Tax Management Market Growth, Trends and Report Highlights
According to a new report, published by KBV research, The Global Tax Management Market size is expected to reach $33.9 billion by 2027, rising at a market growth of 10.7% CAGR during the forecast period.
The Software segment is leading the Global Tax Management Market by Component 2020, thereby, achieving a market value of $23.2 billion by 2027. Due to the ever-changing tax and accounting requirements in many nations, tax management software is becoming increasingly popular. Businesses must stay up to date on the most recent and current tax filings and compliance procedures all around the world. Large firms can use tax management software to continuously monitor company activity and offer notifications, as well as establish tax liabilities in new locations depending on their individual nexus rules.
The Direct Tax market has high growth rate of 12.1% during (2021 - 2027). This is owing to the growing adoption rate of direct tax management solutions, such as automated business tax calculations and return filings, consistent transfer pricing and supporting documents, controlled and future-proofed reporting across jurisdictions, and simplified end-to-end tax reporting and provision procedures.
The Cloud segment is generating high revenue in the Global Tax Management Market by Deployment Mode 2020 thereby, achieving a market value of $20.4 billion by 2027. By adopting Cloud-based tax management solutions, companies can minimize overall expenses while getting highly flexible and scalable access to solutions via the Cloud Service Provider's Information Technology (IT) infrastructure (CSP). As a result, businesses are inclined towards the utilization of cloud-based tax management systems to boost mobility and decentralize data storage and computation.
The Small & Medium-sized Enterprises (SMEs) segment is showcasing a CAGR of 12.2% during (2021 - 2027). This is due to the fact that tax administration is an unavoidable part of running a small business, and dealing with taxes may be a challenge for any small business owner. Small and medium-sized businesses, which contribute to economic growth and job creation, pay relatively low tax rates. Because SMEs are provided loans at cheaper interest rates than larger corporations, they require tax system to manage their tax filings and financial activities. As a result, demand for tax management systems among SMEs is expected to increase during the forecasting years.
The BFSI segment acquired maximum revenue in the Global Tax Management Market by End User 2020, thereby, achieving a market value of $10.0 billion by 2027. Domestic and foreign banks, insurance and reinsurance companies, asset management firms, and non-banking financial firms are all part of the BFSI sector. Digitalization and an expanding number of clients using various financial applications are major trends in the Banking, Financial Services, and Insurance (BFSI) industry. As a result, data in the banking and financial services industry has grown at an exponential rate. In this industry, government regulations are complicated and sensitive. One of the primary factors driving the adoption of tax management solutions in the BFSI industry is the ever-growing financial transactions.
The North America is fastest growing region in the Global Tax Management Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $11.6 billion by 2027. The Europe market is poised to grow at a CAGR of 9.9% during (2021 - 2027). Additionally, The Asia Pacific market would experience a CAGR of 12.5% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/tax-management-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Avalara, Inc., Blucora, Inc., H&R Block, Inc., Sovos Compliance, LLC, Vertex, Inc., ADP, Inc., SAP SE, Intuit, Inc., Thomson Reuters Corporation, and Wolters Kluwer N.V.
Global Tax Management Market Segmentation
By Tax Type
By Deployment Mode
By Organization Size
Small & Medium-sized Enterprises (SMEs)
By End User
IT & Telecom
Energy & Utilities
• Rest of North America
• Rest of Europe
• South Korea
• Rest of Asia Pacific
• Saudi Arabia
• South Africa
• Rest of LAMEA
• Avalara, Inc.
• Blucora, Inc.
• H&R Block, Inc.
• Sovos Compliance, LLC
• Vertex, Inc.
• ADP, Inc.
• SAP SE
• Intuit, Inc.
• Thomson Reuters Corporation
• Wolters Kluwer N.V.