Tax Management Global Market Consumer Credit Global Market is Likely to Upsurge $37.11 billion at a CAGR of 12.1% Globally By 2028, Size, Share, Trends, Demand, Growth Forecast and Opportunity outlook

The tax management market size has grown rapidly in recent years. It will grow from $20.89 billion in 2023 to $23.48 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the rise in disposable income, the increasing complexity of tax codes, and the increase in digital financial transactions.

The tax management market size is expected to see rapid growth in the next few years. It will grow to $37.11 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to the increasing government support, rapid urbanization, the increasing population, the increase in adoption of digital channels, and the increase in adoption of cloud-based approaches. Major trends in the forecast period include increasing investments in artificial intelligence, focusing on digital business solutions, investing in innovative technologies, focusing on cloud-based tax return solutions to improve workflow, and focusing on developing client self-service platforms.

Market Overview -
Tax management refers to managing finances to pay taxes and to ensure compliance with the provisions of the Income Tax Act and its related rules. This is concerned with the timely filing of returns, having accounts audited, and deducting tax at source.

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Rising Tax Code Complexity Spurs Growth In The Tax Management Market
The tax management market growth was supported by the increasing complexity of tax codes in the majority of countries. Tax management involves ensuring compliance with the tax code. The complexity of the tax code means that tax managers need to stay updated on the latest regulations, understand the intricacies of various provisions and ensure that their organization complies with all applicable tax laws. According to a report by the National Taxpayers Union Foundation, a US-based non-partisan research and educational organization, the tax code's complexity and compliance burden has increased in recent years. In 2022, complying with the tax code consumed 6.55 billion hours for recordkeeping, learning about the law, filling out the required forms and schedules and submitting information to the IRS (Internal Revenue Service). The estimated cost of complying with the tax code in 2022 was $364 billion, which is $25 billion (7.4 percent) more than the previous year. Therefore, the increasing complexity of tax codes will drive the demand for tax management products and services.

Competitive Landscape -
Major companies operating in the tax management market report are Intuit, H&R Block Inc, Wolters Kluwer, Thomson Reuters, SAP,Avantax, Inc, Vertex Inc, Avalara, Sovos Compliance, Automatic Data Processing Inc, Meru Accounting, Whiz Consulting Private Limited, IMC Group, Savage & Palmer, Shoolin Consultancy, Nimblefincorp, Setindiabiz, BBNC, Whiz Consulting Private Limited, Valuenode, Invensis Inc, Sapience Pro, Zhongrui Yuehua, GFC Consulting Co Ltd Shanghai, Guangdong SILIQUE Group Co., Ltd, AVASK Accounting and Business Consultants Ltd, UTV Motion Pictures limited., Eros International, Dharma Productions, Red Chilies Entertainment, Makesworth Accountants, CJM Associates, The Accountancy Partnership, Salient Accounting & Finance, Burnt Orange Accounting, BBK Partnership, TaxAssist Accountants, Crowe Poland, PwC Poland, Konsu, Dezan Shira & Associates, Sberbank, Société Générale TKB Investment Partners, Alfa Capital, UFG Asset Management, PZU Group, Aviva Investors Poland, H&R Block, Ernst & Young, KPMG International Limited, Zeni AI, TOTVS, TPC Group, Al Tamimi & Company, RSM UAE, Baker Tilly South Africa, Mazars

Technology Reshaping The Tax Management Landscape
Technological innovations are a key trend gaining popularity in the tax management market. Major companies operating in tax management are focusing on technological innovations to gain a competitive edge in the market. For instance, in May 2022, J.P. Morgan, a US-based investment banking company, launched a new Tax-Smart Separately Managed Account (SMA) Platform, enabling advisors to build customized portfolios and obtain higher after-tax returns for their clients. The platform has J.P. Morgan's investment expertise combined with 55ip's tax-smart technology.

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Key Segments -
The tax management market covered in this report is segmented -
1) By Type: Software, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Small And Medium Sized Enterprises (SMES), Large Enterprises
4) By Application: Corporate Banking Financial Services And Insurance (BFSI), Information Technology (IT) And Telecom, Manufacturing, Energy And Utilities, Retail, Healthcare And Life Sciences, Media And Entertainment, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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