The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Introduction

The tax preparation services market has witnessed steady growth in recent years, with notable projections for the future. Understanding the driving factors behind this growth is crucial for businesses and investors alike.

Steady Growth Trajectory

• The market size has steadily increased from $31.12 billion in 2023 to $32.62 billion in 2024.
• Compound annual growth rate (CAGR) of 4.8% is projected for 2023-2024.
• Further growth is anticipated, reaching $40.6 billion by 2028, with a CAGR of 5.6%.

Drivers of Growth

• Traditional tax filing practices.
• Complex tax regulations and changes in tax laws.
• Small business growth.
• Consumer awareness and education.

Small And Medium-Sized Enterprises (SMEs) As Catalysts For Growth

• SMEs are pivotal in propelling the market’s growth, with governments recognizing their economic importance.
• Incentives such as favorable tax treatment and easier access to loans bolster SMEs, consequently driving the demand for tax preparation services.
• In the US alone, there are expected to be 31.7 million small businesses, further fueling market growth.

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Redefining Tax Preparation Services With Cutting-Edge Technology

• Technological advancements are reshaping the landscape of tax preparation services.
• Innovative solutions are being developed to streamline the filing process and integrate tax preparation into broader financial wellness.
• For example, April Tax Solutions Inc. introduced its Tax Platform technology, utilizing natural language processing and human-assisted AI to simplify tax filing and enhance financial control.

Cinven Expands Market Presence With Acquisition Of TaxAct Holdings Inc.

• In a strategic move, Cinven acquired TaxAct Holdings Inc. for $720 million in November 2022.
• This acquisition aims to consolidate market presence and accelerate service expansion.
• TaxAct Holdings Inc. offers e-file services and individual and business tax services, aligning with Cinven’s growth objectives.

Market Segmentation

• By Service: Tax Compilation Services, Tax Return Preparation Services, Other Services.
• By Deployment Mode: Cloud, On-Premises.
• By Application: Enterprise, Family, Personal, Other Applications.

Regional Analysis

• North America emerged as the largest region in the tax preparation services market in 2023.
• It is poised to be the fastest-growing region during the forecast period.

Conclusion

The tax preparation services market presents lucrative opportunities driven by various factors such as technological advancements, SME growth, and regulatory changes. Understanding these dynamics is essential for stakeholders to capitalize on the market’s growth potential. As the market continues to evolve, embracing innovation and strategic partnerships will be key to staying ahead in this dynamic landscape.

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The Tax Preparation Services Global Market Report 2024  provides an overview of the tax preparation services market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The tax preparation services market forecast analyzes tax preparation services market size, tax preparation services market share, leading competitor and their market positions.

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