At 12.5% CAGR, Asia Pacific Tax Software Market is Projected to be Worth US$ 14,311.00 Million by 2030, says Business Market Insights

According to Business Market Insights research, the Asia Pacific tax software market was valued at US$ 5,585.40 million in 2022 and is expected to reach US$ 14,311.00 million by 2030, registering a CAGR of 12.5% from 2022 to 2030. Rise in online transactions and rise in adoption of tax software are among the critical factors attributed to the Asia Pacific tax software market expansion.

The digital payments ecosystem has gained traction in recent years. The internet penetration and the rise in usage of smartphones are some of the prominent factors fueling digital payments. The rise in online shopping and e-commerce sector also has also increased in the pandemic, which has led to the growth of the online financial transactions. According to the information by The World Bank in 'Global Findex Database 2021', about 40% of adults in the developing economies, excluding China, made a digital merchant payment by phone, card, or the internet, and over one-third of adults in developing economies paid a utility bill directly from an account. These transactions were made for the first time after the start of the pandemic. The number of digital transactions is growing year by year. Thus, the growing online transaction generates the demand for digital solutions. A tax software offers numerous advantages that helps the individual and businesses to streamline transaction tracking and simplify business finances. Effective transaction tracking is vital for the smooth operation of any business. The tax software ensures that every transaction is recorded, making financial data analysis and decision-making easier. It also ensures legal and regulatory compliance. Its calculation functions guarantee accurate tax calculations and minimize the risk of incorrect tax filing. It makes the complex task of tax filing easier by automating the generation of GST and VAT reports. Thus, the rise in online transactions creates complexity in financial management, which further generates the need for the tax software market in the coming years.

On the contrary, high software and training cost hampers the growth of Asia Pacific tax software market.

Based on product, the Asia Pacific tax software market is bifurcated into software and services. The software segment held 87.5% share of Asia Pacific tax software market in 2022, amassing US$ 4,885.07 million. It is projected to garner US$ 12,873.84 million by 2030 to expand at 12.9% CAGR during 2022-2030.

In terms of deployment type, the Asia Pacific tax software market is bifurcated into cloud and on-premise. The cloud segment held 73.7% share of Asia Pacific tax software market in 2022, amassing US$ 4,117.97 million. It is projected to garner US$ 10,983.87 million by 2030 to expand at 13.0% CAGR during 2022-2030.

Based on tax type, the Asia Pacific tax software market is segmented into sales tax, income tax, corporate tax, and others. The sales tax segment held 47.7% share of Asia Pacific tax software market in 2022, amassing US$ 2,665.90 million. It is projected to garner US$ 6,151.72 million by 2030 to expand at 11.0% CAGR during 2022-2030.

Based on end user, the Asia Pacific tax software market is bifurcated into commercial enterprises and individual. The commercial enterprises held 81.2% share of Asia Pacific tax software market in 2022, amassing US$ 4,537.95 million. It is projected to garner US$ 11,448.19 million by 2030 to expand at 12.3% CAGR during 2022-2030. Further, commercial enterprises segment is categorized into enterprise size (large enterprises, medium enterprises, and small enterprises) and vertical (IT & telecom, retail, BFSI, government, healthcare, and others).

By country, the Asia Pacific tax software market has been categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.5% share of Asia Pacific tax software market in 2022. It was assessed at US$ 1,871.68 million in 2022 and is likely to hit US$ 5,352.21 million by 2030, exhibiting a CAGR of 14.0% during 2022-2030.

Key players operating in the Asia Pacific tax software market are Sage Group Plc, Thomson Reuters Corp, Xero Ltd, IRIS Software Group Ltd, Wolters Kluwer NV, Intuit Inc, HRB Digital LLC, and SAP SE, among others.

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