Global Tax Management Software Market is estimated to Grow at the Highest Growth Rate till 2029 | Key players: Automatic Data Processing (the U.S.), Wolters Kluwer N.V (the Netherlands), Thomson Reuters (Canada)

Tax Management Software Market

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. 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.

The software segment is projected to grow with the highest CAGR comparable on account of evolving tax and accounting laws across the globe. For instance, in 2019, Italy implemented the budget law 2020, containing several corporate tax provisions, including a digital services tax and reintroduction of the national interest deduction for capital injection. Furthermore, the software enables organizations to continuously monitor business activities and provide alerts while establishing tax obligations in new places based on individual nexus laws. The indirect tax segment holds the highest market share on account of growing trade activities and supportive government initiatives. Companies are offering umpteen services to the media and entertainment, banking and financial, and healthcare sectors to gain a competitive edge.

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 the enterprises to improve mobility and decentralize data storage and computing. The SMEs segment holds the largest market share on account of a significant surge in the market scenario for faster and cost-effective compliance. For instance, in 2016, the Internal Revenue Service (IRS) estimated that businesses with less than USD 1 million in revenue have to incur almost two-thirds of business compliance costs, compelling the SMEs to adopt tax management software. The SMEs can understate their revenues, overstate their expenses, and underpay their taxes. 

The BFSI segment dominates the tax management software market on account of surging adoption of process automation to increase customer engagement. Furthermore, an increasing the number of customers using various banking applications is subsequently surging the data interchange in banking and financial sectors, further driving the adoption of tax management software. 

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The Major Prominent Players Covered in this Report:
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.)

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

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2020 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Key Tax Management Software Market Trends:
- The report identifies, determines, and forecasts the Global Tax Management Software Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Tax Management Software Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Tax Management Software Market.

Key Questions Answered in The Report:
What will the Tax Management Software market growth rate?
What are the key factors driving the global Tax Management Software market?
Who are the key manufacturers in the Tax Management Software market space?
What are the market opportunities, market risk, and market overview of the Tax Management Software market?
What are sales, revenue, and price analysis of top manufacturers of the Tax Management Software market?
Who are the distributors, traders, and dealers of the Tax Management Software market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Tax Management Software Industry?
What are sales, revenue, and price analysis by regions of Tax Management Software industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

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