The Tax Preparation Services by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Tax Preparation Services, The tax
preparation services market size has grown steadily in recent years. It will
grow from $31.12 billion in 2023 to $32.62 billion in 2024 at a compound annual
growth rate (CAGR) of 4.8%. The growth in the historic period can be
attributed to traditional tax filing practices, complex tax regulations,
changes in tax laws, small business growth, consumer awareness and education..
The tax preparation services market size is expected to see strong growth in
the next few years. It will grow to $40.6 billion in 2028 at a compound annual
growth rate (CAGR) of 5.6%. The growth
in the forecast period can be attributed to advancements in tax software,
remote work and virtual services, regulatory emphasis on digital reporting,
economic changes and stimulus programs, personalized tax planning services..
Major trends in the forecast period include focus on customer education,
expansion of diy tax software, data analytics for insights, mobile tax filing
services, environmental, social, and governance (esg) considerations..
The increasing small and medium-sized enterprises are expected to propel the
growth of the tax preparation services market going forward. Small and
medium-sized businesses are privately owned businesses with capital, workforce,
and assets that fall below a certain level set by national guidelines. Small
and medium-sized businesses are frequently used to pay the goods and services
tax. Governments recognize the importance of small and medium-sized enterprises
(SMEs) in the economy and regularly offer incentives, such as favorable tax
treatment and easier access to loans, to help them stay in business, which
boosts the growth of the tax preparation services market. For instance, in May
2022, according to a report shared by the US Small Business Administration., a
US-based government agency, there will be 31.7 million small businesses and
20,139 large businesses in the US. In the US, small businesses added 10.5
million net new jobs over the past two decades, while large businesses added
5.6 million jobs. And these numbers are expected to increase in the future.
Therefore, an increasing small and medium-sized enterprises is driving the
growth of the tax preparation services market.
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The tax preparation services market covered in this report is segmented –
1) By Service: Tax Compilation Services, Tax Return Preparation Services, Other
Services
2) By Deployment Mode: Cloud, On-Premises
3) By Application: Enterprise, Family, Personal, Other Applications
Technological advancement is a key trend gaining popularity in the tax
preparation services market. Major companies operating in the tax preparation
services industry are focused on developing innovative solutions to strengthen
their position in the market. For instance, in January 2023, April Tax
Solutions Inc., a Canada-based accounting and tax service company, launched its
Tax Platform technology, which simplifies the filing process and integrates tax
preparation into broader financial wellness, especially for Americans. Itis
assists Americans in gaining control of their taxes by utilizing the most
recent advances in natural language processing and human-assisted AI. April's
personalized engine offers taxpayers a fast, frictionless, and affordable tax
experience, aimed at making the tax process easier. It creates a new standard
for tax solutions for low-income families. April works directly with banks and
financial institutions to break down the barriers that have traditionally
existed between tax and financial planning, making tax work easier.
The tax preparation services market report table of contents includes:
1. Executive Summary
2. Tax
Preparation Services Market Characteristics
3. Tax
Preparation Services Market Trends And Strategies
4. Tax
Preparation Services Market - Macro Economic Scenario
5. Global
Tax Preparation Services Market Size and Growth
.
31. Global Tax Preparation Services Market Competitive Benchmarking
32. Global
Tax Preparation Services Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Tax Preparation Services Market
34. Tax
Preparation Services Market Future Outlook and Potential Analysis
35.
Appendix
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