LONDON, July 18, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s tax preparation services global market report 2023, the global tax preparation services market size is expected to grow from $29.6 billion in 2022 to $31.2 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%. The global tax preparation services market size is then expected to reach $38.2 billion in 2027 at a CAGR of more than 5%.
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The growing number of small and medium-sized businesses is likely to boost the tax preparation services market ahead. Small and medium-sized firms are privately owned companies with capital, staff, and assets that fall below a particular level established by government criteria. The goods and services tax is typically paid by small and medium-sized businesses. Governments recognize the importance of small and medium-sized firms (SMEs) in the economy and periodically provide incentives, such as preferential tax treatment and easier access to loans, to assist them in remaining in business, which stimulates the growth of the tax preparation services sector. According to a data released by the US Small Business Administration, a US-based government body, there will be 31.7 million small businesses and 20,139 large firms in the US in October 2020.
Major players in the tax preparation services market are BDO Global, Deloitte Consulting LLP, Ernst & Young Global Limited, H&R Block Inc., KPMG International Limited, RSM US LLP, Ryan LLC, Jackson Hewitt Tax Service Inc., Turbo Tax Live, PricewaterhouseCoopers Company (PWC), Crowe Global, Intuit Inc., 415 Group, Knight Dowl CPA, CapActix Business Solutions Pvt. Ltd., Entigrity Solutions LLC, Invensis Inc., Ramsey Solutions, Liberty Tax Service, FreeTaxUSA, Robert Hall & Associates.
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The advancement of technology is a major trend that is gaining traction in the tax preparation services market. Major organizations in the tax preparation services industry are focusing on developing innovative solutions to increase their market position. For instance, April Tax Solutions Inc., a Canadian accounting and tax service company, debuted its Tax Platform technology in January 2023, which simplifies the filing process and integrates tax preparation into overall financial wellness, particularly for Americans. Itis uses the most recent developments in natural language processing and human-assisted AI to help Americans regain control of their taxes. April's customised engine provides taxpayers with a fast, frictionless, and cheap tax experience, with the goal of simplifying the tax procedure. It establishes a new standard for tax relief for low-income families. April works directly with banks and financial institutions to break down the conventional barriers between tax and financial planning, so making tax work easier.
North America was the largest region in the tax preparation services market in 2022. North America is expected to be the fastest-growing region in the global tax preparation services market report during the forecast period.
The global tax preparation services market is segmented by service into tax compilation services, tax return preparation services, other services; by deployment mode into cloud, on-premises; by application into enterprise, family, personal, other applications
Tax Preparation Services Global Market Report 2023 by The Business Research Company provides insights on the tax preparation services market size, tax preparation services market segments, tax preparation services market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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