Market Size (2018)
2018
$18.64B
ICT
Tax and Accounting Software Market
By Segment, By Region, And Segment Forecasts, 2018 – 2025
Vertical: ICTBase Year: 20189 Sections
Executive Summary
Tax and Accounting Software Market — Snapshot
Projected (2025)
2025
$31.59B
CAGR (2018–2025)
7.8%
7.8%Key Players
113+
Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Roboto Condensed"; mso-ascii-font-family:"Roboto Condensed"; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:"Roboto Condensed"; mso-hansi-theme-font:minor-latin;} The global tax and accounting software market is expected to grow at a CAGR of 7.9% from the year 2019–2025. The market is driven by increasing demand for automated solutions across various industry verticals, globally. Also, since tax and accounting software offers several benefits including efficient planning and management of financial data in a cost-effective manner, it is being widely deployed across industries including manufacturing, retail & consumer goods, BFSI among others. Tax and accounting software are basically two different types of software solutions that are used by enterprises as well as independent financial consultants to manage the entire process of financial transactions. Tax software is designed to help enterprises and individuals to effectively file various taxes including income tax, corporate tax, and state & regional taxes. Accounting software, on the other hand, manages the accounting transaction including accounts payable, accounts receivable, bank reconciliation statement, journal, ledgers, and payroll among others. Both tax and accounting software have become a key solution for small-, medium- and large-sized enterprises. Companies operating in the market are offering integrated solutions in the form of ERP as well as independent solutions like invoice and billing software and payroll software.
With the growth in several enterprises in the developing regions like Asia-Pacific, South America, and the Middle East and Africa the demand for such solutions is significantly increasing. Also, with the introduction of various amendments in taxation policies in countries like India (GST), EU countries (VAT), the need for affordable tax software is increasing. Individual professionals are also using various cloud-based accounting as well as tax software for managing accounting and taxation transactions. For instance, according to the annual report released by FreshBooks (2018), a tax and accounting software provider, in 2019, an estimated 24 million people would be self-employed in the US. This basically means that the self-employed population will demand cost-effective and easy-to-use accounting and tax software which in turn will lead to an increase in cloud-based tax and accounting software. This trend is visible in other regions like Asia-Pacific and the Middle East and Africa. Solution vendors, with this opportunity, are therefore investing in research and development to offer easy to operate and affordable software. For instance, key players like Xero limited, Sage and MYOB, provider of accounting solution shifted to Amazon Web Services (AWS) in the year 2018. Further, these companies are focusing on completely automating bookkeeping services of collecting documents in order to make it easy for enterprises and individual professionals to perform accounting. Xero Limited is moving towards automating bank reconciliation processes. For the same, the company acquired Hubdoc Inc., a company that develops document collection and management software Xero Limited is also using optical character recognition technology to extract and analyze data such as due date, amount and taxes.
The global tax and accounting software market is fragmented with a number of small- and mid-size players offering tax and accounting solutions to the enterprises. However, irrespective of the fact that the market is fragmented, few key players dominate the market with significant market share and portrays intense rivalry. Few of these players are Intuit Inc., Sage Group plc., Xero Limited and SAP SE. These players compete with each other on the basis of price, software features, and market presence. Apart from these big players, few of the small- to mid-size players have emerged as a market innovator. These players include Xero Limited, FreshBooks Reviso Cloud Accounting Limited among others. These players have a strong regional presence, for instance, FreshBooks Inc. has a significant subscriber base in the US, Tally Solutions Private Limited has a stronghold on the Indian market. Also, these players are now striving to expand their geographic reach to opportunistic markets like Asia-Pacific and the Middle East. For instance, Xero limited is extensively focusing on the UK market and is directly competing with Intuit Inc. It is targeting small- and mid-sized enterprises operating in the country.
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· 2018: USD 18,643.6 Million
· 2024: USD 31,590.1 Million
CAGR (2019–2024)
· 7.9%
Key Market Drivers
· Increasing demand for an automated solution by financial institutions
· The rapid adoption of cloud-based accounting software
Key Market Opportunities
· Integration of artificial intelligence with accounting and mobile/app-based accounting software
Key Vendors
· Intuit Inc.
· Sage Group plc
· SAP SE
· Oracle Corporation
· Xero Limited
Key Insight
The Tax and Accounting Software Market market is projected to grow at a CAGR of 7.8% from 2018 to 2025.
Market Performance Trend
Historical performance and future projections (2020–2030, USD Billion)
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What this report covers
- Geographic Coverage: This analysis covers 5 regions: Middle East and Africa, North America, Asia Pacific, Europe, South America.
- Market Segmentation: The market is analyzed across 2 segments: Cloud, On-premise. Forecasts are provided for each segment from 2018 to 2025.
- Competitive Landscape: 113 leading companies are profiled, covering market positioning, strategies, and recent developments.
Market Size (USD Mn)
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Tax and Accounting Software Market — Growth Trajectory
Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0in; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Roboto Condensed"; mso-ascii-font-family:"Roboto Condensed"; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:"Roboto Condensed"; mso-hansi-theme-font:minor-latin;} Tax and Accounting Software is a type of software that accounting professionals or business owners use to process accounting transactions and manage accounts. The Tax and Accounting Software is usually created by a third party for small and medium-sized businesses, although large businesses and corporations have their own in-house accounting software.
Tax and Accounting Software Market — Growth Trajectory
Cloud
On-premise
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How this market is segmented
- Deployment Mode Deployment Mode is broken down into: On-premise, Cloud.
- Vertical Vertical is broken down into: Manufacturing, Retail & E-commerce, Others, BFSI, IT & Telecom, Healthcare.
- Software type Software type is broken down into: Accounting Software, Tax Software.
- Organization Size Organization Size is broken down into: Small & Medium Enterprise, Large Enterprise.
Geographic Analysis
Regional market breakdown
- Middle East and Africa Middle East and Africa market size reached $788.60M in 2018 and is projected to reach $1.49B by 2025, growing at a CAGR of 9.6%.
- North America North America market size reached $7.41B in 2018 and is projected to reach $11.05B by 2025, growing at a CAGR of 5.9%.
- Asia Pacific Asia Pacific market size reached $4.50B in 2018 and is projected to reach $9.42B by 2025, growing at a CAGR of 11.1%.
- Europe Europe market size reached $5.26B in 2018 and is projected to reach $8.41B by 2025, growing at a CAGR of 6.9%.
- South America South America market size reached $689.80M in 2018 and is projected to reach $1.22B by 2025, growing at a CAGR of 8.5%.
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View Subscription PlansResearch Methodology
Tax and Accounting Software Market — How We Researched This Market
This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2018
Historical Period
2018 – 2018
Forecast Period
2018 – 2025
Primary Interviews
150+
Research Process
Historical data (2018–2018) and forecast period (2018–2025)
1
Problem Definition
- Market scoping
- Objective setting
- Framework design
2
Secondary Research
- Literature review
- Data mining
- Trend analysis
3
Primary Research
- Expert interviews
- Field visits
- Surveys
4
Data Analysis
- Quantitative modeling
- Statistical testing
- Validation
5
Insights & Reporting
- Synthesis
- Recommendations
- Visualization
Research Depth
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
Historical vs. Forecast Data
Historical (observed)
Forecast (modelled)
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View Subscription PlansCompetitive Landscape & Porter's Five Forces
Tax and Accounting Software Market — Competitive Analysis
The global tax and accounting software technology market is at a growing stage and driven by various factors such as increasing demand for automated solutions by financial institutions. The global tax and accounting software technology market is fragmented with large players such as Oracle Corporation along with a large number of smaller players making up the market.
Michael Porter’s Five Forces model is a framework to study the global tax and accounting software technology market. Strategic business managers, trying to gain an edge over competing firms in the global tax and accounting software technology market, can utilize this model to better comprehend the industry in which the company operates. The components of each of the forces and the degree of impact of each component in the context of the global tax and accounting software technology market have been broken down and analyzed.
THREAT OF NEW ENTRANTS The barriers of entry to the tax and accounting software technology market are low. Capital investment required to develop tax and accounting software is low due to the availability of various application programming interfaces to streamline the development process. Government regulations are stringent as tax and accounting norms of the respective countries need to be followed to the utmost accuracy to avoid any violations. Hence, the threat of new entrants is expected to be moderate during the forecast period.
BARGAINING POWER OF SUPPLIERS The number of suppliers in the market is high. Companies such as Oracle Corporation, Microsoft Corporation, Xero Limited are offering competitive products with iterative updates. Product differentiation is low as the government regulations for tax and accounting are applicable for all vendors equally which lowers the bargaining power of suppliers. The cost of switching vendors of tax and accounting software is high for the buyers as moving to a different platform requires data migration capabilities and may result in system downtime. Hence, the bargaining power of suppliers is expected to be moderate during the forecast period.
THREAT OF SUBSTITUTES Tax and accounting software have made taxation and financial accounting processes much faster and less error-prone for organizations. It is a crucial piece of the software system which helps automate various processes such as accounts payable, accounts receivable, and others. Currently, there are extremely limited substitutes available for tax and accounting software. Hence, the threat of substitutes is expected to be low during the forecast period.
BARGAINING POWER OF BUYERS The buyer concentration of tax and accounting software solutions is high. Buyers include government entities, auditing firms, private limited companies, and others. However, brand identity plays a key role in opting for solution providers as brand track record and product support cycle play a large role in decision making. Buyers tend to enter into long-term agreements with the suppliers. Further, due to high cost of switching vendors, the bargaining power of buyers is expected to be moderate during the forecast period.
COMPETITIVE RIVALRY The market is competitive with large players such as SAP SE, Oracle Corporation, and Microsoft Corporation vying for market share. However, smaller players such as FreshBooks, Inc have also been able to offer competitive products and services for small- and medium-sized businesses. According to MRFR analysis, market growth is expected to be high with favourable prospects during the forecast period which is expected to intensify the competitive rivalry.
Quantitative Analysis
Regional Breakdown
Regional market breakdown for Tax and Accounting Software Market.
Regional Market Size (USD Mn)
Market estimates by geography (2025)
USD Mn
InsightNorth America leads with $11.05B by 2025, while Asia Pacific is projected to grow fastest at a 11.1% CAGR.
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View Subscription PlansRegional Market Data
| REGION | 2018 | 2018 | 2025 | CAGR | SHARE |
|---|---|---|---|---|---|
| Middle East and Africa | $788.60M | $1.12B | $1.49B | 9.6% | 5% |
| North America | $7.41B | $9.29B | $11.05B | 5.9% | 35% |
| Asia Pacific | $4.50B | $6.82B | $9.42B | 11.1% | 30% |
| Europe | $5.26B | $6.87B | $8.41B | 6.9% | 27% |
| South America | $689.80M | $950.70M | $1.22B | 8.5% | 4% |
| Total | $18.64B | $25.05B | $31.59B | 7.8% | 100% |
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View Subscription PlansSegment Revenue (2025)
Cloud
On-premise
02140427964198558
Segment Market Share
- Cloud56%
- On-premise44%
Total Market Size
$13.85B
Market by Segment (2025)
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Cloud | $7.78B | 7.8% | 87% |
| On-premise | $6.07B | 7.8% | 67% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytics
Tax and Accounting Software Market — Key Findings
Analytical insights on Tax and Accounting Software Market covering market dynamics, competitive landscape, and strategic outlook.
Key Analytical Findings
The Tax and Accounting Software Market market is projected to reach $31.59B by 2025, growing at 7.8% CAGR. The Cloud segment holds the largest share.
Market Dynamics
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Market Drivers
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Automated solutions are also being implemented in fraud detection by providers like Plaid, which works with financial institutions like Goldman Sachs, Citigroup, and American Express; they analyze interactions under different conditions and variables and build multiple unique patterns that are updated in real time. Plaid works as a widget that connects a bank with the client’s app to ensure secure financial transactions.
Market Opportunities
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Another provider of robotic process automation is Automation Anywhere, that offers automation processes for financial services such as accelerated underwriting and improved compliance processes. It has also received a funding of USD290 million in November 2019 to expand operations.
Market Restraints
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According to IBM X-Force Threat Intelligence Index 2018, the financial service sector experienced 17% of attacks and 27% of security incidents, whereas, the information and communications technology sector was the most-attacked industry with 33% attacks reported in 2017.
Areas of major concern for financial service providers included threats against their digital/online banking services (45 percent), point-of-sale (POS) payment systems (40%), and phishing/social engineering of the institution’s customers (35%). Companies are also concerned about attacks on their office administrative networks (35%) and their ATMs (26%).
Strategic Outlook and Future Directions
Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.
Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Market Value by Segment (2025)
Value (USD Mn)
Cloud
On-premise
Companies
Key companies profiled in Tax and Accounting Software Market
Profiles of 113 companies operating in the Tax and Accounting Software Market market, including revenue, employee count, and market positioning where available.
Showing 113 of 113 companies
Wolters Kl
Wolters Kluwer
ICT
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Revenue$1.3B
Employees18,553
Market CapN/A
Founded1835
Netherlands
Tally Solu
Tally Solutions Private Limited
ICT
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RevenueN/A
Employees1,700
Market CapN/A
Founded1985
Bengaluru, India
Red Wing S
Red Wing Software Inc
ICT
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RevenueN/A
Employees40
Market CapN/A
Founded1978
US
Unit4
Unit4
ICT
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RevenueN/A
Employees4,120
Market CapN/A
Founded1979
United States, North America
Epicor
Epicor
ICT
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RevenueN/A
Employees5,000
Market CapN/A
Founded1971
Texas, US
Freshbooks
Freshbooks
ICT
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RevenueN/A
Employees200
Market CapN/A
Founded2002
Ontario, Canada
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I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
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Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Tax and Accounting Software Market
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