Global Tax Management Software Market Comprehensive Insights, Technological Advancements And Key Drivers Report To 2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Tax Management Software Global Market Report 2023 identifies increase in online digital transactions as the major driver for the Tax Management Software market's growth in the forecast period. Many governments find it necessary to increase tax compliance and revenue collection in order to pay for public goods and services. For this reason, tax administrations are automating their operations and undergoing digital transactions, which would make tax reforms successful and long-lasting, ensuring that the digital economy is properly taxed and reducing compliance barriers. For instance, according to Mint, an India-based financial newspaper, the volume of digital payments in India has increased by 33% year-on-year (YoY) during the financial year (FY) 2021-2022. The total digital payment transactions of 7,422 crores ($933 million) were recorded during this period, up from 5,554 crores ($698.24 million) transactions seen in FY 2020-21. Therefore, an increase in online digital transactions is driving the demand for the tax management software market.

The global tax management software market size grew from $18.09 billion in 2022 to $20.72 billion in 2023 at a compound annual growth rate (CAGR) of 14.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The tax management software market size is expected to grow to $32.64 billion in 2027 at a CAGR of 12.0%.

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Major competitors in the Tax Management Software market are Avalara Inc., Outright, Shoeboxed, SAXTAX, H&R Block Inc., CrowdReason LLC, Drake Software, Taxify, Beanstalk, Blucora Inc., TaxSlayer LLC, Wolters Kluwer N.V., Intuit Inc., Sovos Compliance LLC, and Sailotech.

A key trend in the Tax Management Software market includes Technological advancement. Major companies operating in the tax management software sector are focused on developing technologically advanced products to strengthen their market position. For instance, in 2021, Wolters Kluwer N.V., a Dutch-based information services company, introduced the cloud-based CCH AxcessTM Validate expert solution, which uses blockchain to help CPA firm auditors expedite banking confirmations. Its blockchain-enabled workflow gives firms the simplicity, speed, and trust that auditors need in today's environment, allowing the authorization part of the audit process to be reduced to 5 minutes or less. Such technological advancements will ensure operations are handled easily and in less time.

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The Tax Management Software market is segmented -
1) By Component : Software, Professional Services
2) By Tax Type: Direct Taxes, Indirect Taxes
3) By Deployment Mode: On-Premises, Cloud
4) By Enterprise Size: Large Enterprises, Small and Medium Enterprises (SMEs)
5) By Vertical: BFSI, Healthcare, Retail, Manufacturing, Energy and Utilities, Other Verticals

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Tax Management Software market.

The Business Research Company's "Global Tax Management Software Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Tax Management Software Market Include:
1. Executive Summary
2. Tax Management Software Market Characteristics
3. Tax Management Software Market Trends And Strategies
4. Tax Management Software Market - Macro Economic Scenario
5. Tax Management Software Market Size And Growth
……
27. Tax Management Software Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Tax Management Software Market
29. Tax Management Software Market Future Outlook And Potential Analysis
30. Appendix

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