Tax Management Market Highlights On Future Development 2032


Posted September 6, 2024 by mansidesai

The Tax Management Market size is estimated at 27.56 billion USD in 2023 and is expected to reach 70.5 billion USD by 2032, growing at a CAGR of 11% during the forecast period (2024-2032)

 
The growth of the tax planning software market is primarily driven by the increasing collection of financial transaction data by companies. This has led to the adoption of advanced technological infrastructure to generate and manage accounting reports, tax returns and payments. Many companies and fintechs are emphasizing on streamlining tax compliance through automation. So, the software requirement came first. Additionally, the complexity of the existing tax system and the growth of digital payments on a large scale will provide great opportunities for large retailers to expand their product portfolio. Leading vendors in the tax management market are investing heavily in research and development activities to develop cloud-based solutions that allow organizations to set tax rates, perform tax audits and generate tax reports in a single platform.
Top Manufacturers companies are
Thomson Reuters (Canada), Intuit (US), H&R Block (US), Avalara (US), Wolters Kluwer NV (Netherlands), Automatic Data Processing (US), TaxSlayer (US), Taxback International (Ireland), TaxCloud (US), Drake Enterprises (US), Canopy Tax (US), TaxJar (US), Webgility (US), LOVAT Software (UK), SafeSend (US), EXEMPTAX (US), Sales Tax DataLINK (US), Shoeboxed (US), SAXTAX (US), and other major players.
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GROWTH FACTORS
With ever-globalization and the proliferation of e-businesses, there is a constant demand for platforms that enable companies to trade across countries, industries and multiple channels As digitization continues is, corporate IT departments look to meet multiple partners to meet their specific customer needs. Tax software helps businesses improve reporting and compliance with ever-changing business tax laws and regulations. The software processes and monitors compliance reports and allows for trouble-free processing of tax returns with minimal manual effort.
Segmentation of Tax Management Market:
By Component
• Software
• Services
By Deployment Mode
• Cloud
• On-Premises
By Tax Type
• Indirect Tax
• Direct Tax
By Organization Size
• Small & Medium-sized Enterprises (SMEs)
• Large Enterprises
Many challenges
Legislative amendments may be added, changed or deleted in an attempt to make a particular part of the legislation more effective. The tax law changes are expected to be challenging for solution providers as they will have to consult with tax experts as well as update existing user/customer software. This increases the cost of the solution and reduces the company’s revenue. In such cases, solution providers had to make minimal changes to their offerings in order to serve these customers. Consequently, solution providers face many challenges after every investigation by governments around the world.
By Region
• North America (U.S., Canada, Mexico)
• Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
• Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
• Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
• South America (Brazil, Argentina, Rest of SA)
North America holds the largest share of the tax management software market as ongoing reforms and regulations in regional tax systems led to significant growth in the adoption of tax software in this region Started with third-party the 1990s. Subsequently, businesses in North America use advanced technologies and strategies to maintain market presence and improve horizontal growth This has a significant impact on the tax environment and product recognition in North America on the snow.
The Asia Pacific market is expected to grow at a healthy growth rate in the coming years. Governments in this area will continue to be motivated to protect their tax base, tax reform, and the frequency of tax audits will be discussed. This will ease the need for a robust solution that handles tax returns. Therefore, the demand for tax planning software is expected to increase in this segment. The ever-changing tax landscape has also made it necessary for tax authorities and taxpayers in Asia Pacific to provide themselves with information on factors affecting company tax liability.
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Potential opportunities
Many businesses use blockchain technology, which stores data on health and property, banking transactions and supply chains. It is used in aviation, automotive, agriculture, manufacturing and banking. Blockchain technology has many key advantages such as robustness, decentralization, security and transparency. The use of blockchain technology for tax compliance will include blockchain technology shared between taxpayers and tax authorities. As a result, a real-time method is sometimes replaced by the method of updating current tax information.
Key Industry Developments in the Tax Management Market
• In September 2023, H&R Block's AI Assistant Unveiled virtual assistant guides users through their tax returns, answering questions, providing personalized recommendations, and identifying potential tax benefits.
• In July 2023, Intuit's TurboTax AI launched platform leverages AI to automate tasks like data entry, expense categorization, and deduction identification, simplifying tax filing for individuals and small businesses.
• In May 2023, TaxJar's Global Sales Tax Engine Launched cloud-based platform automates sales tax calculations and filing compliance for businesses selling across multiple states and countries.
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Issued By mansi desai
Country United States
Categories Business
Last Updated September 6, 2024