Global Generative Artificial Intelligence (AI) In Corporate Tax Management Market to Reach $7.1 Billion by 2029, Growing at 30.7% CAGR

How Are the key drivers contributing to the expansion of the generative artificial intelligence (ai) in corporate tax management market?
The surge in corporate investments is predicted to fuel the expansion of generative artificial intelligence (AI) in the corporate tax management market. This surge is driven by growing confidence in economic revival and the quest for growth opportunities through innovation. The role of AI in corporate tax management includes the optimization of tax strategies, automating compliance procedures, and delivering insights based on data for strategic decision-making, which aids in cost reduction and improves financial efficiency. For example, in March 2024, data from the Office for National Statistics, a UK-based national statistical institute, indicates that in the fourth quarter (October to December) of 2023, corporate investments in the UK experienced a 1.4% increase, a 2.8% increase from the same quarter in the previous year. Throughout 2023, the UK's annual business investment experienced growth of 5.5%. Hence, the escalating corporate investments are fuelling the expansion of generative artificial intelligence (AI) in the corporate tax management market.

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What growth opportunities are expected to drive the generative artificial intelligence (ai) in corporate tax management market's CAGR through 2034?
The market for generative artificial intelligence (AI) in the corporate tax management sector has seen explosive growth recently. Its size is expected to expand from $1.86 billion in 2024 to $2.44 billion in 2025, with a compound annual growth rate (CAGR) of 31.0%. Factors such as the rising adoption of AI by tax experts, a surge in transaction volume, a higher reliance on web-based e-commerce, a growing number of digital transactions, and an augmenting need for tax software have driven growth during the historical period.

The market size for generative artificial intelligence (AI) in corporate tax management is anticipated to witness spectacular growth in the coming years, ballooning to $7.13 billion in 2029 with a compound annual growth rate (CAGR) of 30.7%. This significant growth during the forecast period can be attributed to the effort of evaluating industry-specific modifications and generating projections based on financial documents, international tax rules, adjustments in transfer pricing, employee pay structures, and an increasing demand for automated processes. Notable developments predicted in the forecast period are the use of predictive analytics in tax preparation, advancements in technology, improved systems for detecting fraud, optimization of cross-national taxes, and the effortless assimilation with ERP systems.

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What are the emerging trends shaping the future of the generative artificial intelligence (ai) in corporate tax management market?
Key corporations engaged in the generative AI sector for corporate tax administration are concentrating on creating state-of-the-art solutions like AI platforms to improve precision, efficiency, and adherence in tax preparation and reporting processes. Essentially, an AI platform indicates a system or program which applies AI methods to carry out numerous tasks pertaining to tax. For example, Ernst & Young Global Limited, an accounting company from the UK, launched their new unified platform, EY.ai, in September 2023, which assists businesses to adopt AI confidently. It comes with distinctive features such as a modernized payroll care system with ChatGPT to manage intricate payroll queries efficiently, a business intelligence platform using generative AI to present a detailed view of growth and risk, and a large language model which is secure and supports various applications ranging from conversational AI to product development.

Which growth-oriented segments of the generative artificial intelligence (ai) in corporate tax management market are leading the industry's development?
The generative artificial intelligence (AI) in corporate tax management market covered in this report is segmented -

1) By Component: Services, Software
2) By Deployment Mode: Cloud, On-Premises
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Tax Compliance, Tax Controversy Management, Tax Planning And Advisory, Tax Reporting, Other Applications
5) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Energy And Utilities, Healthcare And Pharmaceuticals, Information technology (IT) And Telecommunications, Manufacturing, Retail And E-Commerce, Other Industry Verticals

Subsegments:
1) By Services: Consulting Services, Implementation Services, Managed Services, Support And Maintenance Services
2) By Software: Tax Compliance Software, Tax Planning Software, Tax Reporting Software, Tax Research Software, Integrated Tax Management Software

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What regions are leading the charge in the generative artificial intelligence (ai) in corporate tax management market?
North America was the largest region in the generative artificial intelligence (AI) in corporate tax management market in 2024. The regions covered in the generative artificial intelligence (AI) in corporate tax management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What companies are at the forefront of innovation in the generative artificial intelligence (ai) in corporate tax management market?
Major companies operating in the generative artificial intelligence (AI) in corporate tax management market are Amazon Web Services Inc., Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers, Ernst & Young Global Limited, KPMG International Limited, SAP SE, Capgemini SE, BDO Global, Intuit Inc., RSM International, Thomson Reuters Corporation, Wolters Kluwer N.V., Baker Tilly International, Alvarez & Marsal Holdings LLC, Alteryx Inc., Avalara Inc., EisnerAmper LLP, Wipfli LLP, Marcum LLP, Vertex Inc., ClearTax Private Limited

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What Is Covered In The Generative Artificial Intelligence (AI) In Corporate Tax Management Global Market Report?

•Market Size Forecast: Examine the generative artificial intelligence (ai) in corporate tax management market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the generative artificial intelligence (ai) in corporate tax management market for a structured understanding.
•Key Players Overview: Analyze major players in the generative artificial intelligence (ai) in corporate tax management market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the generative artificial intelligence (ai) in corporate tax management market.
•Segment Contributions: Evaluate how different segments drive overall growth in the generative artificial intelligence (ai) in corporate tax management market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the generative artificial intelligence (ai) in corporate tax management market.
•Industry Challenges: Identify potential risks and obstacles affecting the generative artificial intelligence (ai) in corporate tax management market.
•Competitive Landscape: Review strategic developments in the generative artificial intelligence (ai) in corporate tax management market, including expansions, agreements, and new product launches.

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