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Increasing demand for solutions for easy record keeping of taxes and rising demand for tax calculation software with high accuracy and minimal errors
— Emergen Research
VANCOUVER, BC, CANADA, May 9, 2023 /EINPresswire.com/ — The Global Tax Management Market size reached USD 17.66 Billion in 2020 and is expected to register a CAGR of 12.4% during the forecast period, according to latest analysis by Emergen Research. Increasing demand for solutions for easy record keeping of taxes is expected to drive global tax management market revenue growth over the forecast period. Increasing demand for tax calculation software with high accuracy and minimal errors is expected to further augment global tax management market growth during the forecast period. Rising number of financial transactions across various industries is expected to further boost market growth over the forecast period.
However, concerns regarding data security and privacy of tax management software is expected to hamper growth of the global tax management market over the forecast period.
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Some Key Highlights from the Report
The solutions segment revenue is expected to expand at a significant CAGR during the forecast period. Increasing adoption of tax management software across various industries is expected to boost revenue growth of this segment going ahead.
The indirect tax segment is expected to lead in terms of revenue over the forecast period due to increasing need for advanced software to measure indirect taxes quickly and accurately.
The cloud segment is expected to lead in terms of revenue over the forecast period due to increasing implementation of cloud-based tax management software to optimize mobility and decentralize data storage.
The BFSI segment is expected to lead in terms of revenue over the forecast period due to increasing number of customers utilizing banking services in the BFSI industry.
Factors such as increasing adoption of tax management software by end-users and continuous changes in tax regulations in countries in North America is expected to drive growth of the market in the region during the forecast period.
In December 2020, Impendulo Limited was acquired Avalara, Inc. Impendulo’s expertise and strategic vision will broaden Avalara’s reach into new markets, and in turn, will introduce technology and automation to enhance Avalara’s existing solutions.
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Leading Market Players Profiled in the Report:
Avalara, Inc.
Thomson Reuters Corporation
SAP SE
Canopy Tax, Inc.
Federal Tax Authority, LLC (TaxCloud)
TPS Unlimited, Inc.
Intuit Inc.
Sovos Compliance, LLC
DAVO Technologies, LLC
Drake Enterprises, Inc.
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Market Segmentation:
Component Outlook (Revenue, USD Billion; 2018–2028)
Services
Solutions
Type Outlook (Revenue, USD Billion; 2018–2028)
Direct Tax
Indirect Tax
Deployment Outlook (Revenue, USD Billion; 2018–2028)
Cloud
On-premises
End-Use Outlook (Revenue, USD Billion; 2018–2028)
Manufacturing
Retail
Information Technology & Telecom
Energy & Utilities
Healthcare
Transportation & Logistics
Media & Entertainment
BFSI
Others
Regional Outlook:
North America (the U.S., Canada, Mexico)
Europe (the U.K., Germany, France, Italy)
Asia Pacific (India, China, Japan, Korea)
Latin America (Brazil, Argentina, Ecuador, Chile)
Middle East & Africa (Egypt, Turkey, Saudi Arabia, Iran)
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Key reasons to buy the Global Tax Management Market report:
The latest report comprehensively studies the global Tax Management market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products & services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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