The Tax Management by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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https://www.thebusinessresearchcompany.com/report/tax-management-global-market-report
According to The Business Research Company’s Tax Management, The tax management market size has grown rapidly in recent years. It will grow from $20.89 billion in 2024 to $23.48 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the rise in disposable income, the increasing complexity of tax codes, and the increase in digital financial transactions.
The tax management market size is expected to see rapid growth in the next few years. It will grow to $37.11 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to the increasing government support, rapid urbanization, the increasing population, the increase in adoption of digital channels, and the increase in adoption of cloud-based approaches. Major trends in the forecast period include increasing investments in artificial intelligence, focusing on digital business solutions, investing in innovative technologies, focusing on cloud-based tax return solutions to improve workflow, and focusing on developing client self-service platforms.
The tax management market growth was supported by the increasing complexity of tax codes in the majority of countries. Tax management involves ensuring compliance with the tax code. The complexity of the tax code means that tax managers need to stay updated on the latest regulations, understand the intricacies of various provisions and ensure that their organization complies with all applicable tax laws. According to a report by the National Taxpayers Union Foundation, a US-based non-partisan research and educational organization, the tax code’s complexity and compliance burden has increased in recent years. In 2022, complying with the tax code consumed 6.55 billion hours for recordkeeping, learning about the law, filling out the required forms and schedules and submitting information to the IRS (Internal Revenue Service). The estimated cost of complying with the tax code in 2022 was $364 billion, which is $25 billion (7.4 percent) more than the previous year. Therefore, the increasing complexity of tax codes will drive the demand for tax management products and services.
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The tax management market covered in this report is segmented –
1) By Type: Software, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Small And Medium Sized Enterprises (SMES), Large Enterprises
4) By Application: Corporate Banking Financial Services And Insurance (BFSI), Information Technology (IT) And Telecom, Manufacturing, Energy And Utilities, Retail, Healthcare And Life Sciences, Media And Entertainment, Other Verticals
Top 5 Major Players:
At the forefront of evolution within the tax management sector are technological innovations, a burgeoning trend that has captivated major industry players. Exemplifying this trend, J.P. Morgan, a prominent US-based investment banking company, unveiled a groundbreaking Tax-Smart Separately Managed Account (SMA) Platform in May 2022. This platform empowers advisors to craft bespoke portfolios, leveraging J.P. Morgan’s investment acumen seamlessly integrated with 55ip’s tax-smart technology. This forward-looking approach underlines the industry’s commitment to staying at the vanguard of technological advancements, setting the stage for continued market dynamism.
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32. Global Tax Management Market Competitive Benchmarking
33. Global Tax Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tax Management Market
35. Tax Management Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Tax Management Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Tax Management Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Tax Management Market, Segmentation By Organization Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Intuit Financial Performance
Table 76: H&R Block Inc Financial Performance
Table 77: Wolters Kluwer Financial Performance
Table 78: Thomson Reuters Financial Performance
Table 79: SAP Financial Performance
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