Increasing volume of financial transactions across verticals due to digitalization, complex nature of the tax system, and vigilance of tax administrators. The global tax management market is expected to grow from USD 15.5 billion in 2019 to USD 27.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. Factors driving the growth of the tax management market include the increasing volume of financial transactions across verticals due to digitalization, complex nature of existing tax system, and increased vigilance of tax administrators.
Small and medium-sized enterprises segment to grow at a higher CAGR during the forecast period The intensely competitive market scenario has encouraged Small and Medium-sized Enterprises (SMEs) to adopt tax management software and services for faster and cost-effective compliance.For instance, the Internal Revenue Service (IRS) estimates that businesses with less than USD 1 million in revenue have to incur almost two-thirds of business compliance costs.
Usually, such costs are larger, relative to revenues or assets, for SMEs than for large enterprises.Additionally, due to the complex tax codes, SMEs can understate their revenues and overstate their expenses and thus underpay their taxes.
These challenges have further driven the adoption of tax management software and services from SMEs.
Banking, Financial Services and Insurance vertical to hold the highest market share in 2019 Banking, Financial Institutes and Insurance (BFSI) is a vertical characterized by the digitalization and an increasing number of customers using various banking applications.This has resulted in the exponential growth of data in the banking and financial services vertical.
Government regulations in this sector are complex and sensitive.BFSI includes domestic and foreign banks, insurance and reinsurance companies, asset management companies, non-banking finance companies.
Increasing number of financial transactions is one of the major factors driving the adoption of tax management software in the BFSI vertical.
Asia Pacific tax management market to grow at the highest CAGR during the forecast period The high growth of the market in Asia Pacific (APAC) is attributed to the increasing adoption of tax management software to match the rapid pace of advancement. However, low awareness about the benefits of tax management software and services poses a big hurdle in tax management software adoption across the region.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), Chief Marketing Officers (CMO), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the tax management market. • By Company – Tier 1–10%, Tier 2–25%, and Tier 3–65% • By Designation – C-Level Executives–40%, Director Level–35%, and Others–25% • By Region – North America–40%, Europe–30%, and APAC–20%, RoW – 10%
The tax management market comprises major providers, such as Avalara (US), Automatic Data Processing (US), Wolters Kluwer N.V (Netherlands), Thomson Reuters (Canada), Intuit (US), H&R Block (US), SAP SE (Germany), Blucora (US), Sovos Compliance (US), Vertex (US), Sailotech (US), Defmacro Software (India), DAVO Technologies (US), Xero (New Zealand), TaxSlayer (US), Taxback International (Ireland), TaxCloud (US), Drake Enterprises (US), Canopy Tax (US), and TaxJar (US). The study includes an in-depth competitive analysis of these key players in the tax management market with their company profiles, recent developments, and key market strategies.
Research Coverage The tax management market revenue is primarily classified into revenues from software and services. The market is also segmented by tax type, deployment mode, organization size, vertical, and region.
Key benefits of the report The report would help market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall tax management market and the subsegments.This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
The report would also help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
Our reports have been used by over 10K customers, including:
40 pages •
By Euromonitor International
• Apr 2020
A growing number of millennial and Generation Z consumers are becoming increasingly aware of the environment and the impact their choices have on the world around them. They are mindful of their choices and are shifting their focus towards a more sustainable and ethical lifestyle. What was once considered a fringe idea has now gained significant...
120 pages •
By Infiniti Research Limited
• Mar 2020
Wall Decor Market In Europe 2020-2024The analyst has been monitoring the wall decor market in Europe 2020-2024 and it is poised to grow by USD 9.56 bn during 2020-2024, progressing at a CAGR of 9% during the forecast period. Our reports on wall decor market in Europe 2020-2024 provides a holistic analysis, market size and forecast, trends,...
120 pages •
By Infiniti Research Limited
• May 2020
Outdoor furniture market in US 2020-2024 The analyst has been monitoring the outdoor furniture market in US and it is poised to grow by $ 1532.87 million during 2020-2024 progressing at a CAGR of 4% during the forecast period. Our reports on outdoor furniture market in US provides a holistic analysis, market size and forecast, trends, growth...
Microminiature Circular Connector Market to 2027 –Covid-19 Impact and Europe Analysis Coverage by Type (Metal Shell, Plastic Shell); Application (Military and Defense, Aerospace and UAV, Industrial Application, Medical, and Others); and Country The microminiature circular connector market in Europe is expected to grow from US$ 486.06...
146 pages •
By Global Industry Analysts
• Jun 2020
Amid the COVID-19 crisis and the looming economic recession, the VR Content Creation market worldwide will grow by a projected US$139.4 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 103.5%. Software/Application, one of the segments analyzed and sized in this study, is forecast to grow at...
The global bathroom fittings market grew at a CAGR of 5.3% during the historical period 2014-2019. Bathroom fittings, also known as sanitary fittings, stand for the plumbing fixtures or accessories installed in a bathroom. These fittings commonly include washbasins, towel hangers, taps, bathtubs, soap dispensers, faucets, showerheads, trash...
Payment Gateway Market Research Report by Type (Hosted and Integrated), by Industry (Aerospace & Defense, Automotive & Transportation, Banking, Financial Services & Insurance, Building, Construction & Real Estate, and Consumer Goods & Retail) - Global Forecast to 2025 (Cumulative Impact of COVID-19) The Global Payment Gateway Market...
The Global Enterprise Data Management Market is poised to grow strong during the forecast period 2018 to 2028. Some of the prominent trends that the market is witnessing include deployment of data maturity model, deploying specific tools and technologies to increase data access and data convergence, and growing need...
Smart Elevators Market Research Report by Services (New Installation Services, Maintenance Services, and Modernization & Update Services), by Component (Communication System, Control System, and Maintenance System), by Application - Global Forecast to 2025 (Cumulative Impact of COVID-19) The Global Smart Elevators Market...
41 pages •
By Euromonitor International
• May 2020
Social and demographic developments exerted a notable influence on the Japanese home and garden market in 2019. Both manufacturers and retailers had to work to try to build their consumer bases and, particularly, to generate sales amongst younger consumers. Home and Garden in Japan report offers a comprehensive guide to the size and...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.