Global Tax Management Software Market 2021 – Revenue Status & Forecast Report 2029: Automatic Data Processing (the U.S.), Wolters Kluwer N.V (the Netherlands), Thomson Reuters (Canada) etc.

The tax management software market was valued at 16.01 billion in 2019 and is presumed to reach USD 27 billion by 2029, with a CAGR of 11.5%.  The tax management software calculates and creates customer-centric statements and invoices for all tax revenue types. The software supports e-billing and integrates with customer account management to register receivables. Tax Management Software Market report focuses on the main drivers and restraints for the key players and presents competition status with growth prospects.

Tax Management Software Market report is professional and in-depth research by experts on the present state of the Tax Management Software Industry. Tax Management Software marketing research report provides the most recent industry data and industry future trends, allowing you to spot the products and end users driving Revenue growth and profitability.

The cloud segment is projected to grow with a significant CAGR as it offers high flexibility, scalability, reduction in costs, and high data security, and helps enterprises to improve mobility and decentralize data storage and computing.
Furthermore, it provides a complete view of real and personal revenue, including property taxes (real and personal property), maps/GIS information, frozen and current year tax values, exemption tracking, and discovery management, and listing processes. The tax management software offers a broad range of features such as flexible tax configuration, automatic offset, and flexible tax reporting, among others. Surging cases of theft of confidential data hinder the market growth.

Digitalization is an essential technology, adopted across all industry verticals for smooth business operations. Digitalization has not only changed the look of the industry but has created a paradigm shift of the Business Models, affecting numerous fields, sectors, and industries, including Finance Services. The Reserve Bank of India’s (RBI) digital transaction value grew by 19.5 % during 2018–19, compared to 22.2 % during 2017–18, further rising the adoption of digitalization to increase transparency and efficiency of the financial transactions.

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The Major Players Covered in this Report: Key Players-, Automatic Data Processing (the U.S.), Wolters Kluwer N.V (the Netherlands), Thomson Reuters (Canada), Intuit (the U.S.), H&R Block (the U.S.), SAP SE (Germany), Blucora (the U.S.), Sovos Compliance (the U.S.), Vertex (the U.S.), Sailotech (the U.S.), Defmacro Software (India), DAVO Technologies (the U.S.), Xero (New Zealand), TaxSlayer (the U.S.), Taxback International (Ireland), TaxCloud (the U.S.), Drake Enterprises (the U.S.), Canopy Tax (the U.S.), TaxJar (the U.S.), & More...

By Component, Software, Services- Training services, Consulting and implementation,Support services
By Tax Types, Direct tax, Indirect tax
By Deployment Mode, Cloud, On-premise
By Organization Size, SMEs, Large enterprise
By Industry Vertical, BFSI, IT and telecom, Manufacturing, Energy and utilities, Retail, Healthcare, and life science, Media and entertainment

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Tax Management Software in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Tax Management Software market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region.

Impact of COVID-19:
COVID-19 has had a devastating effect on all industry verticals globally. Rapid growth in business operations, post the COVID-19 outbreak, is projected to drive the adoption of the software to determine the current and frozen year tax values. Furthermore, changing taxation policies by various central governments amidst coronavirus outbreak is projected to increase the adoption of tax management software. For instance, in 2020, Saudi Arabia tripled the taxes on essential goods, which is about 15% amidst the COVID-19 outbreak.

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Key Highlights:
1. The software segment is projected to grow with the highest CAGR comparable on account of evolving tax and accounting laws across the globe

2. The indirect tax segment holds the highest market share on account of growing trade activities and supportive government initiatives

3. The cloud segment is projected to grow with a significant CAGR as it offers high flexibility, scalability, reduction in costs, and high data security

4. By organization size, the SMEs segment dominates the market

5. BFSI segment dominates the tax management software market on account of surging adoption of process automation

6. The adoption of tax management software is likely to increase post the COVID-19 outbreak

7. North America dominates the tax management software as the region is backed by the presence of prominent players offering tax management solutions

8. Asia-Pacific is projected to witness the fastest growth in the tax management software market on account of surging adoption of process automation

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