/4215
Report Coverage and Details
|
Report Coverage |
Details |
|
Forecast Period |
2024–2032  |
|
Base Year |
2023 |
|
Market Size in 2023 |
$6.9 billion |
|
Market Size in 2032 |
$17.2 billion |
|
CAGR |
9.5 % |
|
No. of Pages in Report |
254 |
|
Segments Covered |
Solution, Deployment Mode, Industry Vertical, and Region. |
|
Drivers |
|
|
Opportunities |
• Growing emphasis on regional integration and harmonization of tax legislation |
|
Restraint |
• Substantial initial investments and the need for specialized skill sets |
Buy this Complete Report (254 Pages PDF with Insights, Charts, Tables, and Figures) at:
https://www.alliedmarketresearch.com/purchase-enquiry/sales-tax-software-market/purchase-options
Segment Highlights
By solution, the consumer use tax management is expected to dominate the market during the forecasted period. The consumer use tax management segment is driven by the growing need for businesses to accurately track and report consumer use taxes, which are often overlooked or underreported. Sales tax software solutions that offer robust consumer use tax management capabilities enable companies to automate the calculation, reporting, and filing of these taxes, ensuring compliance and reducing the risk of penalties.
By deployment mode, the on-premises segment is driven by the preference of some organizations, particularly larger enterprises, to maintain control over their tax data and infrastructure. On-premises solutions offer customization options and integration with existing systems, making them appealing to businesses with specific requirements or concerns about data security and privacy.
On the basis of industry vertical, the retail segment is dominating the market due to the high volume of transactions and the complexity of sales tax calculations in the industry. As e-commerce continues to grow, retailers require efficient and accurate sales tax software to manage their tax obligations across multiple jurisdictions and channels. The adoption of sales tax software helps retailers streamline their tax processes, reduce errors, and ensure compliance with evolving regulations.
Regional Outlook
The growth of the sales tax software market in North America is primarily driven by the region’s high levels of transaction quantities and values, leading to complex tax filing processes. The presence of numerous tax software providers such as Avalara, Sage Group Plc, Thomson Reuters Corp, and Xero Ltd. offers advanced solutions for efficient and error-free tax filing. In addition, rise in adoption of artificial intelligence (AI) solutions among businesses and individuals fuels the demand for AI-based tax software solutions, further propelling the market growth in North America.
However, in Asia-Pacific, the growth of the sales tax software market is fueled by the region’s focus on smart city projects and government initiatives that necessitate efficient tax management solutions. Rise in adoption of sales tax software in smart city programs and city surveillance projects is a key driver. Moreover, the presence of many third-party sellers and system integrators in the region, coupled with the rapid demand for sales tax software across various industries, including BFSI, transportation, retail, healthcare, and manufacturing, contributes to the market growth in Asia-Pacific.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/4215
Major Industry Players
- APEX Analytix, LLC
- Avalara Inc.
- Intuit Inc.
- LumaTax, Inc.
- Ryan, LLC
- Sage Intacct, Inc.
- Sales Tax DataLINK
- Sovos Compliance, LLC
- Thomson Reuters
- Vertex, Inc.
The report provides a detailed analysis of these key players in the global sales tax software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development
- In April 2023, Taxually, one of the leading European cloud-native VAT software providers, announced that California-based LumaTax joined its family of Enterprise-grade automated tax software solutions. This acquisition enables Taxually to accelerate growth globally across both Enterprise and E-commerce segments and to further expand its leading indirect tax product suite.
- In April 2021, Intuit ProConnect, from Intuit Inc., announced its partnership with Practice Ignition (PI) to increase productivity for tax professionals. Practice Ignition, an automated proposal and payment management software that eliminates administrative tasks, works in tandem with Intuit professional tax products, allowing for a better end-to-end workflow for tax professionals.
AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int’l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected]
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/sales-tax-software-market-to-reach-17-2-billion-globally-by-2033-at-9-5-cagr-allied-market-research-302222334.html
BEIJING, Nov. 22, 2024 /PRNewswire/ — A report from China Daily
The 2024 World Vocational and Technical Education Development Conference brought together around 1,000 delegates in Tianjin in North China this week from Wednesday to Friday. Discussions at the conference have revolved around topics such as industry-education integration, sustainable development, teacher training and lifelong learning.
Co-hosted by China’s Ministry of Education, the National Commission of the People’s Republic of China for UNESCO and the Tianjin municipal government, the conference aims to advance vocational education as a driver of innovation and sustainable development worldwide.
The event introduces six key initiatives to shape vocational education globally: a comprehensive conference featuring keynote speeches, ministerial roundtables and bilateral talks; a global alliance uniting vocational institutions, industries and educational organizations; the presentation of the world vocational education award; an international skills competition with 42 tracks; an exhibition highlighting achievements in vocational education, intangible cultural heritage and international cooperation; and the launch of World Vocational and Technical Education, a journal produced by Tianjin University of Technology and Education.
In a video address to the conference, Stefania Giannini, assistant director-general for education at UNESCO, highlighted vocational education as a catalyst for transformation. She referenced UNESCO’s recent Recommendation on Education for Peace, Human Rights, and Sustainable Development, which emphasizes vocational education as a driver of change.
Calling for greater investment and innovation in vocational education to meet global challenges, Giannini said skills are the passport to navigating today’s complex world.
Huai Jinpeng, China’s minister of education, said vocational education should align with the trends of the times, uphold the essence of education and preserve its unique characteristics. It should anchor its development goals amid evolving opportunities and challenges, striving for innovative breakthroughs, he added.
Huai outlined a vision for vocational education as “5I” education — Inclusive, Industry-oriented, Innovative, Intelligent, and International — positioned to serve all, integrate with industries, drive innovation, embrace smart technologies and foster global cooperation.
To ensure smooth volunteer services during the conference, the Tianjin Municipal Youth League recruited 1,448 young volunteers from nine universities, including Nankai University. Their duties spanned more than 30 roles, including guest registration, conference coordination, translation, media reception and medical assistance.
Photo – https://mma.prnewswire.com/media/2565169/China_Daily.jpg
View original content:https://www.prnewswire.co.uk/news-releases/global-focus-on-vocational-education-at-tianjin-conference-302314016.html
Fintech PR
CKGSB Publishes 2024 ESG and Social Innovation Report Showcasing Progress on Driving Responsible Management Education
BEIJING, Nov. 22, 2024 /PRNewswire/ — On November 21, 2024, Cheung Kong Graduate School of Business (CKGSB) released its 2024 ESG and Social Innovation Report at its event “ESG Strategies Conference: Insights for Business Transition” hosted in Shanghai in collaboration with the European Chamber of Commerce in China, witnessed by nearly 100 ESG-minded multinational business executives.
As the second edition of the school’s English-language ESG report, this report outlines CKGSB’s achievements and progress in the past two years in promoting sustainable business practices, fostering social innovation, and offering solutions to humanity’s common challenges as part of its broader mission to lead and drive responsible business education.
It emphasizes the school’s role in reshaping the future of management education through efforts in integrating ESG factors into its research and insights, programs and courses for decision-makers, strategic partnerships and dialogues, as well as institutional practices, which in return allows it to nurture responsible business leaders for society.
“Our approach to management education is rooted in the belief that businesses can and should be a force for good,” stated Li Haitao, Dean and Dean’s Distinguished Chair Professor of Finance of CKGSB. “CKGSB remains steadfast in its mission to developing leaders who are not only successful in their business endeavors, but also mindful of their responsibilities towards society and the environment.” CKGSB Professor of Marketing Zhu Rui, who drives the school’s efforts in teaching business for good, echoed Dean Li in saying, “Our goal is to empower companies, big or small, to seamlessly integrate ESG considerations into their core strategies and operations.”
The 2024 ESG and Social Innovation Report follows the seven principles of and has been submitted to the United Nations’ Principles for Responsible Management Education (PRME), a platform designed to promote responsible management practices for the benefit of society and our planet. It is now available for download on CKGSB’s website.
Looking forward, CKGSB will continue driving progress on responsible management education and contribute to a more sustainable and equitable future.
About CKGSB
Established in Beijing in November 2002, CKGSB is China’s first privately-funded and research-driven business school. The school aims to cultivate transformative business leaders with a global vision, sense of social responsibility, innovative mindset, and ability to lead with empathy and compassion. To learn more about CKGSB, please visit: https://english.ckgsb.edu.cn/
View original content:https://www.prnewswire.co.uk/news-releases/ckgsb-publishes-2024-esg-and-social-innovation-report-showcasing-progress-on-driving-responsible-management-education-302314000.html
Fintech PR
Inaugural International MICE Summit (IMS) Convenes to Drive Business Events Sector’s Future in Saudi Arabia, Fastest-Growing G20 MICE Market
- Over 1,000 global cross-industry and government leaders expected to attend three-day interactive program in one of the world’s fastest growing Meetings, Conferences, Incentives and Exhibitions (MICE) destinations.
- Saudi MICE market projected to expand exponentially with hallmark events such as World Expo 2030, expected to attract 40.7 million visits to KSA alone.
- Growing demand to be accommodated by the launch of a new airline and airport expansion, 1 million square meters of expected venue space and 854,000 hotel rooms by 2030.
RIYADH, Saudi Arabia, Nov. 22, 2024 /PRNewswire/ — The inaugural International MICE Summit (IMS24) will bring together over 1,000 global leaders from the Meetings, Incentives, Conferences and Exhibitions (MICE) industry between 15-17 December at Mohammed Bin Salman Nonprofit City (MISK) in Riyadh, hosted by the Saudi Conventions & Exhibitions General Authority (SCEGA).
The three-day event promises to be the premier global leadership event for the MICE industry, offering innovation, economic and commercial opportunities for MICE and related tourism and travel sectors under the theme of “Expanding Horizons.” The event’s extensive programme is designed to unite MICE industry leaders, suppliers, associations, Giga-Project leaders, disruptors and international cross-industry and government leaders. Featuring plenary, panel discussions, innovation clusters, collaboration hubs, IMS24 will promise attendees a premier global platform to network, collaborate – and above all – reimagine what it means to convene in today’s global environment.
“In a time marked by profound technological and environmental transformation, the MICE industry has emerged as an essential catalyst of change. By focusing on the future of the industry, IMS24 addresses the needs of a globalized world – reshaping how people, cultures and countries connect to create prosperity” said IMS host and Chairman of SCEGA, His Excellency Fahd Al-Rasheed.
“Saudi Arabia is the perfect environment to host IMS24. As an internal and external agent of change, the Kingdom has embraced its own transformation by shaping the future of the global tourism industry and becoming the fastest growing major MICE destination among G20 countries,” His Excellency added.
MICE events in Saudi Arabia witnessed an increase of close to 15 percent in 2023, with almost 17,000 events attracting over 20 million visitors. IMS24 coincides with the Kingdom’s continued transformation as Saudi Arabia solidifies itself as a major global tourism and events destination. Welcoming almost 110 million visitors in 2023, tourism comprises six percent of Saudi Arabia’s GDP, equating to 255 billion SAR (US$68 billion). The Saudi MICE sector is expected to accelerate growth through the rapid expansion of transportation and event infrastructure, supported by the development of Giga-projects offering unparalleled destination experiences, and enhanced connectivity between the Kingdom and the rest of the world. SCEGA continues to drive these transformative developments, most recently in announcing a 588 million SAR (US$156 million) incentive program to support marquee events in 2025.
About the International MICE Summit
The International MICE Summit (IMS) gathers global leaders from the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector, as well as professionals, and organizations from across industries. It provides a platform for industry insights, networking, and discussions on advancing innovation, knowledge sharing and sustainable development within the global MICE sector.
For more information or to register for the event, visit:
Website – www.internationalmicesummit.com
Twitter/X – https://x.com/ims_summit
LinkedIn – https://www.linkedin.com/company/ims-summit/
YouTube – https://youtube.com/@ims.summit?si=G06nYTaOUWer-OKq
About the Saudi Conferences and Exhibitions General Authority (SCEGA)
The Saudi Conventions & Exhibitions General Authority (SCEGA) is the official body overseeing the development and regulation of Saudi Arabia’s exhibitions and conventions sector. Established by Royal Decree in 2018, SCEGA aims to strengthen the sector’s economic impact by setting strategic policies, issuing licenses, promoting Saudi Arabia as a premier MICE destination, and fostering investment in line with global standards. Through collaboration with national and international stakeholders, SCEGA works to enhance sector growth, support talent development, and create opportunities for showcasing the Kingdom’s unique identity on the world stage.
Contact: [email protected]
Photo – https://mma.prnewswire.com/media/2564659/SCEGA.jpg
Logo – https://mma.prnewswire.com/media/2564658/International_MICE_Summit_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/inaugural-international-mice-summit-ims-convenes-to-drive-business-events-sectors-future-in-saudi-arabia-fastest-growing-g20-mice-market-302313160.html
-
Fintech7 days agoDoo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets
-
Fintech PR6 days agoSustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
-
Fintech2 days agoFintech Pulse: Industry Updates, Innovations, and Strategic Moves
-
Fintech PR7 days agoHealthcare leaders gather at House of Commons to discuss productivity-boosting tech with MyStaff app
-
Fintech7 days agoPlug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator
-
Fintech PR7 days agoThunderSoft Partners with HERE Technologies to Enhance Intelligent Navigation Solutions
-
Fintech PR6 days agoLaunch of Al Faisal Al Baladi Holding
-
Fintech PR7 days agoBybit Crypto Titans: November Arena Boasts 55,000 USDT in Rewards