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Tax Management Market: New Data Insights and Huge Growth of USD 45.47 Billion by 2029

Santosh Sargar

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As per the report published by Fior Markets, the global tax management market is expected to grow from USD 19.24 billion in 2021 and to reach USD 45.47 billion by 2029, growing at a CAGR of 11.35% during the forecast period 2021-2029.

The tax management market is witnessing significant growth in the past years. This growth is attributed to the rapidly increasing technological advancements like artificial intelligence (AI) and the internet of things (IoT). The rising demand for easy document keeping of taxes, examining large amounts of data, and avoiding losses are helping to boost the market’s growth.

Tax management refers to the practice of keeping & paying taxes as per the laws & necessities. Additionally, tax management is a routine process that people follow to secure timely payment of taxes. Tax management deals with obtaining the accounts audited, filing returns in time, removing tax at source, etc. Also, the relevance of tax management is essential. Tax management includes effective financial administration for the objective of taxation. Tax management principles concentrate on decreasing net tax amount by satisfying compliance advantages. Tax management is regarding reducing taxes by filing returns & avoiding penalty payments.

The global tax management market is expected to witness significant growth due to the rapidly increasing global payments revenue, the complicated nature of the tax system, and increased vigilance by tax administrators. Further, the rising use of blockchain technology in tax management software for more safety, transparency, and real-time information is also expected to drive market growth during the forecast period. The regular amendments in tax laws and the absence of IT infrastructure in underdeveloped nations are expected to hinder market growth. The use of blockchain technology is expected to opportunity for market growth. The lack of standardized tax rules is a challenge for market growth.

Key players operating in the global tax management market include Wolters Kluwer N.V, Automatic Data Processing, Avalara, SAP SE, Blucora, Intuit, Sovos Compliance, Thomson Reuters, TaxSlayer, Sailotech, Vertex, DAVO Technologies, Defmacro Software, Taxback International, Xero, Canopy Tax, TaxJar, TaxCloud, and Drake Enterprises, and among others. To gain a significant market share in the tax management market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Avalara and Indix are vital manufacturers operating in the tax management market.

  • For example, Avalara acquired Indix in February 2019, the provider of an intelligent platform that supports companies in visualizing & analyzing information related to the products from different industries.

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Software segment dominated the market and held the largest market share of 59.12% in the year 2021

On the basis of components, the global tax management market is segmented services and software. Software segment dominated the market and held the largest market share of 59.12% in the year 2021. This growth is attributed to the expansion in adoption of tax management among industries to gain strategic and competitive advantage, and robust tax planning across their competitors.

On-premise segment dominated the market and held the largest market share of 55.21% in the year 2021

On the basis of deployment model, the global tax management market is segmented into on-premise and cloud. On-premise segment dominated the market and held the largest market share of 55.21% in the year 2021. This growth is attributed to the different advantages like functionality, scalability, and high data security.

Large enterprise segment dominated the market and held the largest market share of 59.30% in the year 2021

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On the basis of organization size, the global tax management market is segmented into large enterprise and SMEs. Large enterprise segment dominated the market and held the largest market share of 59.30% in the year 2021. This growth is attributed to the increasing digital transformation among enterprises and ubiquitous adoption of tax platforms.

Indirect tax segment dominated the market and held the largest market share of 60.17% in the year 2021

On the basis of tax type, the global tax management market is segmented into direct tax and indirect tax. Indirect tax segment dominated the market and held the largest market share of 60.17% in the year 2021. This growth is attributed to indirect tax management providing a standardized, suitable framework for collecting taxes & determining enforcement needs.

BFSI segment dominated the market and held the largest market share of 22.10% in the year 2021

On the basis of vertical, the global tax management market is segmented into retail, energy & utilities, government & defense, BFSI, manufacturing, healthcare, IT & telecom, and others. BFSI segment dominated the market and held the largest market share of 22.10% in the year 2021. This growth is attributed to the rising use of banking applications globally, the increasing digitization, and the rising BFSI industry.

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