According to the crypto tax software market analysis by Future Market Insights (FMI), the global market demand is anticipated to grow at a CAGR of 12.7% during the forecast period from 2022 to 2032.
The report states that the crypto tax software market is set to reach a valuation of US$ 492.2 Million by the end of 2022. As per FMI, a profitable opportunity for the growth of the cryptocurrency tax software market is anticipated to arise during the forecast period due to an increase in demand for cryptocurrencies among financial institutions and banks as well as untapped potential in emerging economies.
With the help of the cryptocurrency tax software, users may automatically optimize cost basis accounting techniques and tax-loss harvest their portfolios to save thousands of dollars annually. Their ability to see more information on tax lots facilitates better trading. Additionally, the solution enables them to adhere to all bitcoin tax regulations.
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Users can save time, stay organized, and make more wise tax decisions by using crypto tax software’s automatically created tax forms and reports. Thus, all these benefits offered by the crypto tax software is driving the market demand during the predicted period.
Key Takeaways: Crypto Tax Software Market
- By deployment, the cloud-based crypto tax software segment is expected to grow at a CAGR of 1% in the global demand for crypto tax software during the forecast period 2022-2032.
- By end user, the adoption of crypto tax software for personal uses is anticipated to grow at a CAGR of 6% between 2022 & 2032.
- North America is expected to lead the market followed by Europe in 2022. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.
“Crypto taxes are computed using a special piece of software. This software is created with the express purpose of determining a user’s tax exposure from cryptocurrency trading activities. It balances the transactions and generates thorough gain and loss reports. This is expected to fuel the demand for crypto tax software globally during the forecast period” says FMI analyst.”
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Growing Uses of Artificial Intelligence (AI) is expected to have a huge impact on Crypto Tax Software Market
The market volatility and ineffectiveness of manual research and analytical methods when it comes to finding investments are two of the major issues in bitcoin trading. Investors can forecast important events in the cryptocurrency market and predict their occurrence by gathering, cleaning, processing, and analyzing massive sets of unstructured data. This allows investors to make more informed investment decisions.
Additionally, combining blockchain and AI increases their combined power. Blockchain maintains a digital record for everything of value, not just transactions. AI may be used to evaluate and derive insights from the historical and real-time blockchain data since blockchain permits the secure storage and sharing of data. This is expected to have a positive impact on crypto tax software market.
More Valuable Insights on Crypto Tax Software Market
FMI’s report on the crypto tax software industry research is segmented into three major sections – by deployment (cloud-based crypto tax software, and on-premise crypto tax software), end user (personal, and business (SMEs and large enterprises)), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the crypto tax software demand outlook.
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Crypto Tax Software Outlook by Category
By Deployment:
- Cloud-Based Crypto Tax Software
- On-Premise Crypto Tax Software
By End User:
- Personal
- Business
- SMEs
- Large Enterprises
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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