According to a recently published Future Market Insights report, the Tax Management Market was estimated at US$ 18.9 Bn in 2021 and is expected to grow at a CAGR of 11.3% from 2022-2032. The market is expected to be worth $61.4 billion by the end of 2032. The tax management software market is expected to grow at a CAGR of 10.6% between 2022 and 2032.
Because the tax eco-system is slow to digitalize, tax authorities are gradually embracing modern values in order to improve real-time reporting and provide effective services to their customers. Tax authorities are reaching various stages of maturity by digitising interactions in order to provide more helpful and personalised services to taxpayers.
In today’s consumer-centric society, tax authorities all over the world are implementing more modern tax legislation and demanding greater openness from taxpayers and tax authorities by sharing and easily exchanging information. Many European governments, followed by Latin American governments, are adopting Standard Audit File for Tax (SAF-T) standards. Similarly, web-based tax systems that use Machine Learning (ML) and Artificial Intelligence (AI) applications are replacing spreadsheets, which reduce human input and data translation while speeding up tax filing operations.
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Since most tax authorities began adopting sophisticated analytics, there was some difficulty involved with the digitalization of the taxing process. The adoption of innovative tools in tax management decreases complexity by allowing taxpayers to register for tax registration digitally, e-fill tax forms, and tax authorities process returns and refunds in real-time. As a result, the advancement of technology and firms embracing digital strategies has contributed positively to the growth of the global tax management industry.
Competitive Landscape
Businesses are focusing on organic growth strategies such as product approvals and non-disclosure agreements. Acquisitions, partnerships, and collaborations are among the inorganic growth procedures seen in the company. With increased demand in the worldwide industry, market players in the Tax Management industry are expected to benefit from growth prospects in the future. Some of the recent developments in the Tax Management market include:
- In November 2021, Thomson Reuters joined forces with Deloitte Tax, a prominent provider of audit, consultancy, tax, and advisory services. The collaboration would aid company tax as well as legal departments throughout the world in their operations. Furthermore, the collaboration would offer solutions for legal departments and in-house tax to deal with the growing issues posed by global compliance and regulatory obligations, and the pressing urge to become more efficient, agile, and digital.
- In November 2021, Avalara, Inc., a leading supplier of cloud-based taxpayer compliance management for businesses of all kinds, announced that its cross-border compliance capabilities will enable the new duty and import tax capabilities of Shopify Markets, the company’s global commerce centre. The added duty and import tax capability, which is part of Shopify Markets, combines Avalara technology and information to provide landed cost pricing to assess duty and import tax obligations for above 180 countries. Avalara recently announced the purchase of 3CE Technologies, a firm that supplies commercial enterprises and government organizations with Harmonized System (HS) commodities categorization codes and verification solutions.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Tax Management Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Tax Management Market in terms of Component (Software, Services), Deployment Mode (Cloud, On-premises), Organization Size (SMEs, Large Enterprises), Tax Type (Indirect Tax, Direct Tax), Vertical (BFSI, Information Technology (IT) and Telecom, Manufacturing, Energy and Utilities, Retail, Healthcare and Life Sciences, Media and Entertainment, Others), and across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
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Market Segments Covered In Tax Management Market Analysis
By Component:
- Software
- Services
Deployment Mode:
- Cloud
- On-premises
By Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Tax Type:
- Indirect Tax
- Direct Tax
By Vertical:
- Banking, Financial Services and Insurance (BFSI)
- Information Technology (IT) and Telecom
- Manufacturing
- Energy and Utilities
- Retail
- Healthcare and Life Sciences
- Media and Entertainment
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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https://s30481987968.whotrades.com/blog/43479469739?nrac=1
https://fmiblogpost.blogspot.com/2022/12/augmented-analytics-market-in-depth.html
https://pastelink.net/zzinsicr
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