Tax Management Market
Report ID: SQMIG45B2083
Tax Management Market Size, Share, Growth Analysis, By Component analysis(Software, Services), By Tax Type(Indirect tax, Direct tax), By Deployment mode(On-premise, Cloud), By Organization size(Large enterprises, SMEs), By Industry Vertical(BFSI, Manufacturing, IT, Telecom), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45B2083 |
Region:
Global |
Published Date: February, 2024
Pages:
260
|Tables:
149
|Figures:
78
Tax Management Market Insights
Tax Management Market size was valued at USD 21.00 billion in 2022 and is poised to grow from USD 23.27 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.
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Tax Management Market Segmental Analysis
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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Tax Management Market Regional Insights
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 Dynamics
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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Tax Management Market Competitive Landscape
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
- 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
Tax Management Market Recent Developments
- In November 2021, Thomson Reuters joined forces with Deloitte Tax, a prominent provider of audit, consultancy, tax, and advisory services. The collaboration would aid company tax as well as legal departments throughout the world in their operations. Furthermore, the collaboration would offer solutions for legal departments and in-house tax to deal with the growing issues posed by global compliance and regulatory obligations, and the pressing urge to become more efficient, agile, and digital.
- In September 2021, Automatic Data Processing (ADP) announced 'Run by ADP,' a program designed to help small businesses expand. This payroll software is user-friendly, with interactive search options, a simplified user interface, and a customized dashboard, saving small companies’ time and effort. In addition, the business introduced the 'Roll by ADP' mobile application, which transforms static spreadsheets into interactive chat help.
Tax Management Key Market Trends
- 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.
Tax Management Market SkyQuest Analysis
Sky Quest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
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.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 21.00 billion |
| Market size value in 2031 | USD 52.85 billion |
| Growth Rate | 10.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Tax Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Tax Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tax Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tax Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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