Global Tax Management Market Forecast 2024-2033 – Market Size, Drivers, Trends, And Competitors
Tax Management Software Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON, UK, July 10, 2024 /EINPresswire.com/ -- The tax management market is poised for substantial growth, driven by increasing complexity in tax regulations and the adoption of cloud-based solutions. From a valuation of $20.89 billion in 2023, the market is anticipated to reach $23.48 billion in 2024, growing at a compound annual growth rate (CAGR) of 12.4%. This growth trajectory is expected to continue, reaching $37.11 billion by 2028, with a CAGR of 12.1%.
Automation and Digitization Driving Market Expansion
Automation and digitization in tax processing are pivotal factors propelling the market forward. These technologies streamline tax-related processes, enhancing accuracy and operational efficiency while reducing costs. Real-time updates ensure compliance with evolving tax laws, and advanced data analytics empower businesses with insights to optimize tax strategies, identify credits, and maximize deductions. Integration with ERP and accounting systems facilitates seamless data sharing, simplifying tax filing and report generation. Notably, in March 2023, IBM's digitalization of the IRS's tax return intake process for 2020 and 2021 underscores the industry's move towards efficiency and remote accessibility.
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Key Players and Technological Advancements
Leading companies like Avalara Inc., Wolters Kluwer N.V., and Intuit Inc. are at the forefront of technological innovation within the tax management software sector. For instance, Wolters Kluwer N.V. introduced the blockchain-enabled CCH Axcess Validate solution, streamlining banking confirmations for CPA firm auditors, significantly reducing audit authorization times to under 5 minutes. Such advancements underscore the industry's commitment to operational ease and efficiency.
Segments and Market Dynamics
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
4) By Enterprise Size: Large Enterprises, Small and Medium Enterprises (SMEs)
5) By Vertical: BFSI, Healthcare, Retail, Manufacturing, Energy and Utilities, Other Verticals
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Regional Insights
North America dominated the tax management software market in 2023, driven by robust adoption and technological advancements. Meanwhile, Asia-Pacific is anticipated to emerge as the fastest-growing region during the forecast period, fueled by increasing digitization efforts and regulatory compliance initiatives across industries.
Tax Management Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Tax Management Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on tax management software market size, tax management software market drivers and trends, tax management software market major players, competitors' revenues, market positioning, and market growth across geographies. The tax management software market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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