Press release
Global Tax Management Software Market Size to Grow at a CAGR of 10.5% in the Forecast Period of 2022-2027
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 the 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 the consumers. In addition, the increasing number of cloud-based tax management software are 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 on decision making and analysis offered by this solution. Meanwhile, the increasing cases of online thefts and identity frauds across the BFSI industry is expected to generate a significant demand for tax management software to counter potential risks to firms.
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Over the forecast period, the anticipated increase in digitalisation across the 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 are 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 which centralises the tax management system of an organisation. It improves the reporting and configuration of tax collection systems which boosts the overall productivity of the organisation. 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 component, the market can be segmented into:
• Software
• Services
On the basis of deployment model, the market has been classified into:
• On-Premise
• Cloud
Based on enterprise size, the market can be categorised 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 categorised 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 organisations. As taxations become more complex worldwide, and businesses grow in size, there is greater need for careful tax management. While previously companies and industries used in-house accounts, tax management software reduces the need for specialised personnel, as the software provides robust support.
Increasing investments towards providing an advanced digital infrastructure to the healthcare industry in order to bolster the healthcare facilities for the working population are the crucial trends in the market. Depending upon the healthcare coverage in the specific nation, ranging from free healthcare, to subsidised, 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 in the tax management software market. 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 risk of litigation upon errors. This is encouraging companies and other end users to implement tax management software.
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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 analysis 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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