The Tax Management Market revenues were estimated at US$ 18.9 Bn in 2021 and is anticipated to grow at a CAGR of 11.3% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 61.4 Bn. The market for tax management software is projected to grow at a CAGR of 10.6% during 2022 – 2032.
Since the tax eco-system is stagnant to digitalize, tax authorities are progressively embracing contemporary values to seek better real-time reporting and provide effective services to their consumers. Tax authorities are reaching various stages of maturity via digitizing interactions to provide taxpayers with more helpful and individualized services.
In today’s consumer-centric society, tax authorities all over the world are implementing more modern tax legislation and demanding greater openness through sharing and readily exchanging information among taxpayers and tax authorities. Many European authorities, followed by Latin American agencies, are moving towards Standard Audit File for Tax (SAF-T) norms. Likewise, web-based tax systems using Machine Learning (ML) & Artificial Intelligence (AI) applications are being substituted with spreadsheets, which reduce human input, and data translation, and speed 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.
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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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