Tax Management Software Market Booming at 13.6% CAGR - Digitalization & Compliance Driving Growth

According to a recent report published by Allied Market Research, The global tax management market size was valued at $16,455.20 million in 2020, and is projected to reach at $56,531.80 million by 2030, growing at a CAGR of 13.6% from 2020 to 2030.

Tax management is the strategic process of planning, analyzing, and administering taxes to ensure compliance while maximizing financial efficiency. Businesses and individuals need to minimize tax liabilities, adhere to regulations, and optimize profitability. Given the complexity of tax laws, effective management helps prevent legal issues and excessive financial burdens. Tax management applies across various sectors, including corporate finance, SMEs, personal finance, and public organizations, focusing on compliance, tax burden reduction, and strategic financial planning.

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Ongoing advancements in industrial-grade digital technology, major inclination toward cloud-based tax management software, and rise in need for improved tax planning and financial management methods majorly contribute toward the growth of the market. However, lack of IT infrastructure in underdeveloped nations and the increase in security & privacy concerns hamper the growth of the tax management market.

Based on components, the software segment dominated the overall tax management industry in 2020, and is expected to continue this tax management market trend during the forecast period. This is attributed to an increase in the adoption of tax management software among businesses to gain strategic as well as competitive advantage and strong tax planning over their competitors. In addition, this software saves both time as well as money, leverages existing data investments, and improves image analysis capabilities, with just a single software application. Which provides lucrative opportunities for market growth.

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However, the service segment is expected to witness highest tax management market growth, as the service segment of tax management industry ensures effective coordination between software provider companies and users of tax management software by providing services such as implementation, training, consulting services, and managed services.

The adoption of this software speeds up the customer satisfaction of various industrial verticals such as BFSI, IT & telecommunication, and healthcare, which maximizes the value of existing customer by optimizing their needs and minimizes the cost of operation. This further fuel the adoption of services that are needed to handle the software properly.

Depending on deployment mode, the on-premise segment dominated the tax management market share in 2020, and is expected to continue this trend during the forecast period. This is attributed to numerous benefits provided by this on-premise deployment such as high level of data security and safety. However, the cloud segment is expected to witness highest growth in the upcoming years. As cloud deployment does not need any investment in IT infrastructure as all data is stored on cloud server, which increases the demand for of Tax Management software in small and medium scale organizations.

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As per tax management market forecast the post COVID-19, the tax management market size was valued at $ 18,002.00 million in 2021 and is projected to reach $ 56,531.80 million by 2030, growing at a CAGR of 13.6% from 2020 to 2030

The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The market is expected to grow rapidly after the pandemic owing to rise in adoption of work-from-home culture across the globe which can boost the use of tax management software in the market. The tax management software market has witnessed significant growth in the past few years owing to growing implementation of lockdown by governments in majority of the countries and the shutdown of travel across the world to prevent the transmission of virus. The tax management software market is projected to grow rapidly in the upcoming years after the recovery from the COVID-19 pandemic. This factor accelerates the market growth globally.

This report gives an in-depth profile of some key market players in the tax management market are Avalara Inc., Blucora, Inc., Thomson Reuters, HRB Digital LLC., Intuit Inc, SAP SE, Sovos Compliance, LLC , TaxJar, TaxSlayer, Wolters Kluwer N.V. This study includes tax management market trends, tax management market analysis, and future estimations to determine the imminent investment pockets.

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Key Findings Of The Study:

1. By component, the software segment dominated the tax management market in 2020. However, the service segment is expected to exhibit significant growth during the forecast period.

2. By Solution Type, the indirect tax segment dominated the tax management market in 2020. However, the direct segment is expected to exhibit significant growth during the forecast period.

3. Based on Deployment Mode, the on premise segment accounted for the highest revenue of market in 2020; however, the cloud segment is expected to witness the highest growth rate during the forecast period.

4. Depending on organizational size, the large scale segment generated the highest revenue in 2020. However, the SMEs segment is expected to witness the highest growth rate shortly.

5. Depending on the industry vertical, the BFSI segment generated the highest revenue in 2020. However, the healthcare and life science segment is expected to witness the highest growth rate in the near future.

6. Region-wise, the tax management market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.

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