Global Tax Management Software Market Size Study & Forecast, by Deployment (On-premise, Cloud), by Enterprise Type (Large Enterprises, SMEs), by Vertical (BFSI, IT & Telecommunication, Healthcare, Retail, Manufacturing, Energy and Utilities, Hospitality,

Global Tax Management Software Market Size Study & Forecast, by Deployment (On-premise, Cloud), by Enterprise Type (Large Enterprises, SMEs), by Vertical (BFSI, IT & Telecommunication, Healthcare, Retail, Manufacturing, Energy and Utilities, Hospitality, Others), and Regional Analysis, 2023-2030

Global Tax Management Software Market is valued at approximately USD 14.14 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 13.5% over the forecast period 2023-2030. Tax management software is a software developed to assist people, companies, and organizations in efficiently and accurately managing various elements of their tax-related activities. This type of software is important because tax compliance is a complex and crucial part of financial management, and mistakes or non-compliance have negative legal and financial repercussions. Typically, tax management software provides a variety of features and functionalities to streamline tax-related procedures and guarantee adherence to tax rules and regulations. The rising government support for tax digitization, the growing need for automated solutions to manage large transactional data, and the increasing focus on centralized taxation systems for economic development are the key factors that are primarily attributing to the market growth across the globe.

In addition, the growing focus on the introduction of cloud-based tax solutions further supports the market expansion over the estimated period. Cloud-based tax solutions are gaining high traction due to their ease of use and scalability. Cloud-based tax management software helps businesses to save time and money on tax compliance and tax planning. For instance, in March 2021, Vertex, Inc., a provider of international tax solutions, and Point of Rental Software have partnered with the aim of integrating the Point of Rental Elite dashboard with Vertex Cloud Indirect Tax, a SaaS tax solution that greatly assists in automating the complete indirect tax process and is anticipated to provide users with an effective tax determination procedure. Also, in February 2023, Avalara, Inc., a cloud-based tax administration software company, unveiled ""Avalara Property Tax,"" a new automated property tax compliance solution for businesses and accountants that manages property tax compliance by minimizing errors. Thus, these aforementioned factors are propelling the growth of the Tax Management Software Market during the estimated period. Moreover, the surging adoption of advanced technologies to focus on enforcement and taxpayer compliance for efficient customer-centric services, as well as the increasing complexity of tax regulations present various lucrative opportunities over the forecast years. However, the growing concern over the theft of confidential data and the technological complexity of tax management software are challenging the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Tax Management Software Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rapid adoption of tax software due to the frequent changes and regulations in its taxation system. The intricate nature of the tax framework, coupled with variations in tax and labor laws across the region, presents an attractive opportunity for both software developers and major vendors to invest in this market. In response, software providers in North America have initiated collaborations with third-party developers to create API-based software solutions that streamline the taxation process. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. Governments in this region are increasingly focusing on safeguarding their tax base, leading to continuous tax reforms and a rising frequency of tax audits. This drives the need for robust solutions capable of handling intricate tax reports. Consequently, the demand for tax management software is expected to surge in Asia Pacific. Also, the rising demand for tax planning and optimization, as well as the increasing complexity of tax regulations are significantly propelling the market demand over the anticipated years.

Major market players included in this report are:
Avalara, Inc. (U.S.)
Thomson Reuters Corporation (Canada)
Wolters Kluwer N.V. (U.S.)
Intuit, Inc. (U.S.)
Vertex, Inc. (U.S.)
SAP SE (Germany)
HRB Digital LLC. (U.S.)
TaxSlayer LLC. (U.S.)
Sailotech Pvt Ltd. (U.S.)
Sovos Compliance, LLC (U.S.)

Recent Developments in the Market:
 In February 2023, Intuit Turbotax and Asure Software Inc., a provider of small business HR and payroll solutions announced the company's partnership agreement. The aim of this partnership is to accelerate tax refunds, reduce errors, and accelerate the employee's tax filing process.
 In January 2023, Thomson Reuters acquired the American tax software company Sureprep LLC with USD 500 million. The acquisition aimed to provide linked, automated, end-to-end tax workflow solutions to the clients of both organizations.

Global Tax Management Software Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered - Deployment, Enterprise Type, Vertical, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa


The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Deployment:
On-premise
Cloud

By Enterprise Type:
Large Enterprises
SMEs

By Vertical:
BFSI
IT & Telecommunication
Healthcare
Retail
Manufacturing
Energy and Utilities
Hospitality
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Avalara, Inc. (U.S.)
Thomson Reuters Corporation (Canada)
Wolters Kluwer N.V. (U.S.)
Intuit, Inc. (U.S.)
Vertex, Inc. (U.S.)
SAP SE (Germany)
HRB Digital LLC. (U.S.)
TaxSlayer LLC. (U.S.)
Sailotech Pvt Ltd. (U.S.)
Sovos Compliance, LLC (U.S.)

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