Tax Preparation Services Market Size, Share & Growth Analysis to 2030

Global Tax Preparation Services Market Size, Share, Trends, Industry Growth by Service Provider (Companies, Individual Professionals), by End-User (Individuals, Large Enterprises, SME), by Industry Verticals, by Region, and Forecast to 2030

Report ID: RC156235 | Report Format: PDF + Excel | Starting Price: 3600/- USD | Last Updated: July 1st, 2023

The global tax preparation services market was valued at over USD 30 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) around of 4% from 2023 to 2030. The market growth is driven by factors such as increasing complexity in tax regulations, rising demand for tax preparation outsourcing, growing adoption of cloud-based tax preparation software, and the increasing trend of self-employment and entrepreneurship.

The tax preparation services market is primarily driven by factors such as the increasing complexity of tax laws and regulations, the growing number of self-employed individuals, and the rise in demand for tax consulting services. With the continuous changes and updates in tax laws, individuals and businesses find it challenging to comply with tax requirements on their own.

As a result, they rely on tax preparation services to ensure compliance and minimize tax liabilities. Moreover, the increasing number of self-employed individuals and small businesses creates a growing demand for tax preparation services. These businesses require help in filing their taxes and ensuring they are adhering to tax laws. Additionally, the growing demand for tax consulting services, including tax planning and advisory services, is expected to drive the growth of the tax preparation services market.

Market Drivers:

Increasing use of AI and machine learning: Tax preparation service providers are increasingly using AI and machine learning to improve the accuracy and speed of tax preparation. These technologies can help automate routine tasks, reduce errors, and provide more personalized recommendations to clients.

Growing popularity of cloud-based solutions: Cloud-based tax preparation software is gaining popularity among businesses and individuals. These solutions offer greater flexibility and accessibility, as users can access their tax information from any device with an internet connection. Additionally, cloud-based solutions often have lower upfront costs compared to traditional software.

Shift towards mobile applications: Many tax preparation service providers are developing mobile applications to allow clients to file their taxes on-the-go. These apps often offer a streamlined user experience, with features like document scanning and secure digital signatures.

Rise of DIY tax preparation software: With the availability of user-friendly DIY tax preparation software, some individuals and small businesses are opting to prepare their own taxes instead of using a tax preparation service. This trend has spurred some tax preparation service providers to offer hybrid models that combine DIY software with professional assistance for more complex tax situations.

Market Snapshot:

Benchmark Year		2022
Market Size		> USD 30 Billion in 2022
Market Growth (CAGR)		~ 4% (2023-2030)
Largest Market Share
Analysis Period		2020-2030
Market Players		415 Group, A Dowl Knight CPA, BDO USA, LLP, CapActix Business Solutions, Deloitte, and Entigrity Solutions LLC

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Market Insights:

Global Tax Preparation Services Market Analysis by Service Provider:

The tax preparation services market is analyzed by service providers, which can be further categorized into individual professionals and companies. Individual tax professionals mainly include self-employed accountants, tax preparers, and enrolled agents, while companies offering tax preparation services include established accounting firms, tax preparation franchises, and online tax preparation services. Accounting firms may provide other services besides tax preparation, such as auditing, bookkeeping, and financial consulting. Tax preparation franchises are typically part of a larger brand and offer standardized tax preparation services to customers. Online tax preparation services have gained popularity due to their convenience and accessibility, with users able to prepare and file their taxes through online software.

Global Tax Preparation Services Market Analysis by End-User:

The Tax Preparation Services Market can be analyzed by end-use industries such as individuals, small businesses, and large enterprises. Individuals usually seek tax preparation services for their personal tax returns, while small businesses require services for their business tax returns and compliance. Large enterprises may require a range of tax services, including tax planning and strategy, compliance, and international tax services. The demand for tax preparation services is influenced by various factors, including changes in tax laws and regulations, complex tax codes, and the need for accurate and timely tax filings. The market for tax preparation services is expected to grow in the coming years, driven by increasing demand from individuals and businesses, as well as the development of new technologies and tools to streamline tax preparation and filing processes.

Global Tax Preparation Services Market Analysis by Industry Verticals:

The Tax Preparation Services Market can be analyzed by industry verticals such as healthcare, banking and finance, retail, transportation, IT and telecommunication, and others. The healthcare industry vertical is expected to witness significant growth in the tax preparation services market, owing to the implementation of various healthcare regulations and compliance standards. The banking and finance industry vertical is also expected to show considerable growth, as it is one of the most regulated industries globally, with various tax regulations and compliance requirements. The retail industry is also expected to witness growth in the tax preparation services market, due to the increasing number of retail outlets and the need for tax compliance. The transportation industry is also expected to show growth, owing to the various tax regulations related to the transportation of goods and services. The IT and telecommunication industry is also expected to witness growth, as it is a highly regulated industry with various tax compliance requirements.

The tax preparation services market research report presents the analysis of each segment from 2020 to 2030 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2030.

Historical & Forecast Period

2020-21 – Historical Year
2022 – Base Year
2023-2030 – Forecast Period

Market Segmentation:

By Service Provider:

Companies
Individual Professionals

By End-User:

Individuals
Large Enterprises
Small and Medium-Sized Enterprises

By Industry Verticals:

Healthcare
Banking and Finance
Retail
Transportation
IT and Telecommunication
Others

By Region:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Geographic Coverage:

Geographically, the tax preparation services market report comprises dedicated sections centering on the regional market revenue and trends. The tax preparation services market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The tax preparation services market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Tax preparation services market estimates have also been provided for the historical years 2020 & 2021 along with forecasts for the period from 2023 – 2030.

Competitive Assessment:

Key players operating in the global tax preparation services market 415 Group, A Dowl Knight CPA, BDO USA, LLP, CapActix Business Solutions, Deloitte, and Entigrity Solutions LLC. Companies are exploring markets through expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. For instance:

In January 2023, the Boston Tax Help Coalition (BTHC) declared that they would be providing free tax preparation services to Boston residents who earn $60,000 or less annually. Additionally, BTHC and its community partners will be offering tax services both remotely and in-person at more than 30 neighborhood tax sites.
The Dora City Council approved a free IRS income tax preparation service to operate from the Dora Civic Center, catering to residents of Walker County starting from April 2022.
Gulf Bank and Balance Business Advisory joined forces in August 2021 to deliver tax advisory services to small and medium-sized enterprises (SMEs) in Kuwait. This partnership demonstrates Gulf Bank’s dedication to serving its clients in this sector by providing tax services. The surge in demand for tax advisory services among SMEs has fueled the expansion of the tax advisory services industry.

Key Companies:

415 Group
A Dowl Knight CPA
BDO USA, LLP
CapActix Business Solutions
Deloitte
Entigrity Solutions LLC
Ernst & Young
Franchise Group, Inc.
H&R Block
Invensis Inc.
Jackson Hewitt Tax Services
KPMG

Key Questions Answered by Tax Preparation Services Market Report

Global tax preparation services market forecasts from 2023-2030
Regional market forecasts from 2023-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
Country-level forecasts from 2023-2030 covering 15 major countries from the regions as mentioned above
Tax preparation services submarket forecasts from 2023-2030 covering the market by service provider, end-user, industry verticals, and geography
Various industry models such as SWOT analysis, Value Chain Analysis about the market
Analysis of the key factors driving and restraining the growth of the global, regional, and country-level tax preparation services markets from 2023-2030
Competitive Landscape and market positioning of top 10 players operating in the market

Table of Content:

1. Preface

1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.4. Assumptions

2. Executive Summary

2.1. Global Tax Preparation Services Market Portraiture
2.2. Global Tax Preparation Services Market, by Service Provider, 2022 (USD Mn)
2.3. Global Tax Preparation Services Market, by End-User, 2022 (USD Mn)
2.4. Global Tax Preparation Services Market, by Industry Verticals, 2022 (USD Mn)
2.5. Global Tax Preparation Services Market, by Geography, 2022 (USD Mn)

3. Global Tax Preparation Services Market Analysis

3.1. Tax Preparation Services Market Overview
3.2. Market Inclination Insights
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Challenges
3.3.3. Opportunities
3.4. Attractive Investment Proposition
3.5. Competitive Analysis
3.6. Porter’s Five Force Analysis
3.6.1. Bargaining Power of Suppliers
3.6.2. Bargaining Power of Buyers
3.6.3. Threat of New Entrants
3.6.4. Threat of Substitutes
3.6.5. Degree of Competition
3.7. PESTLE Analysis
3.8. COVID-19 Impact Analysis

4. Global Tax Preparation Services Market By Service Provider, 2020 – 2030 (USD Mn)

4.1. Overview
4.2. Companies
4.3. Individual Professionals

5. Global Tax Preparation Services Market By End-User, 2020 – 2030 (USD Mn)

5.1. Overview
5.2. Individuals
5.3. Large Enterprises
5.4. Small and Medium-Sized Enterprises

6. Global Tax Preparation Services Market By Industry Verticals, 2020 – 2030 (USD Mn)

6.1. Overview
6.2. Healthcare
6.3. Banking and Finance
6.4. Retail
6.5. Transportation
6.6. IT and Telecommunication
6.7. Others

7. North America Tax Preparation Services Market Analysis and Forecast, 2020 – 2030 (USD Mn)

7.1. Overview
7.2. North America Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
7.3. North America Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
7.4. North America Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
7.5. North America Tax Preparation Services Market by Country, (2020-2030 USD Mn)
7.5.1. U.S.
7.5.1.1. U.S. Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
7.5.1.2. U.S. Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
7.5.1.3. U.S. Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
7.5.2. Canada
7.5.2.1. Canada Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
7.5.2.2. Canada Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
7.5.2.3. Canada Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)

8. Europe Tax Preparation Services Market Analysis and Forecast, 2020 - 2030 (USD Mn)

8.1. Overview
8.2. Europe Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
8.3. Europe Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
8.4. Europe Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
8.5. Europe Tax Preparation Services Market by Country, (2020-2030 USD Mn)
8.5.1. Germany
8.5.1.1. Germany Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
8.5.1.2. Germany Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
8.5.1.3. Germany Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
8.5.2. U.K.
8.5.2.1. U.K. Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
8.5.2.2. U.K. Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
8.5.2.3. U.K. Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
8.5.3. France
8.5.3.1. France Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
8.5.3.2. France Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
8.5.3.3. France Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
8.5.4. Spain
8.5.4.1. Spain Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
8.5.4.2. Spain Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
8.5.4.3. Spain Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
8.5.5. Italy
8.5.5.1. Italy Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
8.5.5.2. Italy Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
8.5.5.3. Italy Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
8.5.6. Rest of Europe
8.5.6.1. Rest of Europe Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
8.5.6.2. Rest of Europe Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
8.5.6.3. Rest of Europe Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)

9. Asia Pacific Tax Preparation Services Market Analysis and Forecast, 2020 - 2030 (USD Mn)

9.1. Overview
9.2. Asia Pacific Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
9.3. Asia Pacific Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
9.4. Asia Pacific Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
9.5. Asia Pacific Tax Preparation Services Market by Country, (2020-2030 USD Mn)
9.5.1. China
9.5.1.1. China Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
9.5.1.2. China Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
9.5.1.3. China Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
9.5.2. Japan
9.5.2.1. Japan Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
9.5.2.2. Japan Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
9.5.2.3. Japan Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
9.5.3. India
9.5.3.1. India Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
9.5.3.2. India Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
9.5.3.3. India Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
9.5.4. Rest of Asia Pacific
9.5.4.1. Rest of Asia Pacific Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
9.5.4.2. Rest of Asia Pacific Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
9.5.4.3. Rest of Asia Pacific Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)

10. Latin America (LATAM) Tax Preparation Services Market Analysis and Forecast, 2020 - 2030 (USD Mn)

10.1. Overview
10.2. Latin America Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
10.3. Latin America Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
10.4. Latin America Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
10.5. Latin America Tax Preparation Services Market by Country, (2020-2030 USD Mn)
10.5.1. Brazil
10.5.1.1. Brazil Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
10.5.1.2. Brazil Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
10.5.1.3. Brazil Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
10.5.2. Mexico
10.5.2.1. Mexico Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
10.5.2.2. Mexico Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
10.5.2.3. Mexico Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
10.5.3. Rest of Latin America
10.5.3.1. Rest of Latin America Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
10.5.3.2. Rest of Latin America Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
10.5.3.3. Rest of Latin America Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)

11. Middle East and Africa Tax Preparation Services Market Analysis and Forecast, 2020 - 2030 (USD Mn)

11.1. Overview
11.2. MEA Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
11.3. MEA Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
11.4. MEA Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
11.5. Middle East and Africa Tax Preparation Services Market, by Country, (2020-2030 USD Mn)
11.5.1. GCC
11.5.1.1. GCC Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
11.5.1.2. GCC Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
11.5.1.3. GCC Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
11.5.2. South Africa
11.5.2.1. South Africa Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
11.5.2.2. South Africa Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
11.5.2.3. South Africa Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)
11.5.3. Rest of MEA
11.5.3.1. Rest of MEA Tax Preparation Services Market by Service Provider, (2020-2030 USD Mn)
11.5.3.2. Rest of MEA Tax Preparation Services Market by End-User, (2020-2030 USD Mn)
11.5.3.3. Rest of MEA Tax Preparation Services Market by Industry Verticals, (2020-2030 USD Mn)

12. Company Profiles

12.1. 415 Group
12.1.1. Business Description
12.1.2. Financial Health and Budget Allocation
12.1.3. Product Positions/Portfolio
12.1.4. Recent Development
12.1.5. SWOT Analysis
12.2. A Dowl Knight CPA
12.2.1. Business Description
12.2.2. Financial Health and Budget Allocation
12.2.3. Product Positions/Portfolio
12.2.4. Recent Development
12.2.5. SWOT Analysis
12.3. BDO USA, LLP
12.3.1. Business Description
12.3.2. Financial Health and Budget Allocation
12.3.3. Product Positions/Portfolio
12.3.4. Recent Development
12.3.5. SWOT Analysis
12.4. CapActix Business Solutions
12.4.1. Business Description
12.4.2. Financial Health and Budget Allocation
12.4.3. Product Positions/Portfolio
12.4.4. Recent Development
12.4.5. SWOT Analysis
12.5. Deloitte
12.5.1. Business Description
12.5.2. Financial Health and Budget Allocation
12.5.3. Product Positions/Portfolio
12.5.4. Recent Development
12.5.5. SWOT Analysis
12.6. Entigrity Solutions LLC
12.6.1. Business Description
12.6.2. Financial Health and Budget Allocation
12.6.3. Product Positions/Portfolio
12.6.4. Recent Development
12.6.5. SWOT Analysis
12.7. Ernst & Young
12.7.1. Business Description
12.7.2. Financial Health and Budget Allocation
12.7.3. Product Positions/Portfolio
12.7.4. Recent Development
12.7.5. SWOT Analysis
12.8. Franchise Group, Inc.
12.8.1. Business Description
12.8.2. Financial Health and Budget Allocation
12.8.3. Product Positions/Portfolio
12.8.4. Recent Development
12.8.5. SWOT Analysis
12.9. H&R Block
12.9.1. Business Description
12.9.2. Financial Health and Budget Allocation
12.9.3. Product Positions/Portfolio
12.9.4. Recent Development
12.9.5. SWOT Analysis
12.10. Invensis Inc.
12.10.1. Business Description
12.10.2. Financial Health and Budget Allocation
12.10.3. Product Positions/Portfolio
12.10.4. Recent Development
12.10.5. SWOT Analysis
12.11. Jackson Hewitt Tax Services
12.11.1. Business Description
12.11.2. Financial Health and Budget Allocation
12.11.3. Product Positions/Portfolio
12.11.4. Recent Development
12.11.5. SWOT Analysis
12.12. KPMG
12.12.1. Business Description
12.12.2. Financial Health and Budget Allocation
12.12.3. Product Positions/Portfolio
12.12.4. Recent Development
12.12.5. SWOT Analysis

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