Global Tax Management Market – Growth, Trends, Covid-19 Impact, and Forecast (2023 – 2029) – Report By Introspective Market Research
Market Overview:
The global Tax Management Market Size Was Valued at USD 22.77 Billion In 2021 And Is Projected to Reach USD 44.37 Billion By 2028, Growing at A CAGR of 10% From 2022 To 2028.
The management of funds and assets used to pay taxes is referred to as tax management. Compliance with income tax laws and regulations is the main goal of tax administration. Similarly, it includes the deduction of taxes at the source, the auditing of accounts, the timely filing of tax returns, etc. During the course of the forecast period, rising demand for tax recordkeeping solutions is anticipated to play a significant role in driving revenue growth in the worldwide tax management market. Record keeping is a critical approach for most firms when it comes to storing essential tax paperwork, and tax software can assist in this process. Businesses can securely save tax data from previous years on cloud storage using cloud-based tax software. Businesses can get fast access to the crucial tax data for any fiscal year by using such a system.
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The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
Market Dynamics and Factors:
The growing need for an automated approach to managing massive transactional data is driving the market of tax management. There has been a continual demand for a platform that enables firms to conduct business across countries, trade zones, and numerous interaction channels because of the constant globalization and expansion of e-businesses. Corporate tax and IT departments want to cooperate with more businesses and provide unique consumer demands as a result of growing digitization. Businesses can improve their reporting and administration of the constantly evolving transaction tax laws and regulations with the help of tax management software.
Lucrative opportunity in technological advancement is expected to propel the growth of the tax management market. Technology advancement is a major trend gaining traction in the market for tax management software. The top organisations in the tax management software industry are focusing on creating technologically advanced products in order to improve their market share. For example, the Dutch information services business Wolters Kluwer N.V. released the cloud-based CCH AxcessTM Validate expert solution in 2021. This solution employs blockchain technology to speed up banking confirmations for CPA firm auditors.
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Top Key Players Covered In The Tax Management Market:
- Thomson Reuters (Canada)
- Intuit (US)
- H&R Block (US)
- Avalara (US)
- Wolters Kluwer NV (Netherlands)
- Automatic Data Processing (US)
- TaxSlayer (US)
- Taxback International (Ireland)
- TaxCloud (US)
- Drake Enterprises (US)
- Canopy Tax (US)
- TaxJar (US)
- Webgility (US)
- LOVAT Software (UK)
- SafeSend (US)
- EXEMPTAX (US)
- Sales Tax DataLINK (US)
- Shoeboxed (US)
- SAXTAX (US), and Other Major Players.
Tax Management Market Report Highlight:
- By component, the service segment is anticipated to lead the growth of the Tax Management market in the forecasted timeframe. The demand for supporting services among firms is rising as tax management software usage spreads across key industries. Services are essential to enabling businesses across industries to fully benefit from a tax management software.
- By Deployment Mode, the Cloud segment is expected to have the highest share of the Tax Management market over the projected period Cloud solutions relieve a load of system administration and maintenance, allowing the management of a firm to concentrate on tasks that provide value. The always-online cloud deployment mode is intended to prevent data loss.
- By Tax Type, the Direct taxes segment is anticipated to lead the growth of the Tax Management market in the forecasted timeframe. Direct taxes are paid by taxpayers directly to the government without any intermediaries. They are levied on enterprises and are considered in the scope of the study.
- By Organization Size, Large Enterprises segment is set to develop at the highest CAGR during the forecasted timeframe. The growing digital transformation among companies and the ubiquitous adoption of tax platforms. An increasing number of large enterprises are shifting towards tax management solutions to manage taxes and regulate compliance responsibilities.
- The North American region is expected to have the highest share of the Tax Management market over the projected period. The developed economies of North America have been adopting tax management solutions at a greater rate than other nations around the world. The United States and Canada are anticipated to generate the most revenue for the North American tax management market.
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Key Industry Development:
In November 2022, through its AI-driven Virtual Expert Platform, Intuit has expedited the time to market for new goods and services while also leading innovation at scale for consumers and small companies. Customers will receive automated digital assistance from Intuit’s AI-enabled platform by integrating its AI technology, its network of professionals, and the software that connects them—via its TurboTax Live and QuickBooks Live products.
In November 2021, Thomson Reuters merged with Deloitte Tax, a leading provider of audit, consulting, tax, and advisory services. The partnership made it easier for businesses all across the world to run their tax and legal departments.
Tax Management Market Segmentation:
By Component
- Software
- Services
By Deployment Mode
- Cloud
- On-Premises
By Tax Type
- Indirect Tax
- Direct Tax
By Organization Size
- Small & Medium-sized Enterprises (SMEs)
- Large Enterprises
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For this report, Introspective Market Research has segmented the Tax Management Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
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Scope of the Report:
The latest research on the Tax Management market provides a comprehensive overview of the market for the years 2022 to 2028. It gives a comprehensive picture of the global Tax Management industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Tax Management market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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