Global Tax Management Software Market Size to Grow at a CAGR of 10.5% in the Forecast Period of 2022-2027
The ‘Global Tax Management Software Market Growth, Size, Share, Price, Trends, Report and Forecast 2022-2027’ by Expert Market Research gives an extensive outlook of the global tax management software market, assessing the market on the basis of its segments like components, deployment models, enterprise sizes, end users, and major regions.
Tax Management Software Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 10.5%
The increasing investments towards automation, by small, medium, and large enterprises, are escalating the incorporation of tax management software. Tax management software reduces manual effort while decreasing the chances of error when filing taxes. It is consistent, efficient, and easily readable, which further enhances the comfort of use among consumers. In addition, the increasing number of cloud-based tax management software is leading to an expansion of the global tax management software market.
The heightened application of tax management software across various industries including manufacturing, BFSI, and retail, among others, is propelling the market numbers. In the retail industry, this software is gaining traction, due to the expertise in decision-making and analysis offered by this solution. Meanwhile, the increasing cases of online thefts and identity fraud across the BFSI industry are expected to generate a significant demand for tax management software to counter potential risks to firms.
Over the forecast period, the anticipated increase in digitalization across emerging economies is expected to solidify the tax management software market dynamics. Increasing adoption of smartphones, laptops, and tablets, among other modern high-tech devices is further likely to bolster the demand for cloud-based tax management software in the coming years.
Tax Management Software Industry Definition and Major Segments
Tax management software is defined as a computer program that centralizes the tax management system of an organization. It improves the reporting and configuration of tax collection systems which boosts the overall productivity of the organization. This software is time-saving and protects the company from errors in taxation filing, which is why the global tax management software market growth is witnessing a surge.
Based on components, the market can be segmented into:
• Software
• Services
On the basis of the deployment model, the market has been classified into:
• On-Premise
• Cloud
Based on enterprise size, the market can be categorized into:
• Large Enterprises
• SMEs
By end user, the market has been divided into:
• Healthcare
• Retail
• BFSI
• Manufacturing
• Energy and Utilities
• Others
On the basis of region, the market can be categorized into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Tax Management Software Market Trends
The key trends in the global tax management software market include the technological advancements in the on-premise and cloud-based tax management software which are attracting more customers and encouraging the business profitability of various organizations. As taxations become more complex worldwide, and businesses grow in size, there is a greater need for careful tax management. While previously companies and industries used in-house accounts, tax management software reduces the need for specialized personnel, as the software provides robust support.
Increasing investments towards providing advanced digital infrastructure to the healthcare industry in order to bolster healthcare facilities for the working population are crucial trends in the market. Depending upon the healthcare coverage in the specific nation, ranging from free healthcare to subsidized, to fully private, the taxation processes can vary. Taxation management software provides excellent support to healthcare infrastructure, streamlining the taxes while facilitating full focus on critical operations.
In regional terms, North America accounts for a decent share of the tax management software market. The presence of tech companies in the United States is leading to progressive software innovations. Additionally, the taxation system in the United States is extensive, with a risk of litigation upon errors. This is encouraging companies and other end users to implement tax management software.
Key Market Players
The major players in the tax management software market report are:
• Avalara, Inc.
• CrowdReason, LLC
• Paychex Inc
• Drake Software
• Sovos Compliance, LLC
• TPS Unlimited, Inc. (TaxJar)
• Blucora, Inc.
• Wolters Kluwer N.V.
• Thomson Reuters Holdings Inc.
• ADP, Inc
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers, and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyzes the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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