South & Central America Tax Software Market Forecast to 2030
South & Central America Tax Software Market Forecast to 2030 – Regional Analysis – By Product (Software and Service), Tax Type (Sales Tax, Income Tax, Corporate Tax, and Others), Deployment Type (Cloud and On-premise), End User (Individual and Commercial Enterprises), Enterprise Size (Large Enterprises, Medium Enterprises, and Small Enterprises), and Vertical (BFSI, IT & Telecom, Healthcare, Government, Retail, and Others)
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Description
Rising Integration of Advanced Technologies Fuels South & Central America Tax Software Market
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.
South & Central America Tax Software Market Overview
Based on geography, the South America tax software market is segmented into Brazil, Argentina, and the Rest of South America. According to the World Population Review, the population of South America is 440.71 million in October 2023. Brazil is the fifth most populous country in the world, with a population of 210 million, which is further expected to reach 218 million by 2060. The rise in population can be due to people moving to countries with several low-cost benefits. Global companies are expanding their businesses in the region as it offers low labor costs and benefits in taxes. As the region is marching toward development, several global players see it as an opportunity to grow their business in the emerging potential countries. The rise in population, coupled with the growing digitalization across regions, catalyzes the tax software market growth in South America.
Countries such as Brazil, Argentina, Chile, and Colombia are focusing on taxing digital services such as games, streaming services, music, and image downloads, which have been a driver for the adoption of tax software solutions as they keep individuals and businesses updated regarding the reforms in the tax regime. Tax software speeds up the tax filing process through automated, location-precise reporting. It provides summarized reports that can be filed in any countries where a business is registered to collect tax. Thus, such benefits offered by the tax software led to its adoption by several industry verticals such as retail, government, BFSI, and healthcare. Thus, the growth and expansion of these regional industries generate the demand for effective tax software solutions. The market players are launching advanced solutions that foster the region’s tax software market. For example, in May 2020, LatamReady launched a new tax compliance solution to help international businesses running NetSuite drive growth and revenue in 18+ Latin American countries.
South & Central America Tax Software Market Revenue and Forecast to 2030 (US$ Million)
South & Central America Tax Software Market Segmentation
The South & Central America tax software market is segmented into product, deployment type, tax type, end user, and country.
Based on product, the South & Central America tax software market is bifurcated into software and services. The software segment held a larger share of the South & Central America tax software market in 2022.
In terms of deployment type, the South & Central America tax software market is bifurcated into cloud and on-premise. The cloud segment held a larger share of the South & Central America tax software market in 2022.
Based on tax type, the South & Central America tax software market is segmented into sales tax, income tax, corporate tax, and others. The sales tax segment held the largest share of the South & Central America tax software market in 2022.
Based on end user, the South & Central America tax software market is bifurcated into commercial enterprises and individual. The commercial enterprises segment held a larger share of the South & Central America tax software market in 2022. 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).
Based on country, the South & Central America tax software market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America tax software market in 2022.
market Sage Group Plc, Thomson Reuters Corp, Wolters Kluwer NV, Intuit Inc, and SAP SE are some of the leading companies operating in the South & Central America tax software market.
Summary Info
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According to the Research Team’ research, the South & Central America tax software market was valued at US$ 692.16 million in 2022 and is expected to reach US$ 1,210.25 million by 2030, registering a CAGR of 7.2% from 2022 to 2030. Growing tax industry and rise in adoption of tax software are among the critical factors attributed to the South & Central America tax software market expansion.
The tax industry is flourishing with the increasing collection of corporate tax, VAT, and GST. The governments of various countries are constantly investing in providing essential and enhanced services to citizens, further widening the scope of the tax industry. In addition, government policies such as incentives to SMEs and startups encourages emerging market players to start their business. Thus, formation of new businesses further drives the requirement to file tax. The growing digitalization is one of the significant factors fueling industries such as BFSI, retail, healthcare, and IT & telecom, further propelling the tax software market worldwide. A fair tax system further ensures that the individual and businesses pay their fair share. In addition, digitalization in the tax industry encourages tax compliance among firms by prompting the digitalization of their processes. Many accounting firms and industries are taking advantage of cloud technologies to assist users in filing GST, VAT, and corporate tax. Besides, strong relationships between financial service institutions and clients are creating a positive impact on the growth of the tax software market. Accountancy firms are adopting the software for handling invoicing and billing, payroll, reporting, and bookkeeping. The accountancy profession contributes significantly to the economy via specialist accounting practices and in-house accountants existing in all industries. Moreover, the accounting and legal firms are pivotal to the country’s financial and professional services ecosystem. Thus, all these factors are anticipated to boost the market growth in the coming years.
On the contrary, high software and training cost hampers the growth of South & Central America tax software market.
Based on product, the South & Central America tax software market is bifurcated into software and services. The software segment held 88.7% share of South & Central America tax software market in 2022, amassing US$ 614.12 million. It is projected to garner US$ 1,104.23 million by 2030 to expand at 7.6% CAGR during 2022-2030.
In terms of deployment type, the South & Central America tax software market is bifurcated into cloud and on-premise. The cloud segment held 69.4% share of South & Central America tax software market in 2022, amassing US$ 480.61 million. It is projected to garner US$ 874.72 million by 2030 to expand at 7.8% CAGR during 2022-2030.
Based on tax type, the South & Central America tax software market is segmented into sales tax, income tax, corporate tax, and others. The sales tax segment held 48.1% share of South & Central America tax software market in 2022, amassing US$ 332.64 million. It is projected to garner US$ 523.51 million by 2030 to expand at 5.8% CAGR during 2022-2030.
Based on end user, the South & Central America tax software market is bifurcated into commercial enterprises and individual. The commercial enterprises held 83.5% share of South & Central America tax software market in 2022, amassing US$ 578.14 million. It is projected to garner US$ 997.66 million by 2030 to expand at 7.1% 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 South & Central America tax software market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 58.4% share of South & Central America tax software market in 2022. It was assessed at US$ 404.26 million in 2022 and is likely to hit US$ 751.30 million by 2030, exhibiting a CAGR of 8.1% during 2022-2030.
Key players operating in the South & Central America tax software market are Sage Group Plc, Thomson Reuters Corp, Wolters Kluwer NV, Intuit Inc, and SAP SE, among others.
In November 2021, Thomson Reuters announced the launch of the Indirect Tax (IDT) Determination Anywhere platform at its annual SYNERGY Conference for corporate tax and accounting professionals.
In November 2021, Thomson Reuters announced a new cloud-based tax platform that melds edge computing with the capabilities of a traditional tax engine to help simplify processes for tax and accounting professionals.
In November 2019, N. Harris Computer Corporation announced that it has completed the acquisition of the Tax & Accounting Professionals Government business from Thomson Reuters. The business has a longstanding history of providing software and services for governments worldwide to completely, fairly, and efficiently assess real and personal property and bill and collect the related property taxes in their jurisdictions.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in South & Central America tax software market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth South & Central America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Tax Software Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in Value Chain
5. South & Central America Tax Software Market – Key Industry Dynamics
5.1 Tax Software Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increase in Digitization of Tax Systems
5.2.2 Rise in Adoption of Tax Software
5.3 Market Restraints
5.3.1 High Software and Training Cost
5.4 Market Opportunities
5.4.1 Rise in Online Transactions
5.4.2 Growing Tax Industry
5.5 Future Trends
5.5.1 Rising Integration of Advanced Technologies
5.6 Impact of Drivers and Restraints:
6. Tax Software Market – South & Central America Market Analysis
6.1 Tax Software Market Revenue (US$ Million), 2020 – 2030
6.2 Tax Software Market Forecast and Analysis
7. South & Central America Tax Software Market Analysis – Product
7.1 Software
7.1.1 Overview
7.1.2 Software Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Services
7.2.1 Overview
7.2.2 Services Market, Revenue and Forecast to 2030 (US$ Million)
8. South & Central America Tax Software Market Analysis – Deployment Type
8.1 Cloud
8.1.1 Overview
8.1.2 Cloud Market, Revenue and Forecast to 2030 (US$ Million)
8.2 On-Premise
8.2.1 Overview
8.2.2 On-Premise Market, Revenue and Forecast to 2030 (US$ Million)
9. South & Central America Tax Software Market Analysis – Tax Type
9.1 Sales Tax
9.1.1 Overview
9.1.2 Sales Tax Market Revenue and Forecast to 2030 (US$ Million)
9.2 Income Tax
9.2.1 Overview
9.2.2 Income Tax Market Revenue and Forecast to 2030 (US$ Million)
9.3 Corporate Tax
9.3.1 Overview
9.3.2 Corporate Tax Market Revenue and Forecast to 2030 (US$ Million)
9.4 Others
9.4.1 Overview
9.4.2 Others Market Revenue and Forecast to 2030 (US$ Million)
10. South & Central America Tax Software Market Analysis – End User
10.1 Commercial Enterprises
10.1.1 Overview
10.1.2 Commercial Enterprises Market Revenue and Forecast to 2030 (US$ Million)
10.1.3 Commercial Enterprises, By Enterprise Size
10.1.3.1 Large Enterprises
10.1.3.1.1 Overview
10.1.3.1.2 Large Enterprises Market Revenue and Forecast to 2030 (US$ Million)
10.1.3.2 Medium Enterprises
10.1.3.2.1 Overview
10.1.3.2.2 Medium Enterprises Market Revenue and Forecast to 2030 (US$ Million)
10.1.3.3 Small Enterprises
10.1.3.3.1 Overview
10.1.3.3.2 Small Enterprises Market Revenue and Forecast to 2030 (US$ Million)
10.1.4 Commercial Enterprises, By Vertical
10.1.4.1 IT & Telecom
10.1.4.1.1 Overview
10.1.4.1.2 IT & Telecom Market Revenue and Forecast to 2030 (US$ Million)
10.1.4.2 Retail
10.1.4.2.1 Overview
10.1.4.2.2 Retail Market Revenue and Forecast to 2030 (US$ Million)
10.1.4.3 BFSI
10.1.4.3.1 Overview
10.1.4.3.2 BFSI Market Revenue and Forecast to 2030 (US$ Million)
10.1.4.4 Government
10.1.4.4.1 Overview
10.1.4.4.2 Government Market Revenue and Forecast to 2030 (US$ Million)
10.1.4.5 Healthcare
10.1.4.5.1 Overview
10.1.4.5.2 Healthcare Market Revenue and Forecast to 2030 (US$ Million)
10.1.4.6 Others
10.1.4.6.1 Overview
10.1.4.6.2 Others Market Revenue and Forecast to 2030 (US$ Million)
10.2 Individual
10.2.1 Overview
10.2.2 Individual Market Revenue and Forecast to 2030 (US$ Million)
11. South & Central America Tax Software Market – Country Analysis
11.1 South & Central America: Tax Software Market
11.1.1 South & Central America: Tax Software Market, By Key Country – Revenue 2022 (US$ Million)
11.1.2 South & Central America: Tax Software Market, by Key Country
11.1.2.1 Brazil: Tax Software Market – Revenue and Forecast to 2030 (US$ Million)
11.1.2.1.1 Brazil: Tax Software Market, by Product
11.1.2.1.2 Brazil: Tax Software Market, by Deployment Type
11.1.2.1.3 Brazil: Tax Software Market, by Tax Type
11.1.2.1.4 Brazil: Tax Software Market, by End User
11.1.2.1.4.1 Brazil: Tax Software Market, Commercial Enterprises by Enterprise Size
11.1.2.1.4.2 Brazil: Tax Software Market, Commercial Enterprises by Vertical
11.1.2.2 Argentina: Tax Software Market – Revenue and Forecast to 2030 (US$ Million)
11.1.2.2.1 Argentina: Tax Software Market, by Product
11.1.2.2.2 Argentina: Tax Software Market, by Deployment Type
11.1.2.2.3 Argentina: Tax Software Market, by Tax Type
11.1.2.2.4 Argentina: Tax Software Market, by End User
11.1.2.2.4.1 Argentina: Tax Software Market, Commercial Enterprises by Enterprise Size
11.1.2.2.4.2 Argentina: Tax Software Market, Commercial Enterprises by Vertical
11.1.2.3 Rest of South & Central America: Tax Software Market – Revenue and Forecast to 2030 (US$ Million)
11.1.2.3.1 Rest of South & Central America: Tax Software Market, by Product
11.1.2.3.2 Rest of South & Central America: Tax Software Market, by Deployment Type
11.1.2.3.3 Rest of South & Central America: Tax Software Market, by Tax Type
11.1.2.3.4 Rest of South & Central America: Tax Software Market, by End User
11.1.2.3.4.1 Rest of South & Central America: Tax Software Market, Commercial Enterprises by Enterprise Size
11.1.2.3.4.2 Rest of South & Central America: Tax Software Market, Commercial Enterprises by Vertical
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 Sage Group Plc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Thomson Reuters Corp
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Wolters Kluwer NV
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Intuit Inc
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 SAP SE
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
14. Appendix
14.1 About the Research Team
14.2 Word Index
LIST OF TABLES
Table 2. Tax Software Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. Tax Software Market Revenue and Forecasts to 2030 (US$ Million) – Product
Table 4. Tax Software Market Revenue and Forecasts to 2030 (US$ Million) -Deployment Type
Table 5. Tax Software Market Revenue and Forecasts to 2030 (US$ Million) – Tax Type
Table 6. Tax Software Market Revenue and Forecasts to 2030 (US$ Million) – End User
Table 7. Brazil: Tax Software Market, by Product -Revenue and Forecast to 2030 (US$ Million)
Table 8. Brazil: Tax Software Market, by Deployment Type -Revenue and Forecast to 2030 (US$ Million)
Table 9. Brazil: Tax Software Market, by Tax Type -Revenue and Forecast to 2030 (US$ Million)
Table 10. Brazil: Tax Software Market, by End User -Revenue and Forecast to 2030 (US$ Million)
Table 11. Brazil: Tax Software Market, Commercial Enterprises by Enterprise Size -Revenue and Forecast to 2030 (US$ Million)
Table 12. Brazil: Tax Software Market, Commercial Enterprises by Vertical -Revenue and Forecast to 2030 (US$ Million)
Table 13. Argentina: Tax Software Market, by Product -Revenue and Forecast to 2030 (US$ Million)
Table 14. Argentina: Tax Software Market, by Deployment Type -Revenue and Forecast to 2030 (US$ Million)
Table 15. Argentina: Tax Software Market, by Tax Type -Revenue and Forecast to 2030 (US$ Million)
Table 16. Argentina: Tax Software Market, by End User -Revenue and Forecast to 2030 (US$ Million)
Table 17. Argentina: Tax Software Market, Commercial Enterprises by Enterprise Size -Revenue and Forecast to 2030 (US$ Million)
Table 18. Argentina: Tax Software Market, Commercial Enterprises by Vertical -Revenue and Forecast to 2030 (US$ Million)
Table 19. Rest of South & Central America: Tax Software Market, by Product -Revenue and Forecast to 2030 (US$ Million)
Table 20. Rest of South & Central America: Tax Software Market, by Deployment Type -Revenue and Forecast to 2030 (US$ Million)
Table 21. Rest of South & Central America: Tax Software Market, by Tax Type -Revenue and Forecast to 2030 (US$ Million)
Table 22. Rest of South & Central America: Tax Software Market, by End User -Revenue and Forecast to 2030 (US$ Million)
Table 23. Rest of South & Central America: Tax Software Market, Commercial Enterprises by Enterprise Size -Revenue and Forecast to 2030 (US$ Million)
Table 24. Rest of South & Central America: Tax Software Market, Commercial Enterprises by Vertical -Revenue and Forecast to 2030 (US$ Million)
Table 25. List of Abbreviation
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LIST OF FIGURES
Figure 2. PEST Analysis
Figure 3. Ecosystem: Tax Software Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Tax Software Market Revenue (US$ Million), 2020 – 2030
Figure 6. Tax Software Market Share (%) – Product, 2022 and 2030
Figure 7. Software Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Services Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Tax Software Market Share (%) – Deployment Type, 2022 and 2030
Figure 10. Cloud Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. On-Premise Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. Tax Software Market Share (%) – Tax Type, 2022 and 2030
Figure 13. Sales Tax Market Revenue and Forecasts to 2030 (US$ Million)
Figure 14. Income Tax Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15. Corporate Tax Market Revenue and Forecasts to 2030 (US$ Million)
Figure 16. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 17. Tax Software Market Share (%) – End User, 2022 and 2030
Figure 18. Commercial Enterprises Market Revenue and Forecasts to 2030 (US$ Million)
Figure 19. Large Enterprises Market Revenue and Forecasts to 2030 (US$ Million)
Figure 20. Medium Enterprises Market Revenue and Forecasts to 2030 (US$ Million)
Figure 21. Small Enterprises Market Revenue and Forecasts to 2030 (US$ Million)
Figure 22. IT & Telecom Market Revenue and Forecasts to 2030 (US$ Million)
Figure 23. Retail Market Revenue and Forecasts to 2030 (US$ Million)
Figure 24. BFSI Market Revenue and Forecasts to 2030 (US$ Million)
Figure 25. Government Market Revenue and Forecasts to 2030 (US$ Million)
Figure 26. Healthcare Market Revenue and Forecasts to 2030 (US$ Million)
Figure 27. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 28. Individual Market Revenue and Forecasts to 2030 (US$ Million)
Figure 29. South & Central America: Tax Software Market, By Key Country – Revenue 2022 (US$ Million)
Figure 30. South & Central America: Tax Software Market Revenue Share, by Key Country (2022 and 2030)
Figure 31. Brazil: Tax Software Market – Revenue and Forecast to 2030 (US$ Million)
Figure 32. Argentina: Tax Software Market – Revenue and Forecast to 2030 (US$ Million)
Figure 33. Rest of South & Central America: Tax Software Market – Revenue and Forecast to 2030 (US$ Million)
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1. Sage Group Plc
2. Thomson Reuters Corp
3. Wolters Kluwer NV
4. Intuit Inc
5. SAP SE
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