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Rising Online Digital Transactions Fuel Growth In The Tax Management Software Market Emerges as a Core Driver of the Tax Management Software Market in 2025
Tax Management Software Market
What Is the Expected CAGR for the Tax Management Software Market Through 2025?
In recent times, there has been robust growth in the market size for tax management software. It's set to expand from $21.69 billion in 2024 to a staggering $24 billion in 2025 with a compound annual growth rate (CAGR) of 10.7%. The growth experienced in the historic period can be traced back to complex tax laws, advancements in digital transformation, globalization and cross-border transactions, efficiency and cost-saving measures, along with an intensified focus on data accuracy.
What's the Projected Size of the Global Tax Management Software Market by 2029?
Anticipated to witness significant expansion in the coming years, the market size for tax management software is projected to reach $40.24 billion by 2029, experiencing a compound annual growth rate (CAGR) of 13.8%. This increasing trajectory during the forecast period can be ascribed to the intensification of security measures, a concentration on customization and scalability, seamless integration with pre-existing systems, and the importance of data accuracy and integrity. The forecast period is likely to observe major industry trends like improved collaboration and workflow processes, an emphasis on data security, customization and scalability, integration with ERP and accounting systems, and the development of user-friendly interfaces and enhanced user experience (UX).
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Top Growth Drivers in the Tax Management Software Industry: What's Accelerating the Market?
The surge in online digital transactions is anticipated to boost the expansion of the tax management software market moving ahead. Most governments are compelled to enhance tax compliance and revenue collections to fund public commodities and services. As such, tax authorities are going digital and automating their operations to ensure successful and sustainable tax reforms, while also ensuring the right taxation for the digital economy and lowering compliance obstacles. For example, Mint, an Indian financial news outlet reported a 33% YoY increase in India's digital payment volume during FY 2021-2022. The total digital payment transactions tallied 7,422 crores ($933 million), a significant rise from the 5,554 crores ($698.24 million) transactions made in FY 2020-21. Consequently, the uptick in online digital transactions is fueling the need for tax management software market growth.
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What Trends Will Shape the Tax Management Software Market Through 2029 and Beyond?
In the tax management software market, a prominent trend gaining traction is technological innovation. Key players in this sector are centered on the creation of highly advanced products in order to solidify their market place. Highlighting this, Bloomberg Tax & Accounting, hailing from the US, introduced the Bloomberg Tax Workpapers in March 2024. Designed as a cutting-edge automation solution, this new application is meant to simplify the tax workpapers process. This forward-thinking tool combines data preparation, spreadsheets and tax advice, perfectly suited for tax experts. It brings solutions to major hurdles in the tax workflow through automated processes such as purifying trial balances and handling M-1 flux analysis.
What Are the Main Segments in the Tax Management Software Market?
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
Subsegments:
1) By Software: Tax Compliance Software, Tax Planning Software, Tax Preparation Software, E-filing Software
2) By Professional Services: Consulting Services, Implementation Services, Support And Maintenance Services
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Which Top Companies are Driving Growth in the Tax Management Software Market?
Major companies operating in the tax management software market include Avalara Inc., 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.
Which Regions Will Dominate the Tax Management Software Market Through 2029?
North America was the largest region in the tax management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tax management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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