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Transformative Trends Impacting the Generative Artificial Intelligence (AI) In Corporate Tax Management Market Landscape: Advancements In Generative Artificial Intelligence (AI) In Corporate Tax Management Enhanced Market Growth
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.How Large Will the Generative Artificial Intelligence (AI) In Corporate Tax Management Market Size By 2025?
The market size for generative artificial intelligence (AI) in corporate tax management has witnessed an exponential increase in the past few years. It is projected to expand from $1.86 billion in 2024 to $2.44 billion in 2025, translating to a compound annual growth rate (CAGR) of 31.0%. The historical growth can be traced back to greater adoption of AI amongst tax professionals, rising transaction volumes, growing reliance on web-based e-commerce, an uptick in digital transactions, and heightened demand for tax software.
How Big Is the Generative Artificial Intelligence (AI) In Corporate Tax Management Market Size Expected to Grow by 2029?
Expectations are high for a significant expansion in the market size of generative artificial intelligence (AI) in corporate tax management in the coming years. The prediction suggests a growth to $7.13 billion by 2029, with a compound annual growth rate (CAGR) of 30.7%. The expected surge during the forecast period can be traced back to the assessment of industry-specific changes and forecast generation based on factors such as financial statements, international tax laws, adjustments in transfer pricing, employee compensation plans, and an increased demand for automation. Key trends predicted for this period include the use of predictive analytics in tax planning, technological progress, better fraud detection, transnational tax optimization, and effortless integration with ERP systems.
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Which Key Market Drivers Powering Generative Artificial Intelligence (AI) In Corporate Tax Management Market Expansion and Growth?
The surge in corporate investments is anticipated to fuel the expansion of the generative artificial intelligence (AI) in the corporate tax management market. This rise is due to the growing assurance in economic revival and the pursuit of development prompted by innovation. Generative AI in corporate investment tax management aids by refining tax tactics, automating compliance procedures, and offering data-centered insights for crucial decision-making, subsequently reducing expenditure and enhancing financial productivity. For illustration, reportedly by the Office for National Statistics, a UK-established national statistical institute, in Quarter 4 (October to December) 2023, UK business investment escalated by 1.4%, representing a 2.8% rise compared to the corresponding period the year before. Throughout 2023, the UK's annual business investment grew by 5.5%. As a result, the escalating corporate investments are steering the growth of generative artificial intelligence (AI) in the corporate tax management market.
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Which Fast-Growing Trends Are Poised to Disrupt the Generative Artificial Intelligence (AI) In Corporate Tax Management Market?
Top firms in the generative AI for corporate tax management sector are shifting their focus towards the creation of progressive solutions like artificial intelligence platforms. These platforms aim to augment precision, efficiency, and adherence in tax planning and reporting systems. A typical AI platform utilizes AI technology to deal with a wide range of tax-oriented tasks. For example, in September 2023, Ernst & Young Global Limited, a prominent accounting enterprise based in the UK, introduced EY.ai, an innovative platform designed to facilitate organizations in adopting AI confidently. The platform incorporates unique aspects such as a revamped payroll care system that uses ChatGPT to manage intricate payroll queries expediently, a business intelligence platform offering a holistic view of both growth and risk via generative AI, and a highly secured large language model meant to support various applications, ranging from conversational AI to product development.
What Are the Emerging Segments in the Generative Artificial Intelligence (AI) In Corporate Tax Management Market?
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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Generative Artificial Intelligence (AI) In Corporate Tax Management Industry?
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.
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