The market for indirect tax management is anticipated to reach US$ 5.744 billion in 2023 and develop at a robust CAGR of 11.8% between 2023 and 2033. The market is anticipated to be valued US$17.57 billion by 2033.
The indirect tax management industry is expected to develop at a faster rate due to a number of variables. Among these issues are the growing complexity of tax regulations, the need for precise and efficient tax compliance, and the increasing globalisation of business.
Because of the growing need for precise and efficient tax compliance in a global company environment, the indirect tax management industry has a promising future. It is expected that companies will continue to use state-of-the-art tax management systems in order to maximise efficiency, reduce risks, and make tactical choices based on data.
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Key Takeaways
- The deployment category’s on-premises segment is expected to have a leading market share of 65.1% by 2033.
- In the application category, the banking, financial services, and insurance (BFSI) industry hopes to gain a sizable market share of 18.2% from 2023 to 2033.
- North America holds a market share of US$ 57.52 billion in the global market from 2023 to 2033.
- Europe to grab a share of 21.5% from the global market between 2023 and 2033.
- China’s market is to expand at a CAGR of 10.2% during the forecast period.
- The United Kingdom Market to register a CAGR of 8.6% from 2023 to 2033.
- Indian market to record a CAGR of 13.2% through 2033.
- The United States to acquire a market share of 16.6% in the global market from 2023 to 2033.
- From 2023 to 2033, Germany may hold a 7.1% share of the global market.
- Japan to gain a 3.9% market share in the global market between 2023 and 2033.
- From 2023 to 2033, Australia to have a global market share of 2.1%.
Navigating the Indirect Tax Maze: Unveiling the Driving Forces of the Indirect Tax Management Market
The need for effective tax management solutions is fueled by the complexity of tax laws and the pressure on businesses to comply with them. Increased cross-border and e-commerce activity has increased indirect taxes, demanding automated solutions for precise computation and reporting.
Businesses can increase operational efficiency and optimize their tax administration operations by implementing cloud-based platforms and cutting-edge technology like artificial intelligence and machine learning. Finally, the demand for indirect tax management solutions is fueled by the emphasis on cost-cutting and risk mitigation.
Unleashing the Power of Indirect Tax Management: Seizing Opportunities in a Complex Tax Landscape
Businesses looking to optimize their tax compliance operations can find lucrative prospects in the indirect tax management industry. Organizations require cutting-edge solutions to ease indirect tax management due to rising laws and complex tax systems around the world.
Innovative software solutions are available on the market that automates tax calculations, reporting, and compliance, minimizing errors and gaining efficiency. These technologies offer organizations real-time visibility into tax liabilities, empowering them to plan and reduce risks.
Companies that provide comprehensive and scalable solutions can take advantage of market opportunities and position themselves as reliable partners for tax management requirements. As the demand for seamless indirect tax management solutions increases.
Unmasking the Challenges: Overcoming Restraining Forces in the Indirect Tax Management
Numerous restraints on the indirect tax management business could prevent it from expanding and being more widely used. Businesses face difficulties navigating diverse tax rates, laws, and reporting obligations due to the complexity of tax regulations in many jurisdictions. Smaller businesses with limited resources may be discouraged by the initial expenditure needed to install effective tax management software and infrastructure.
The adoption of automated tax management solutions may be hampered by a lack of openness to change and a dependence on manual procedures from the past. Businesses could be reluctant to employ cloud-based tax management tools because of worries about data security and privacy. Education, awareness, and a gradual transition to digital tax management practices are necessary to overcome these impeding obstacles.
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Competitive Edge
The indirect tax management market is highly competitive. There is an expanding need for reliable software solutions and services as businesses work to efficiently manage their indirect taxes and remain compliant with changing tax legislation.
Due to the high indirect tax management demand, there is a competitive market with many businesses offering a variety of goods and services.
Technological Advancements and Scientific Discoveries
- SAP and Google Cloud Strengthen Partnership to Create Open Data and AI Future for Businesses
A comprehensive open data offering created to simplify data landscapes and unleash the power of company data. It was introduced by SAP SE and Google Cloud as part of a significant expansion of their cooperation.
- Expanding its Global Tax Automation Portfolio, Vertex Acquires LCR-Dixon
The acquisition of LCR-Dixon Corporation, a specialist in SAP technologies, was announced by Vertex, Inc. and its subsidiaries. A customer’s ability to retain, analyze, and validate tax data in procure-to-pay and order-to-cash processes is improved by LCR-Dixon’s products. In SAP setups, tax complexity is made simpler by LCR-Dixon’s solutions.
Growth Motivators
- The growing use of electronic accounting
- Investing more in digital solutions
Challenges
- Lack of consistency in tax laws
Key Segment
By Type:
- Cloud-Based
- On-Premise
By Application:
- Banking Financial Services and Insurance (BFSI)
- Information Technology (IT) and Telecom
- Energy & Utilities
- Healthcare
- Government
- Retail
- Others
By Region:
- North America
- Asia Pacific
- Europe
- The Middle East and Africa
- Latin America
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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