Tax Preparation Services Market Projected to Reach $46.12 Billion with 7.2% CAGR by 2029
The Business Research Company
The Business Research Company’s Tax Preparation Services Global Market Report 2025 – Market Size, Trends, And Forecast 2025-2034
LONDON, GREATER LONDON, UNITED KINGDOM, November 25, 2025 /EINPresswire.com/ -- What Is The Expected Cagr For The Tax Preparation Services Market Through 2025?
In recent times, the market size for tax preparation services has seen significant growth. It's projected to rise from $32.94 billion in 2024 to $34.9 billion in 2025, with a compound annual growth rate (CAGR) of 6.0%. Factors such as conventional tax filing procedures, intricate tax rules, amendments in tax laws, the expansion of small businesses, and an increase in consumer knowledge and instruction have contributed to this growth over the historical period.
In the coming years, the tax preparation services market is anticipated to experience robust growth, expanding to $46.12 billion in 2029 with a compound annual growth rate (CAGR) of 7.2%. The projected growth during this period can be ascribed to the progress in tax software, the shift towards remote work and virtual services, the regulatory push towards digital reporting, economic shifts, and stimulus schemes. Furthermore, personal tax planning services are also contributing factors. Key trends predicted for this period encompass an emphasis on customer education, development of do-it-yourself tax software, the application of data analytics for gaining insights, mobile tax filing services, and considerations for environmental, social, and governance (ESG).
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What Are The Key Factors Driving Growth In The Tax Preparation Services Market?
The tax preparation services market's expansion is anticipated to be fueled by the rise in small and medium-sized enterprises. These enterprises, which fall below a certain capital, workforce, and asset threshold according to national standards, are usually privately owned. They frequently contribute to the goods and services tax payment. Governments often recognize the vital role these small and medium-sized businesses play in the economy and provide incentives, including accessible loans and favorable tax treatment to support their operations. This assistance aids in propelling the growth of the tax preparation services market. For example, the US Small Business Administration reported in May 2022 that there are 31.7 million small businesses and 20,139 large businesses in the US. Over the last two decades, small businesses in the US created 10.5 million net new jobs compared to 5.6 million jobs produced by large corporations. These figures are projected to grow further. Thus, the increasing number of small and medium-sized enterprises significantly contributes to the expansion of the tax preparation services market.
What Are The Top Players Operating In The Tax Preparation Services Market?
Major players in the Tax Preparation Services include:
• 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.
• PricewaterhouseCoopers International Limited
• Crowe Global
What Are The Major Trends That Will Shape The Tax Preparation Services Market In The Future?
Tech upgrades are an increasingly popular trend in the tax preparation services sector. Many major industry players are focusing on creating innovative offerings to improve their market standing. For instance, in January 2023, Canadian accounting and tax service provider, April Tax Solutions Inc., introduced its Tax Platform technology. This technology aims to simplify the tax filing process and integrate tax preparation into wider financial health, specifically for American clients. It supports American clients in managing their taxes more effectively by leveraging the newest natural language processing and human-assisted AI. April's tailored engine provides taxpayers with a speedy, seamless, and cost-effective tax experience, which is intended to simplify the tax process. It establishes a novel standard for tax solutions for families with low incomes. April collaborates directly with banks and finance organizations to eliminate the historic obstacles between tax and financial planning, thereby simplifying tax tasks.
Comprehensive Segment-Wise Insights Into The Tax Preparation Services Market
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
Subsegments:
1) By Tax Compilation Services: Compilation Of Financial Statements, Review And Preparation Of Tax Documents
2) By Tax Return Preparation Services: Individual Tax Return Preparation, Business Tax Return Preparation, E-Filing Services
3) By Other Services: Tax Planning And Advisory Services, Audit Support Services, Tax Resolution Services
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Global Tax Preparation Services Market - Regional Insights
In 2024, North America topped the list in the tax preparation services market and is projected to have the highest growth rate in the forthcoming period. The tax preparation services market report comprises regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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