Report : 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)
At 7.2% CAGR, South & Central America Tax Software Market is Projected to be Worth US$ 1,210.25 Million by 2030, says Business Market Insights
According to Business Market Insights 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.
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