At 8.3% CAGR, Middle East & Africa Tax Software Market is Projected to be Worth US$ 2,853.39 Million by 2030, says Business Market Insights

According to Business Market Insights research, the Middle East & Africa tax software market was valued at US$ 1,510.26 million in 2022 and is expected to reach US$ 2,853.39 million by 2030, registering a CAGR of 8.3% from 2022 to 2030. Rising integration of advanced technologies and rise in adoption of tax software are among the critical factors attributed to the Middle East & Africa tax software market expansion.

The accountancy sector is growing at a fast pace, increasing the need for advanced technologies to streamline tax processes. Cloud accountancy has widely transformed how accountants work regularly and communicate with their customers. Cloud-based solutions enable accountants to run accounting tasks from any location. According to Xero Corporation, accounting firms using cloud accounting have reported a 15% growth in year-over-year revenue. Also, the accounting practices using cloud accounting have managed to gather and serve five times more customers than those who do not use this process. The use of AI technology by accounting firms is increasing to boost productivity and flourish the accounting industry. Using advanced tools to increase productivity and make more informed decisions are expected to gain more traction in the coming years. The use of technologies such as AI will help accounting firms generate more insight and reduce expenditures. According to the Sage Group, 55% of accountants are likely to leverage AI in the coming years. AI helps improve services such as automated tax filing and helps educate taxpayers through the procedure of tax filing. Moreover, AI can be implemented for identifying tax evasion, extracting key data from tax documents, and automatically feeding information into accounting software, lowering the load on tax professionals. In the coming years, automation of business processes for making labor-intensive activities such as tax preparation, banking, audits, and payroll less time-consuming is expected to gain strong momentum. Using automation would allow accounting firms to reduce the overall time required to complete processes and lower the number of errors. Thus, automation and cloud technologies are expected to be the most significant trends in the accounting industry, thereby positively favoring market growth.

On the contrary, high software and training cost hampers the growth of Middle East & Africa tax software market.

Based on product, the Middle East & Africa tax software market is bifurcated into software and services. The software segment held 89.6% share of Middle East & Africa tax software market in 2022, amassing US$ 1,352.80 million. It is projected to garner US$ 2,628.80 million by 2030 to expand at 8.7% CAGR during 2022-2030.

In terms of deployment type, the Middle East & Africa tax software market is bifurcated into cloud and on-premise. The cloud segment held 72.5% share of Middle East & Africa tax software market in 2022, amassing US$ 1,095.48 million. It is projected to garner US$ 2,154.39 million by 2030 to expand at 8.8% CAGR during 2022-2030.

Based on tax type, the Middle East & Africa tax software market is segmented into sales tax, income tax, corporate tax, and others. The sales tax segment held 45.5% share of Middle East & Africa tax software market in 2022, amassing US$ 687.47 million. It is projected to garner US$ 1,170.30 million by 2030 to expand at 6.9% CAGR during 2022-2030.

Based on end user, the Middle East & Africa tax software market is bifurcated into commercial enterprises and individual. The commercial enterprises held 80.2% share of Middle East & Africa tax software market in 2022, amassing US$ 1,279.00 million. It is projected to garner US$ 2,252.01 million by 2030 to expand at 8.1% 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 Middle East & Africa tax software market has been categorized into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 41.6% share of Middle East & Africa tax software market in 2022. It was assessed at US$ 627.74 million in 2022 and is likely to hit US$ 1,310.24 million by 2030, exhibiting a CAGR of 9.6% during 2022-2030.

Key players operating in the Middle East & Africa tax software market are Sage Group Plc, Thomson Reuters Corp, Xero Ltd, Wolters Kluwer NV, Intuit Inc, and SAP SE, among others.

• In July 2023, Reuters plans to invest US$100 million per year in artificial intelligence starting next year, with plans to integrate the technology in its tax research and tax preparation systems as well as other areas.
  
  

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