Tax Management Market: Global Industry Analysis and Forecast (2021-2027) Market key Trends, Statistics, Dynamics and Segmentation by Component, Tax type, Deployment, End-user, and Region.

Tax Management Market Size in 2020 was worth US $ 17.25 Bn. at a CAGR 11.3 % and it is expected to reach US $ 36.5 Bn in 2027.

Tax Management Market Overview:

The Tax Management Market was estimated at US$ 17.25 billion in 2020. Users can use tax management software to keep track of their spending, transactions, and income. The software basically gives customers the tools they need to manage and pay identification taxes. Individuals and businesses can use tax management software to ensure tax compliance for income tax, corporate tax, customs, VAT, sales tax, service tax, and other taxes that may be necessary. The software seeks to make the process of submitting taxes using tax forms as simple as possible, and it determines an individual's or a company's tax responsibilities. The goal of this software is to give the user a simple way to calculate tax payments and reduce any potential for human error. Tax Management Market To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2015 to forecast the market through 2027. 2019 is considered a base year however 2020’s numbers are on real output of the companies in the market. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Tax Management Market Dynamics:

The demand for tax software in various end-use industries continues to increase because its advanced functions can smooth the process of submitting returns and paying income tax or corporate tax and other procedures. This is expected to drive the growth of the global tax software market in the next few years. In addition, the increase in Internet penetration, the increase in the number of digital solutions, and the increasing popularity of electronic accounting are all factors driving the growth of the tax software market. Tax Management MarketIn addition, in order to analyze large amounts of data and avoid losses, the increasing use of tax software by the BFSI department is another factor driving the growth of the global tax software market. In addition, the continuous advancement of tax software automation technology and the increasing investment in the terminal industry to purchase automated systems for tax calculation and tax filing are other major factors that are expected to support the growth of the global market. Concerns about cloud application networking and data security are major factor that is restraining the global tax software market's growth to some extent. Tax Management Architecture: Tax Management MarketThe tax market is targeted efficiencies, minimize interruption to the organization, and comply with the tax authority and regulatory filing requirements and deadlines, it is critical that procedures are integrated and automated. Tax functions should optimize operations to ensure timely and accurate tax filing while transitioning to a new reporting platform. Organizations that invest time in enhancing the way data enters their accounting systems can enhance efficiency even more by dramatically lowering the back-end analysis required at provision or compliance time, subject to cost-benefit analysis. Organizations will find that capturing data in this way allows the tax function to plan strategic and financial reporting in real time or near real time, consistent with the organization's goal.

Tax Management Market Segment Analysis:

The tax management market is segmented into component, tax type, deployment, end-user respectively. On the basis of component, the global tax management market is sub-segmented into Software, Services. The software segment held the largest share of xx% in 2020. Tax management software makes it easier for businesses of all sizes to complete their tax filings. The programme ensures that tax compliance with local accounting laws and standards is automated. To keep up with quickly changing legislative restrictions and fluctuations in product taxability, businesses all over the world have begun to implement tax administration software. The service segment is expected to grow at high CAGR of xx% during the forecasting period of 2020-2027, owing to rising need for services related to tax management software like installation, support, maintenance training, and others. On the basis of tax type, the global tax management market is sub-segmented into Indirect Tax, Direct Tax. The indirect tax segment held the largest market share of xx% in 2020. Indirect taxes are collected on goods and services that are manufactured or sold. These taxes are paid to the government through a middleman. By adding the amount of tax paid to the value of products and services, indirect taxes are passed on to the end consumer. Excise duty, sales tax, customs duty, entertainment tax, service tax, and VAT are some of the indirect taxes that are exTax Management d (VAT). Because indirect taxes are paid more frequently than direct taxes, specialized software is required for faster and more accurate calculations. Tax Management Market On the basis of deployment, the global tax management market is sub-segmented into Cloud, On-premises. The cloud segment held the largest market share of xx% in 2020. To boost mobility and decentralize data storage and computation, businesses prefer to employ tax management solutions in the cloud. The uptake of cloud services is hampered by security concerns. However, this problem is gradually being resolved as a result of third-party security testing that meets the highest standards. Rapid improvements in cloud technology, with security as a top focus, as well as rising support and maintenance expenses for on-premises solutions, are driving the growth of cloud-based tax management software. Tax Management MarketOn the basis of end-user, the global tax management market is sub-segmented into BFSI, IT and Telecom, Manufacturing, Energy and Utilities, Retail, Healthcare and Life Sciences, Media and Entertainment, Others. The BFSI segment held the largest share of xx% in 2020. The BFSI industry's growth is expected to be fuelled by greater digital transformation and an increase in the number of clients using financial services. Another important element driving tax management software used in the BFSI industry is the growing volume of financial transactions around the world. The manufacturing segment held a market share of 17% in 2020. In the manufacturing industry, tax management software is widely utilized to successfully store, search, and distribute digital assets. Asset management and collaboration within and outside the organization are made easier with these solutions. Tax management software is being used by manufacturers to increase operating capital and improve supply chain management, which is expected to drive growth. Tax Management Market

Global Tax Management Market Regional Insights:

North America held the largest market share of xx% in 2020, owing to increased investment in innovative sports analytics technology. Furthermore, during the forecast period, the complexity of the taxation system and the distinction between tax and employment law will fuel the growth of the tax management market in the region. In the North American tax management market, the United States and Canada are likely to be the leading revenue sources. The use of tax management software has a variety of advantages; including a lower deductible amount, ease of tax calculation, time savings, automatic tax filing, and a reduction in the number of errors. In comparison to other countries throughout the world, developed economies in North America have seen higher adoption of tax management systems.

Recent development:

• Avalara purchased Indix, a provider of an intelligent platform that aids businesses in the analysis and display of data connected to products from diverse industries, in February 2019. • Wolters Kluwer launched CCH Axcess Knowledge Coach, an audit module, in December 2019 as part of its CCH Axcess cloud-based tax preparation, compliance, and workflow management platform. This new system gives auditors the freedom to work from anywhere, at any time, and increases auditing quality. The objective of the report is to present a comprehensive analysis of the global Tax Management market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global Tax Management market dynamics, structure by analyzing the market segments and projects the global Tax Management market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Tax Management market make the report investor’s guide.

Global Tax Management Market Scope: Inquire before buying

Global Tax Management Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 17.25 Bn.
Forecast Period 2021 to 2027 CAGR: 11.3% Market Size in 2027: US $ 36.5Bn.
Segments Covered: by Component • Software • Services
by Tax Type • Indirect Tax • Direct Tax
by Deployment • Cloud • On-premises
by End-User • BFSI • IT and Telecom • Manufacturing • Energy and Utilities • Retail • Healthcare and Life Sciences • Media and Entertainment • Others

Global Tax Management Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Global Tax Management Market Key Players

• Avalara • ADP • Automatic Data Processing • Wolters Kluwer N.V • Thomson Reuters • Intuit • H&R Block • SAP SE • Blucora • Sovos Compliance • Vertex • Sailotech • Defmacro Software • DAVO Technologies • Xero • TaxSlayer • Taxback International • TaxCloud • Drake Enterprises • Canopy Tax • TaxJar

Frequently Asked Questions:

1. Which region has the largest share in Global Tax Management Market? Ans: North America region holds the highest share in 2020. 2. What is the growth rate of Global Tax Management Market? Ans: The Global Tax Management Market is growing at a CAGR of 11.3 % during forecasting period 2021-2027. 3. What segments are covered in Global Tax Management Market? Ans: Global Tax Management Market is segmented into component, tax type, deployment, end-user and region. 4. Who are the key players in Global Tax Management Market? Ans: The important key players in the Global Tax Management Market are - Avalara , Automatic Data Processing , Wolters Kluwer N.V , Thomson Reuters , Intuit , H&R Block, SAP SE, Blucora , Sovos Compliance , Vertex, Sailotech , Defmacro Software , DAVO Technologies , Xero , TaxSlayer , Taxback International , TaxCloud , Drake Enterprises , Canopy Tax , and TaxJar . 5. What is the study period of this market? Ans: The Global Tax Management Market is studied from 2021 to 2027.
1. Global Tax Management Market: Research Methodology 2. Global Tax Management Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Tax Management Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Tax Management Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Tax Management Market Segmentation 4.1. Global Tax Management Market, by Component (2020-2027) • Software • Services 4.2. Global Tax Management Market, by Tax Type (2020-2027) • Indirect Tax • Direct Tax 4.3. Global Tax Management Market, by Deployment (2020-2027) • Cloud • On-premises 4.4. Global Tax Management Market, by End-user (2020-2027) • BFSI • IT and Telecom • Manufacturing • Energy and Utilities • Retail • Healthcare and Life Sciences • Media and Entertainment • Others 5. North America Tax Management Market(2020-2027) 5.1. Global Tax Management Market, by Component (2020-2027) • Software • Services 5.2. Global Tax Management Market, by Tax Type (2020-2027) • Indirect Tax • Direct Tax 5.3. Global Tax Management Market, by Deployment (2020-2027) • Cloud • On-premises 5.4. Global Tax Management Market, by End-user (2020-2027) • BFSI • IT and Telecom • Manufacturing • Energy and Utilities • Retail • Healthcare and Life Sciences • Media and Entertainment • Others 5.5. North America Tax Management Market, by Country (2020-2027) • United States • Canada • Mexico 6. European Tax Management Market (2020-2027) 6.1. European Tax Management Market, by Component (2020-2027) 6.2. European Tax Management Market, by Tax Type (2020-2027) 6.3. European Tax Management Market, by Deployment (2020-2027) 6.4. European Tax Management Market, by End-user (2020-2027) 6.5. European Tax Management Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Tax Management Market (2020-2027) 7.1. Asia Pacific Tax Management Market, by Component (2020-2027) 7.2. Asia Pacific Tax Management Market, by Tax Type (2020-2027) 7.3. Asia Pacific Tax Management Market, by Deployment (2020-2027) 7.4. Asia Pacific Tax Management Market, by End-user (2020-2027) 7.5. Asia Pacific Tax Management Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Tax Management Market (2020-2027) 8.1. Middle East and Africa Tax Management Market, by Component (2020-2027) 8.2. Middle East and Africa Tax Management Market, by Tax Type (2020-2027) 8.3. Middle East and Africa Tax Management Market, by Deployment (2020-2027) 8.4. Middle East and Africa Tax Management Market, by End-user (2020-2027) 8.5. Middle East and Africa Tax Management Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Tax Management Market (2020-2027) 9.1. Latin America Tax Management Market, by Component (2020-2027) 9.2. Latin America Tax Management Market, by Tax Type (2020-2027) 9.3. Latin America Tax Management Market, by Deployment (2020-2027) 9.4. Latin America Tax Management Market, by End-user (2020-2027) 9.5. Latin America Tax Management Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Avalara 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. ADP 10.3. Automatic Data Processing 10.4. Wolters Kluwer N.V 10.5. Thomson Reuters 10.6. Intuit 10.7. H&R Block 10.8. SAP SE 10.9. Blucora 10.10. Sovos Compliance 10.11. Vertex 10.12. Sailotech 10.13. Defmacro Software 10.14. DAVO Technologies 10.15. Xero 10.16. TaxSlayer 10.17. Taxback International 10.18. TaxCloud 10.19. Drake Enterprises 10.20. Canopy Tax 10.21. TaxJar

About This Report

Report ID116778
Category Information Technology & Telecommunication
Published DateAug 2021
Updated DateNov 2021
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