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

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    Report

  • 115 Pages
  • May 2024
  • Region: Europe
  • The Insight Partners
  • ID: 5983348
UP TO OFF until Dec 31st 2024
The Europe tax software market is expected to grow from US$ 6.37 billion in 2022 to US$ 14.34 billion by 2030. It is estimated to grow at a CAGR of 10.7% from 2022 to 2030.

Rise in Online Transactions Drives Europe Tax Software Market

The digital payments ecosystem has gained traction in recent years. The internet penetration and the rise in usage of smartphones are some of the prominent factors fueling digital payments. The rise in online shopping and e-commerce sector also has also increased in the pandemic, which has led to the growth of the online financial transactions. These transactions were made for the first time after the start of the pandemic. The number of digital transactions is growing year by year. Thus, the growing online transaction generates the demand for digital solutions. A tax software offers numerous advantages that helps the individual and businesses to streamline transaction tracking and simplify business finances. Effective transaction tracking is vital for the smooth operation of any business. The tax software ensures that every transaction is recorded, making financial data analysis and decision-making easier. It also ensures legal and regulatory compliance. Its calculation functions guarantee accurate tax calculations and minimize the risk of incorrect tax filing. It makes the complex task of tax filing easier by automating the generation of GST and VAT reports. Thus, the rise in online transactions creates complexity in financial management, which further generates the need for the tax software market in the coming years.

Europe Tax Software Market Overview

The Europe tax software market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Different countries have different tax rates decided by their respective national government; the European Union (EU) does not have a direct role in setting tax rates and collecting taxes. EU overlooks national tax rules concerning businesses and consumer policies to ensure taxes do not differentiate against consumers, employees, or businesses from other EU countries and to check if any businesses in one country do not have a biased advantage over competitors in another. EU works with its countries with an aim to make efficient and growth-friendly economic policies and corporate and income taxes. These tax rate continuously changes according to the economic environment, economic performance of countries, and other factors, which creates confusion and complexity among the individual and businesses to cope with the updated tax compliances. For example, according to the European Commission, the tax structure in 2021 was nearly like the pre-COVID-19 period, but the share of labor tax dropped to 51.4% in 2021, a drop of 1.9 percentage points (pp) compared to the 2020 tax structure. Similarly, consumption taxes rose to 11.2%, and revenue from taxes on capital also rose to 8.5%. In such cases, the adoption of tax software by individuals and businesses helps to get updated tax rates. The updated changes in tax rates and rules helps them to file the tax effectively and efficiently. The software tracks all transactions and tracks eligible tax credits with respect to tax compliances. Thus, the rising awareness regarding the benefits of tax software has surged its adoption, thereby favoring the tax software market in Europe.

Europe has wide automotive, fashion, and other industry vertical players that have grown their presence worldwide and plan to expand. In addition, they are also expanding their business online. As countries in different regions have diverse corporate tax rates and digital services tax, a tax software solution helps various industries manage tax obligations on those transactions. The solution helps them get a revised or new tax regime and manage their taxes according to it, leading to the demand for tax software from various industry's customers. The tax software market players are also launching various solutions that propel the tax software market growth in Europe. For example, in August 2023, Stripe launched Stripe Tax for platforms, enabling platforms using Stripe Connect to offer Stripe Tax as a service to their customers. The solution helps businesses to sell their products cross-boarders and adhere to complex tax requirements.

Europe Tax Software Market Segmentation

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

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

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

Based on tax type, the Europe tax software market is segmented into sales tax, income tax, corporate tax, and others. The sales tax segment held the largest share of the Europe tax software market in 2022.

Based on end user, the Europe tax software market is bifurcated into commercial enterprises and individual. The commercial enterprises segment held a larger share of the Europe 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 Europe tax software market is segmented into Germany, the UK, France, Italy, Russia, and the Rest of Europe. The Rest of Europe dominated the Europe 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 Europe tax software market.

Table of Contents

1. Introduction
1.1 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. Europe 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. Europe 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 - Europe Market Analysis
6.1 Europe Tax Software Market Revenue (US$ Million), 2020 - 2030
6.2 Europe Tax Software Market Forecast and Analysis
7. Europe Tax Software Market Analysis - Product
7.1 Software
7.1.1 Overview
7.1.2 Europe Software Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Services
7.2.1 Overview
7.2.2 Europe Services Market, Revenue and Forecast to 2030 (US$ Million)
8. Europe Tax Software Market Analysis - Deployment Type
8.1 Cloud
8.1.1 Overview
8.1.2 Europe Cloud Market, Revenue and Forecast to 2030 (US$ Million)
8.2 On-Premise
8.2.1 Overview
8.2.2 Europe On-Premise Market, Revenue and Forecast to 2030 (US$ Million)
9. Europe Tax Software Market Analysis - Tax Type
9.1 Sales Tax
9.1.1 Overview
9.1.2 Europe 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. Europe 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. Europe Tax Software Market - Country Analysis
11.1 Europe: Tax Software Market
11.1.1 Europe: Tax Software Market, By Key Country - Revenue 2022 (US$ Million)
11.1.2 Europe: Tax Software Market, by Key Country
11.1.2.1 Germany: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
11.1.2.1.1 Germany: Tax Software Market, by Product
11.1.2.1.2 Germany: Tax Software Market, by Deployment Type
11.1.2.1.3 Germany: Tax Software Market, by Tax Type
11.1.2.1.4 Germany: Tax Software Market, by End User
11.1.2.1.4.1 Germany: Tax Software Market, Commercial Enterprises by Enterprise Size
11.1.2.1.4.2 Germany: Tax Software Market, Commercial Enterprises by Vertical
11.1.2.2 UK: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
11.1.2.2.1 UK: Tax Software Market, by Product
11.1.2.2.2 UK: Tax Software Market, by Deployment Type
11.1.2.2.3 UK: Tax Software Market, by Tax Type
11.1.2.2.4 UK: Tax Software Market, by End User
11.1.2.2.5 UK: Tax Software Market, Commercial Enterprises by Enterprise Size
11.1.2.2.6 UK: Tax Software Market, Commercial Enterprises by Vertical
11.1.2.3 France: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
11.1.2.3.1 France: Tax Software Market, by Product
11.1.2.3.2 France: Tax Software Market, by Deployment Type
11.1.2.3.3 France: Tax Software Market, by Tax Type
11.1.2.3.4 France: Tax Software Market, by End User
11.1.2.3.4.1 France: Tax Software Market, Commercial Enterprises by Enterprise Size
11.1.2.3.4.2 France: Tax Software Market, Commercial Enterprises by Vertical
11.1.2.4 Italy: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
11.1.2.4.1 Italy: Tax Software Market, by Product
11.1.2.4.2 Italy: Tax Software Market, by Deployment Type
11.1.2.4.3 Italy: Tax Software Market, by Tax Type
11.1.2.4.4 Italy: Tax Software Market, by End User
11.1.2.4.4.1 Italy: Tax Software Market, Commercial Enterprises by Enterprise Size
11.1.2.4.4.2 Italy: Tax Software Market, Commercial Enterprises by Vertical
11.1.2.5 Russia: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
11.1.2.5.1 Russia: Tax Software Market, by Product
11.1.2.5.2 Russia: Tax Software Market, by Deployment Type
11.1.2.5.3 Russia: Tax Software Market, by Tax Type
11.1.2.5.4 Russia: Tax Software Market, by End User
11.1.2.5.4.1 Russia: Tax Software Market, Commercial Enterprises by Enterprise Size
11.1.2.5.4.2 Russia: Tax Software Market, Commercial Enterprises by Vertical
11.1.2.6 Rest of Europe: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
11.1.2.6.1 Rest of Europe: Tax Software Market, by Product
11.1.2.6.2 Rest of Europe: Tax Software Market, by Deployment Type
11.1.2.6.3 Rest of Europe: Tax Software Market, by Tax Type
11.1.2.6.4 Rest of Europe: Tax Software Market, by End User
11.1.2.6.4.1 Rest of Europe: Tax Software Market, Commercial Enterprises by Enterprise Size
11.1.2.6.4.2 Rest of Europe: 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 Publisher
14.2 Word Index
List of Tables
Table 1. Tax Software Market Segmentation
Table 2. Europe Tax Software Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. Europe Tax Software Market Revenue and Forecasts to 2030 (US$ Million) - Product
Table 4. Europe Tax Software Market Revenue and Forecasts to 2030 (US$ Million) -Deployment Type
Table 5. Europe 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. Germany: Tax Software Market, by Product -Revenue and Forecast to 2030 (US$ Million)
Table 8. Germany: Tax Software Market, by Deployment Type -Revenue and Forecast to 2030 (US$ Million)
Table 9. Germany: Tax Software Market, by Tax Type -Revenue and Forecast to 2030 (US$ Million)
Table 10. Germany: Tax Software Market, by End User -Revenue and Forecast to 2030 (US$ Million)
Table 11. Germany: Tax Software Market, Commercial Enterprises by Enterprise Size -Revenue and Forecast to 2030 (US$ Million)
Table 12. Germany: Tax Software Market, Commercial Enterprises by Vertical -Revenue and Forecast to 2030 (US$ Million)
Table 13. UK: Tax Software Market, by Product -Revenue and Forecast to 2030 (US$ Million)
Table 14. UK: Tax Software Market, by Deployment Type -Revenue and Forecast to 2030 (US$ Million)
Table 15. UK: Tax Software Market, by Tax Type -Revenue and Forecast to 2030 (US$ Million)
Table 16. UK: Tax Software Market, by End User -Revenue and Forecast to 2030 (US$ Million)
Table 17. UK: Tax Software Market, Commercial Enterprises by Enterprise Size -Revenue and Forecast to 2030 (US$ Million)
Table 18. UK: Tax Software Market, Commercial Enterprises by Vertical -Revenue and Forecast to 2030 (US$ Million)
Table 19. France: Tax Software Market, by Product -Revenue and Forecast to 2030 (US$ Million)
Table 20. France: Tax Software Market, by Deployment Type -Revenue and Forecast to 2030 (US$ Million)
Table 21. France: Tax Software Market, by Tax Type -Revenue and Forecast to 2030 (US$ Million)
Table 22. France: Tax Software Market, by End User -Revenue and Forecast to 2030 (US$ Million)
Table 23. France: Tax Software Market, Commercial Enterprises by Enterprise Size -Revenue and Forecast to 2030 (US$ Million)
Table 24. France: Tax Software Market, Commercial Enterprises by Vertical -Revenue and Forecast to 2030 (US$ Million)
Table 25. Italy: Tax Software Market, by Product -Revenue and Forecast to 2030 (US$ Million)
Table 26. Italy: Tax Software Market, by Deployment Type -Revenue and Forecast to 2030 (US$ Million)
Table 27. Italy: Tax Software Market, by Tax Type -Revenue and Forecast to 2030 (US$ Million)
Table 28. Italy: Tax Software Market, by End User -Revenue and Forecast to 2030 (US$ Million)
Table 29. Italy: Tax Software Market, Commercial Enterprises by Enterprise Size -Revenue and Forecast to 2030 (US$ Million)
Table 30. Italy: Tax Software Market, Commercial Enterprises by Vertical -Revenue and Forecast to 2030 (US$ Million)
Table 31. Russia: Tax Software Market, by Product -Revenue and Forecast to 2030 (US$ Million)
Table 32. Russia: Tax Software Market, by Deployment Type -Revenue and Forecast to 2030 (US$ Million)
Table 33. Russia: Tax Software Market, by Tax Type -Revenue and Forecast to 2030 (US$ Million)
Table 34. Russia: Tax Software Market, by End User -Revenue and Forecast to 2030 (US$ Million)
Table 35. Russia: Tax Software Market, Commercial Enterprises by Enterprise Size -Revenue and Forecast to 2030 (US$ Million)
Table 36. Russia: Tax Software Market, Commercial Enterprises by Vertical -Revenue and Forecast to 2030 (US$ Million)
Table 37. Rest of Europe: Tax Software Market, by Product -Revenue and Forecast to 2030 (US$ Million)
Table 38. Rest of Europe: Tax Software Market, by Deployment Type -Revenue and Forecast to 2030 (US$ Million)
Table 39. Rest of Europe: Tax Software Market, by Tax Type -Revenue and Forecast to 2030 (US$ Million)
Table 40. Rest of Europe: Tax Software Market, by End User -Revenue and Forecast to 2030 (US$ Million)
Table 41. Rest of Europe: Tax Software Market, Commercial Enterprises by Enterprise Size -Revenue and Forecast to 2030 (US$ Million)
Table 42. Rest of Europe: Tax Software Market, Commercial Enterprises by Vertical -Revenue and Forecast to 2030 (US$ Million)
Table 43. List of Abbreviation
List of Figures
Figure 1. Tax Software Market Segmentation, By Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Tax Software Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Europe Tax Software Market Revenue (US$ Million), 2020 - 2030
Figure 6. Europe Tax Software Market Share (%) - Product, 2022 and 2030
Figure 7. Europe Software Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Europe Services Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Europe Tax Software Market Share (%) - Deployment Type, 2022 and 2030
Figure 10. Europe Cloud Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. Europe On-Premise Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. Europe Tax Software Market Share (%) - Tax Type, 2022 and 2030
Figure 13. Europe 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. Europe: Tax Software Market, By Key Country - Revenue 2022 (US$ Million)
Figure 30. Europe: Tax Software Market Revenue Share, by Key Country (2022 and 2030)
Figure 31. Germany: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
Figure 32. UK: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
Figure 33. France: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
Figure 34. Italy: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
Figure 35. Russia: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)
Figure 36. Rest of Europe: Tax Software Market - Revenue and Forecast to 2030 (US$ Million)

Companies Mentioned

  • Sage Group Plc
  • Thomson Reuters Corp
  • Xero Ltd
  • IRIS Software Group Ltd
  • Wolters Kluwer NV
  • Intuit Inc
  • HRB Digital LLC
  • SAP SE