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Tax Management Software Market Trends, Surging Demand, Detailed Analysis, And Forecast To 2033
Tax Management Software Market
As per the report, the tax management software market size has grown rapidly in recent years. It will grow from $19.83 billion in 2023 to $22.18 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The tax management software market size is expected to see rapid growth in the next few years. It will grow to $35.1 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%.
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Rising Online Digital Transactions Fuel Growth In The Tax Management Software Market
An increase in online digital transactions is expected to propel the growth of the tax management software market going forward. 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 growth.
Technological Advancements Drive Innovation In The Tax Management Software Market
Technological advancement is a key trend gaining popularity in the tax management software market. 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.
The tax management software market covered in this report 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
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Major companies operating in the tax management software market report are Avalara Inc., GoDaddy Operating Company LLC., Shoeboxed Inc., SAXTAX Inc., H&R Block Inc., CrowdReason LLC, Drake Software, Bolt, Beanstalk Data LLC, Avantax Wealth Management, TaxSlayer LLC, Wolters Kluwer N. V., Intuit Inc., Sovos Compliance LLC, Sailotech Private Limited, Vertex Inc., Paychex Inc., TPS Unlimited Inc., Thomson Reuters Holdings Inc., Automatic Data Processing Inc., AccurateTax Inc., Bloomberg Industry Group, Corptax Inc., Taxware Systems Inc., Xero Limited., The Sage Group plc., TaxCloud LLC.
Contents of the report:
1. Executive Summary
2. Tax Management Software Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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