According to a new market research report “Tax Management Market by Component (Software and Services), Tax Type (Indirect Tax and Direct Tax), Deployment Mode (Cloud and On-premises), Organization Size (SMEs and Large Enterprises), Vertical, and Region – Global Forecast to 2024″ published by MarketsandMarkets™, the Tax Management Market expected to grow from $15.5 billion in 2019 to $27.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.
Factors driving the growth of the tax management market include the increasing volume of financial transactions across verticals due to digitalization, complex nature of existing tax systems, and increased vigilance of tax administrators.
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Software segment to hold a larger market size during the forecast period
Tax management software facilitate the completion of tax returns for companies operating across verticals. The software provides automated tax compliance with local accounting legislations and standards. Organizations across the globe have started adopting tax management software to keep up with the rapidly changing legislative regulations and shifts in product taxability.
Indirect tax segment to hold a larger market size during the forecast period
Indirect taxes are levied on the manufacture or sale of goods and services. These taxes are paid by an intermediary to the government. Indirect taxes are passed on the end user by adding the amount of tax paid to the value of goods and services. Some indirect taxes considered include excise duty, sales tax, customs duty, entertainment tax, service tax, and Value Added Tax (VAT). Indirect taxes are paid more frequently than direct taxes; hence, they require advanced software for faster and accurate calculations.
Cloud deployment mode to hold a larger market size during the forecast period
Enterprises prefer deploying tax management solutions in the cloud to improve mobility and decentralize data storage and computing. Security is a critical issue that restricts the adoption of cloud services. However, this issue is gradually being eradicated through rigorous security tests with the highest standards by third parties. Rapid advancements in the cloud technology, with security as a priority, and increasing costs of support and maintenance of on-premises solutions to drive the growth of cloud-based tax management software.
North America to account for the largest market size during the forecast period
North America is estimated to dominate global tax management. The US and Canada are expected to be the major revenue contributors in the North American tax management market. The adoption of tax management solutions offers benefits, such as reduced deductible amount, easy tax calculation, saving time, automatic tax filing, and reduction in the number of errors. Developed economies in North America have been witnessing more adoption of tax management solutions as compared to other countries across the globe.
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The tax management market comprises major providers, such as Avalara (US), Automatic Data Processing (US), Wolters Kluwer N.V (Netherlands), Thomson Reuters (Canada), Intuit (US), H&R Block (US), SAP SE (Germany), Blucora (US), Sovos Compliance (US), Vertex (US), Sailotech (US), Defmacro Software (India), DAVO Technologies (US), Xero (New Zealand), TaxSlayer (US), Taxback International (Ireland), TaxCloud (US), Drake Enterprises (US), Canopy Tax (US), and TaxJar (US). The study includes the in-depth competitive analysis of these key players in the tax management market with their company profiles, recent developments, and key market strategies.
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