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

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.