Tax Management Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Tax Type; By Deployment; By Organization Size; By Vertical; By Region; Segment Forecast, 2023- 2032
The global tax management market size is expected treach USD 61.59 billion by 2032, according ta new study by Polaris Market Research. The report “Tax Management Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Tax Type; By Deployment; By Organization Size; By Vertical; By Region; Segment Forecast, 2023-2032” gives a detailed insight intcurrent market dynamics and provides analysis on future market growth.
Businesses must comply with more stringent government regulations, which has boosted the need for tax management software that automates tax computation and filing because this solution may be used tcomplete all tax procedures, from tax estimates tfiling, sit can greatly reduce work. For instance, in January 2023, Japanese multinational corporations are dealing with significant changes as they continue tbe ready for the OECD-led 15 percent global minimum tax & maneuver through a planned hike in the corporate tax rate in Japan. The roughly 140 nations that have ratified the global minimum tax want it tginteffect in 2024. Hundreds of Japanese multinational firms, more than 900 of which have sales over the $814 million level at which the tax is triggered, will require a large increase in employees tprepare paperwork.
The rise in e-commerce has increased the volume of transactions, which makes it more challenging thandle taxes and increases demand for tax management systems. The emergence of more complex and automated tax management systems due ttechnological advancements has simplified tax administration. For instance, in January 2023, Wolters Kluwer introduced new features in its CCH Axcess Tax, like Increasing speed tprepare returns, evolving tax workflows and better updates with faster performance and less downtime, elevated communication, and customer support.
Tax Management Market Report Highlights
Software segment garnered the largest share, owing the trend of shifting towards digital tax processes & the automation solutions provided by the software.
Direct Tax segment is expected tgrow at a high CAGR during the forecast period. These software help file multiple types of return and thereby streamline the compliances.
Cloud segment accounted for the largest market share in 2022 due ttheir benefits such as recording every transaction. A special dedicated IT staff is not required for cloud deployment.
North America is the largest market due tthe presence of many small and large players in the region. Moreover, most of the companies in the region outsource tax related services tthird party entities tfocus on its core businesses
Global players in the market include Thomson Reuters, Avalara, Wolters Kluwer, DefmacrSoftware & Xero
Polaris Market Research has segmented the Tax Management market report according tapplication and region:
Tax Management, Component Outlook (Revenue - USD Billion, 2019 - 2032)
Software
Services
Tax Management, Tax Type Outlook (Revenue - USD Billion, 2019 - 2032)
Direct Tax
Indirect Tax
Tax Management, Deployment Outlook (Revenue - USD Billion, 2019 - 2032)
Cloud
On-Premises
Tax Management, Organization Size Outlook (Revenue - USD Billion, 2019 - 2032)
Small and Medium-Size Enterprises (SMEs)
Large Enterprises
Tax Management, Vertical Outlook (Revenue - USD Billion, 2019 - 2032)
Banking, Financial Services, and Insurance (BFSI)
Information Technology (IT) and Telecom
Manufacturing
Energy and Utilities
Retail
Healthcare and Life Sciences
Media and Entertainment
Tax Management, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
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