The Global Taxable Retail Market Growth Accelerated By Increased Adoption Of Online Tax Filing

 

The taxable retail market offers various tax filing software and services that help consumers and businesses file their tax returns online conveniently and accurately. These products allow users to easily upload W-2 forms, itemized deductions, tax credits, and other relevant documents directly into the tax return forms digitally.

The global taxable retail market is estimated to be valued at US$ 13.49 billion in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increased adoption of online tax filing services has been a key driving factor for the growth of the taxable retail market. With the COVID-19 pandemic inducing lockdowns and social distancing measures, more individuals and businesses have opted to file their taxes online instead of visiting physical tax filing centers. This has significantly boosted the demand for digital tax filing software and online tax preparation services. Furthermore, advanced technologies such as artificial intelligence and machine learning incorporated in tax filing software have made the process more personalized and convenient. They can accurately identify tax deductions and credits by learning user tax histories and filling previous year's tax returns. This has increased customers’ confidence in digital tax filing solutions and accelerated the growth of the taxable retail market.

Segment Analysis

The taxable retail market is segmented by product into cannabis products, tobacco products, alcohol products, and others. Among these, the cannabis products segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to the increasing legalization of cannabis for both medical and recreational purposes across various countries. Furthermore, the growing awareness about the medical benefits of cannabis is supporting the growth of this segment.

Key Takeaways

The Global Taxable Retail Market Size is expected to witness high growth. The global taxable retail market is estimated to be valued at US$ 13.49 billion in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.

Regional analysis: North America accounted for the largest share of the global taxable retail market in 2023. The growth of the market in the region can be attributed to the legalization of cannabis in countries like the U.S. and Canada coupled with the presence of key players. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to the increasing acceptance of cannabis and tobacco consuming nations like China, India, and Japan.

Key players: Key players operating in the taxable retail market are Allergan, Novartis, Marlboro, Budweiser, Canadian Cannabis, and others. Allergan is one of the leading players offering various cannabis-based medicines. Novartis offers numerous tobacco products and cannabinoid medicines. Marlboro and Budweiser dominate the tobacco and alcohol segments respectively. Meanwhile, Canadian Cannabis is a major player in the cannabis products segment.

For More Insights, Read: https://www.newswirestats.com/taxable-retail-market-size-share-and-growth-forecast-2023-2030/