What is the global market size of Tax Management Market?

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).

Global Tax Management Market Size, Share, Growth Analysis, By Component analysis(Software, Services), By Tax Type(Indirect tax, Direct tax), By By Deployment mode(On-premise, Cloud), By By Organization size(Large enterprises, SMEs), By Industry Vertical(BFSI, Manufacturing) - Industry Forecast 2024-2031

Report ID: SQMIG45B2083 | Region: Global | Published Date: February, 2024
Pages: 260 | Tables: 149 | Figures: 78

Global Tax Management Market Insights

Tax Management Market size was valued at USD 18.95 billion in 2019 and is poised to grow from USD 21 billion in 2023 to USD 52.85 billion by 2031, growing at a CAGR of 10.8% in the forecast period (2024-2031).

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.

Global Tax Management Market Report Snapshots

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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. 'Thomson Reuters', 'Vertex, Inc.', 'Wolters Kluwer', 'H&R Block', 'Avalara', 'Sovos Compliance', 'ADP', 'CCH Incorporated', 'Deloitte', 'EY (Ernst & Young)', 'KPMG', 'PwC (PricewaterhouseCoopers)', 'Grant Thornton', 'BDO USA', 'RSM US LLP', 'Crowe LLP', 'Baker Tilly US, LLP', 'CBIZ', 'Ryan, LLC', 'Marsh & McLennan Companies'

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.

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.

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.

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Global Tax Management Market Insights

Global Tax Management Market Report Snapshots

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