Asia Pacific Tax Software Market Forecast to 2030 - Regional Analysis - by Product, Tax Type, Deployment Type, End User, Enterprise Size, and Vertical

List of Tables

The Asia Pacific tax software market is expected to grow from US$ 5,585.40 million in 2022 to US$ 14,311.00 million by 2030. It is estimated to grow at a CAGR of 12.5% from 2022 to 2030.

Increase in Digitization of Tax Systems Boosts Asia Pacific Tax Software Market

The retail sector has experienced a tremendous transformation with the growing trend of online shopping. According to the National Retail Federation (NRF), in 2023, retail sales are expected to increase by 4-6% compared to 2022. In 2021, the retail sales grew over 7% compared to 2020. Thus, the rise of online shoppers has led to the continuous introduction of various advanced technological solutions that help retailers increase their efficiency. Companies in the tax software market catering to retail sector maintain an enormous quantity of sensitive data that varies from financial statements, invoices, and legal contracts to e-mails and receipts. Retailers face vast pressures from stakeholders to gain higher returns. With advancements in solutions offering and pricing being no longer a barrier, they are increasingly adopting automated systems to enhance order accuracy, optimize business, and maximize throughput. Tax automation is a key part of operations in the retail sector; it helps retailers compile sales data from different systems and keep up with retail sales tax requirements. Automation helps them bring convenience to their operations and ensure compliance with minimal human efforts. Moreover, introducing digitalization in retail rules out the need for tax printouts and receipts, as governments have started to accept digital records instead of paper records for VAT submissions. Therefore, the growing scope of digitalization and tax automation in the retail sector is encouraging tax software providers to cater to more retail markets. The retail sector is among the rapidly evolving and essential sectors. Increasing penetration of supply chain technologies, changing competitive landscapes, rising sustainability concerns among customers, and growing regulatory pressure are facilitating transformation in the retail sector. With the help of tax automation, retailers can increase efficiency and lower the risk associated with manual tax management. It also assists them to enter new markets and establish sales channels that drive growth. Many retail companies are opting for cloud-based services. Cloud tax technology offers benefits such as business continuity management (BCM) and cost-reduction, which leads to a lower total ownership cost and disaster recovery benefits. In addition, retailers that have adopted cloud tax technology are benefitted from cross-channel support (point-of-sale, e-commerce, mobile, etc.), speedy implementation, and scalability as additional advantages. Therefore, the adoption of tax software, especially cloud-based solutions, in the retail sector drives market growth.

Asia Pacific Tax Software Market Overview

The Asia Pacific tax software market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The region is focused on bringing digitalization to gain a competitive advantage in the global market. According to the United Nations Economic and Social Commission for Asia and Pacific (ESCAP), the COVID-19 pandemic is one of the major drivers for the rapid adoption of digital technologies in the region. The adoption of digital technologies increased the efficiency of the public and private sectors, financial inclusion, access to education, and opening new markets by letting companies serve distant customers. In the tax industry, digitalization helped boost the number of internet users and facilitate the e-commerce markets that require innovative payment systems. to support this, in March 2022, the Organization for Economic Co-operation and Development (OECD) released a new Value Added Tax (VAT) Digital toolkit for Asia Pacific to guide the implementation of VAT strategy in e-commerce. This toolkit's objective is to assist the region's tax authorities with the outline and execution of reform to guarantee the effective collection of VAT on e-commerce activities. Thus, such government initiatives to boost digitalization and launch tax software solutions are likely to foster the growth of the tax software market in Asia Pacific.

The global market players are expanding their businesses in the region. For instance, in May 2023, PwC launched the Asia Pacific Marketplace across Indonesia, Singapore, Malaysia, Thailand, and Vietnam, with other areas soon to follow to cater to growing digitalization in the region. Under this strategy, PwC aims to provide its clients with digital solutions such as cybersecurity, data and analytics, and tax solutions. With this, the company introduced over 160 solutions, which includes licensed Software as a service (SaaS) product. Thus, such expansion and proliferation of software solutions leads to the adoption of tax software solutions across various industry verticals, further driving the tax software market in Asia Pacific.

Asia Pacific Tax Software Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Tax Software Market Segmentation

The Asia Pacific tax software market is segmented into product, deployment type, tax type, end user, and country.

Based on product, the Asia Pacific tax software market is bifurcated into software and services. The software segment held a larger share of the Asia Pacific tax software market in 2022.

In terms of deployment type, the Asia Pacific tax software market is bifurcated into cloud and on-premise. The cloud segment held a larger share of the Asia Pacific tax software market in 2022.

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 the largest share of the Asia Pacific tax software market in 2022.

Based on end user, the Asia Pacific tax software market is bifurcated into commercial enterprises and individual. The commercial enterprises segment held a larger share of the Asia Pacific 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 Asia Pacific tax software market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. China dominated the Asia Pacific tax software market in 2022.

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

Product Code: TIPRE00009987

1. Introduction

1.1 The Insight Partners 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. Asia Pacific 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. Asia Pacific 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 - Asia Pacific Market Analysis

6.1 Tax Software Market Revenue (US$ Million), 2020 - 2030
6.2 Tax Software Market Forecast and Analysis

7. Asia Pacific 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. Asia Pacific 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. Asia Pacific 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. Asia Pacific 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. Asia Pacific Tax Software Market - Country Analysis

11.1 Asia Pacific: Tax Software Market
- 11.1.1 Asia Pacific: Tax Software Market, By Key Country - Revenue 2022 (US$ Million)
- 11.1.2 Asia Pacific: Tax Software Market, by Key Country
  - 11.1.2.1 China: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
    - 11.1.2.1.1 China: Tax Software Market, by Product
    - 11.1.2.1.2 China: Tax Software Market, by Deployment Type
    - 11.1.2.1.3 China: Tax Software Market, by Tax Type
    - 11.1.2.1.4 China: Tax Software Market, by End User
    - 11.1.2.1.4.1 China: Tax Software Market, Commercial Enterprises by Enterprise Size
    - 11.1.2.1.4.2 China: Tax Software Market, Commercial Enterprises by Vertical
  - 11.1.2.2 Japan: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
    - 11.1.2.2.1 Japan: Tax Software Market, by Product
    - 11.1.2.2.2 Japan: Tax Software Market, by Deployment Type
    - 11.1.2.2.3 Japan: Tax Software Market, by Tax Type
    - 11.1.2.2.4 Japan: Tax Software Market, by End User
    - 11.1.2.2.4.1 Japan: Tax Software Market, Commercial Enterprises by Enterprise Size
    - 11.1.2.2.4.2 Japan: Tax Software Market, Commercial Enterprises by Vertical
  - 11.1.2.3 India: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
    - 11.1.2.3.1 India: Tax Software Market, by Product
    - 11.1.2.3.2 India: Tax Software Market, by Deployment Type
    - 11.1.2.3.3 India: Tax Software Market, by Tax Type
    - 11.1.2.3.4 India: Tax Software Market, by End User
    - 11.1.2.3.4.1 India: Tax Software Market, Commercial Enterprises by Enterprise Size
    - 11.1.2.3.4.2 India: Tax Software Market, Commercial Enterprises by Vertical
  - 11.1.2.4 South Korea: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
    - 11.1.2.4.1 South Korea: Tax Software Market, by Product
    - 11.1.2.4.2 South Korea: Tax Software Market, by Deployment Type
    - 11.1.2.4.3 South Korea: Tax Software Market, by Tax Type
    - 11.1.2.4.4 South Korea: Tax Software Market, by End User
    - 11.1.2.4.4.1 South Korea: Tax Software Market, Commercial Enterprises by Enterprise Size
    - 11.1.2.4.4.2 South Korea: Tax Software Market, Commercial Enterprises by Vertical
  - 11.1.2.5 Australia: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
    - 11.1.2.5.1 Australia: Tax Software Market, by Product
    - 11.1.2.5.2 Australia: Tax Software Market, by Deployment Type
    - 11.1.2.5.3 Australia: Tax Software Market, by Tax Type
    - 11.1.2.5.4 Australia: Tax Software Market, by End User
    - 11.1.2.5.4.1 Australia: Tax Software Market, Commercial Enterprises by Enterprise Size
    - 11.1.2.5.4.2 Australia: Tax Software Market, Commercial Enterprises by Vertical
  - 11.1.2.6 Rest of Asia Pacific: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
    - 11.1.2.6.1 Rest of Asia Pacific: Tax Software Market, by Product
    - 11.1.2.6.2 Rest of Asia Pacific: Tax Software Market, by Deployment Type
    - 11.1.2.6.3 Rest of Asia Pacific: Tax Software Market, by Tax Type
    - 11.1.2.6.4 Rest of Asia Pacific: Tax Software Market, by End User
    - 11.1.2.6.4.1 Rest of Asia Pacific: Tax Software Market, Commercial Enterprises by Enterprise Size
    - 11.1.2.6.4.2 Rest of Asia Pacific: 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 Xero Ltd
- 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 IRIS Software Group Ltd
- 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 Wolters Kluwer NV
- 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
13.6 Intuit Inc
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
13.7 HRB Digital LLC
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
13.8 SAP SE
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments

14. Appendix

14.1 About the Insight Partners
14.2 Word Index