Overview and Scope
The tax management software is a computer program that enables centralized tax configuration, management, and reporting for enterprises. It is used in conjunction with other financial modules that aggregate tax information from all financial documents into a single repository and generate tax-related reports. It also interacts with financial management modules, allowing it to appropriately calculate taxes on every transaction. The tax management software is used to assist in the control and mitigation of tax-related transactions.
Sizing and Forecast
The tax management software market size has grown rapidly in recent years. It will grow from $19.83 billion in 2023 to $22.18 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to complex tax regulations, digital transformation, globalization and cross-border transactions, efficiency and cost savings, increased focus on data accuracy.
The tax management software market size is expected to see rapid growth in the next few years. It will grow to $35.1 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to enhanced security measures, focus on customization and scalability, integration with existing systems, data accuracy and integrity. Major trends in the forecast period include collaboration and workflow efficiency, focus on data security, customization and scalability, integration with erp and accounting systems, user-friendly interfaces and ux.
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Segmentation & Regional Insights
The tax management software market covered in this report is segmented –
1) By Component: Software, Professional Services
2) By Tax Type: Direct Taxes, Indirect Taxes
3) By Deployment Mode: On-Premises, Cloud
4) By Enterprise Size: Large Enterprises, Small and Medium Enterprises (SMEs)
5) By Vertical: BFSI, Healthcare, Retail, Manufacturing, Energy and Utilities, Other Verticals
North America was the largest region in the tax management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tax management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
An increase in online digital transactions is expected to propel the growth of the tax management software market going forward. Many governments find it necessary to increase tax compliance and revenue collection in order to pay for public goods and services. For this reason, tax administrations are automating their operations and undergoing digital transactions, which would make tax reforms successful and long-lasting, ensuring that the digital economy is properly taxed and reducing compliance barriers. For instance, according to Mint, an India-based financial newspaper, the volume of digital payments in India has increased by 33% year-on-year (YoY) during the financial year (FY) 2021–2022. The total digital payment transactions of 7,422 crores ($933 million) were recorded during this period, up from 5,554 crores ($698.24 million) transactions seen in FY 2020–21. Therefore, an increase in online digital transactions is driving the demand for the tax management software market growth.
Key Industry Players
Major companies operating in the tax management software market report are Avalara Inc., GoDaddy Operating Company LLC., Shoeboxed Inc., SAXTAX Inc., H&R Block Inc., CrowdReason LLC, Drake Software, Bolt, Beanstalk Data LLC, Avantax Wealth Management, TaxSlayer LLC, Wolters Kluwer N. V., Intuit Inc., Sovos Compliance LLC, Sailotech Private Limited, Vertex Inc., Paychex Inc., TPS Unlimited Inc., Thomson Reuters Holdings Inc., Automatic Data Processing Inc., AccurateTax Inc., Bloomberg Industry Group, Corptax Inc., Taxware Systems Inc., Xero Limited., The Sage Group plc., TaxCloud LLC.
The tax management software market report table of contents includes:
- Executive Summary
- Tax Management Software Market Characteristics
- Tax Management Software Market Trends And Strategies
- Tax Management Software Market – Macro Economic Scenario
- Global Tax Management Software Market Size and Growth
- Tax Management Software Market Segmentation
- Tax Management Software Market Regional And Country Analysis
………….
- Key Mergers And Acquisitions In The Tax Management Software Market
- Tax Management Software Market Future Outlook and Potential Analysis
- 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 Software Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Tax Management Software Market, Segmentation By Tax Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Tax Management Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………………….
Table 76: Avalara Inc. Financial Performance
Table 77: GoDaddy Operating Company LLC. Financial Performance
Table 78: Shoeboxed Inc. Financial Performance
Table 79: SAXTAX Inc. Financial Performance
Table 80: H&R Block Inc. Financial Performance
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