Product ID: SQSG45B2026
Report ID: SQSG45B2026 | Region: Global | Published Date: December, 2022 | Pages: 260 | Tables: 149 | Figures: 78
Tax Management Market size was valued at USD 18.95 billion in 2021 and is poised to grow from USD 21 billion in 2022 to USD 52.85 billion by 2030, growing at a CAGR of 10.8% in the forecast period (2023-2030).
Tax management is the practice of adhering to the rules and regulations governing income tax. Tax management covers penalties, prosecution, appeal, tax revision, and problem resolution. The objectives of tax management include minimizing tax expenditures and ensuring that tax regulations are adhered to in a specified and timed manner. Digitalization has an effect on every sector, and every business procedure is changing quickly. As a result of digitization, financial transactions are moving away from cash and toward cashless transactions. One of the primary reasons for increasing digitalization is the rise in smartphone and internet usage. Globally, a number of governments are pushing for digitalization. A program known as "Digital India" has been launched by the Indian government to encourage digital transactions. Consequently, digitization is anticipated to propel the Global Tax Management Market during the forecast period.
A distributed ledger technology known as blockchain is being utilized in a wide range of sectors, including banking, agriculture, manufacturing, aviation, and automotive. It is used to track information about health, property, bank transactions, and the supply chain. The advantages of blockchain include enhanced accuracy, decentralization, security, and transparency. The growing volume of financial transaction data that businesses collect is primarily the driving force behind the expansion of the tax management software market. The technologically advanced platform for creating and managing audit reports, tax returns, and payments has benefited from this. Automated tax compliance is being emphasized by businesses and FinTech firms; As a result, the software has been in high demand. In addition, the complex nature of the existing tax system and the growing popularity of digital payments have provided numerous opportunities for major vendors to expand their product lines.
US Tax Management Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Tax Management Market is segmented on the basis of Component, Tax Type, Deployment mode, Organization size, Industry Vertical, and region. By Component, the market is segmented into the Software, and Services. By Tax type, the market is segmented into the Indirect tax, and Direct tax. By Deployment mode, the market is segmented into the On-premise, Cloud. By Organization size, the market is segmented into the large enterprises, SMEs. By Industry Vertical, the market is segmented into the BFSI, Manufacturing, IT and Telecom, Retail and E-Commerce, Energy and Utility, Healthcare, Media and Entertainment, Others. By region, the Tax Management Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Tax Management Market Analysis by Component
Based on the Component, software segment dominated the global market. Due to the ever-changing tax and accounting regulations in various nations, tax software is in high demand. Internationally, organizations will adhere to the new and existing tax reporting and enforcement procedures. Depending on the tax obligations in various nations, major businesses can benefit from the effective tracking and improved business decision-making provided by tax software in these situations. The professional services segment includes a variety of services for tax software support, maintenance, and license renewal. The demand for tax management services is expected to rise in tandem with the rising popularity of tax management software over the forecast period.
Tax Management Market By Deployments analysis
Based on the deployment, on-premises segment dominated the market. Global Tax Management Market is expected to be dominated by the on-premises segment. The benefits of scalability, functionality, and high data security offered by on-premises deployment of tax software include the ability for businesses and financial institutions to gain control over their integrations. Through the Cloud Service Provider (CSP) network, the cloud-based software approach enables businesses and tax authorities to reduce costs while simultaneously providing highly adaptable and effective access to IT solutions. As a result, enterprises frequently make use of cloud platforms to enhance mobility and decentralize computing and data storage. With a hosted tax decision engine, cloud-based tax solutions provide precise tax reports. Companies can also gain a comprehensive understanding of innovations, trends, and preferences thanks to these solutions. This idea is used to effectively put tax and organizational decisions based on analysis into action.
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North America is expected to continue to account for higher revenue share among other regional markets during the forecast period. Software developers and major vendors have incredible opportunities to invest in the tax management software market due to the region's tax system's complexity and differences in employment and tax law. In order to streamline the tax system, regional software vendors have begun collaborating with third-party developers to create API-based software. As a result, in order to keep up with the market and grow at an exponential rate, companies in North America are embracing cutting-edge technologies and channels. The tax environment and the adoption of this market in the region are profoundly affected by this.
Asia Pacific tax management market is expected to hold a prominent position in the market by registering moderate growth in the coming years. Tax reforms and the frequency of tax audits will continue to be in the spotlight, and governments in this region will be driven to protect their tax base. This will make it easier to find effective solutions for handling tax reports; As a result, the region's demand for tax management software is expected to rise. As a result of the ever-evolving tax environment, it is essential that tax authorities and taxpayers in Asia-Pacific remain informed about the factors that affect the company's tax obligations. The best chance for tax software companies to increase their customer base in Asia-Pacific is now the tax forum. Since many countries' growth in the Asia-Pacific region has slowed down, it is becoming increasingly important for tax policies to appeal to businesses. However, tax administrations are likely to conduct more frequent and thorough fiscal audits in order to generate greater revenues; as a result, over the forecast period, demand for this software is anticipated to rise.
The market for tax management software is expected to expand steadily in Latin America, Africa, and the Middle East. The majority of the expansion can be attributed to the growing use of tax software by both large and small businesses to manage financial transactions and tax filings.
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Tax Management Market Drivers
There has been a constant demand for a platform that enables businesses to conduct business across nations, trading zones, and multiple interaction channels due to the constant globalization and proliferation of e-businesses. Corporate tax and IT departments want to find more partners and meet specific customer needs as digitization grows. Businesses can use tax management software to better manage and report on the ever-changing tax laws and regulations governing transactions. Compliance reports can be handled and managed by this Tax Management software, which can also meet tax filing deadlines with minimal manual labor and without adding extra work. In addition, the tax system's constant change makes it harder to come up with effective ways to collect, process, and evaluate data that is typically difficult to find in standard financial reports.
Tax Management Market Restraints
Methods of electronic communication may have a number of vulnerabilities. Sharing sensitive information, data and security breaches, identity theft, and other cyberattack platforms are examples of these vulnerabilities. However, there is a significant risk in tax administration due to the useful but fragile nature of the data. Sensitive data is frequently stored outside of banking in places like the cloud and databases. This makes it possible for cybercriminals, including those who file false tax returns, to steal valuable company data and use it to engage in illegal trading. Cybercriminals also target tax professionals because they have access to client information like names, addresses, birth dates, and bank accounts. During the forecast period, this may hinder the growth of the tax management market. Many data breaches are caused by human error; therefore, policymakers should combine their reliance on digital communication with a concerted effort to educate citizens about the most important risks and safeguards.
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We are examining key vendors in the Global Tax Management Market to comprehend the competitive landscape. We are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news pertaining to the Global Tax Management Market in order to comprehend the rivalry. We are also carrying out a comprehensive porter's five forces analysis to verify our findings regarding the market ecosystem and to back up our hypothesis. Each force is examined by the various parameters that govern those forces—competitive rivalry, supplier power, buyer power, threat of substitution, and threat of new entry.
Tax Management Market Top Player’s Company Profile
Tax Management Market Recent Developments
The tax system may be slow to go digital, but the authorities are gradually adopting the modern value to pursue more real-time reporting and provide customers with efficient services. Digitizing interactions to provide taxpayers with services that are more useful and tailored to their needs is one way in which tax authorities are advancing at various rates right now. Tax authorities all over the world are adopting more recent tax legislation and demanding greater transparency by sharing and easily exchanging information with taxpayers in this consumer-centric era. For instance, many regulators in Europe are moving toward Standard Audit File for Tax (SAF-T) protocols, followed by those in Latin America. Similarly, spreadsheets are taking the place of web-based tax systems that are equipped with applications of Machine Learning (ML) and Artificial Intelligence (AI). These spreadsheets speed up the process of filling out taxes, reduce the need for manual input, and transform data. The digitization of the tax process has been complicated ever since the majority of tax authorities began using advanced analytics. The use of cutting-edge technologies in tax management makes things simpler by making it easier for taxpayers to apply for tax registration online, fill out tax returns electronically, and the tax authorities to process returns and refunds electronically in a short amount of time. As a result, the growth of the global market for tax management software has been positively impacted by the emergence of new technologies and businesses adopting digital strategies.
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According to our analysis, North America is expected to continue to account for higher revenue share among other regional markets during the forecast period. Based on the component, software segment dominated the global market. Due to the ever-changing tax and accounting regulations in various nations, tax software is in high demand.
|Market size value in 2021||USD 18.95 billion|
|Market size value in 2030||USD 21 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Tax Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Tax Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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