The latest market report published by Credence Research, Inc. “Tax Management Market – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the tax management market was valued at US$ 16.22 Bn in 2018 and expected to grow at a CAGR of 12.3% during the forecast period from 2019 to 2027.
Market Insights
“Growing tax compliance worldwide will enhance the demand for Tax Management Market”
The rising tax compliance worldwide and increasing financial transactions are expected to drive the tax management market during the forecast period from 2019-2027. The rapid technological advancement and growing government regulations for tax across the globe are some other major factors anticipated to drive the global market over the forecast period. In 2018, North America dominated the global tax management market followed by Europe and Asia Pacific.
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The rapid growth of digitization along with a complex tax system is another major factor expected to enhance the market growth in years to come. Tax management software has numerous benefits such as easy tax calculation, saves time, no missed tax deductions or credits, error reduction, and others, which is projected to support the market growth during the forecast period. Major market players are launching mobile applications to provide efficient tax management solutions that are expected to further enhance the market demand. For instance, In February 2018, Blucora, Inc. tax management software TaxAct launched a mobile app to help its users for faster, easier, and efficient tax solutions. The TaxAct mobile app is available for smartphones, iPad, and Android users.
The global tax management market comprises a large number of global as well as domestic players across the globe, making the global market highly fragmented. Acquisition, strategic partnerships, mergers and collaborations are expected to be the key strategies followed by major market players.
Industrial Developments
- In January 2020, Intuit Inc. announced to expand capabilities in the tax management software ProConnect Tax Online with third-party integrations. With the expanding collaboration, tax professionals get access to new tools and functions for client needs.
- In August 2019, Avalara, Inc. acquired Portway International Assets. The acquisition is anticipated to support merchants efficiently and accurately to manage cross-border tax compliance.
Key Market Movements:
- Worldwide, the tax management market is increasing at a CAGR of 12.3% in revenue terms for the projected period from 2019 to 2027
• North America accounted for major share in the global market in 2018 owing to continuous change in the tax regulations and reforms in the region and early technological adoption. The U.S. is the major contributor in the North America tax management market
• Asia Pacific is expected to expand at a rapid pace during the forecast period owing to changing tax regulations and growing digitization in the region. China and India are anticipated to be the major contributor in the Asia Pacific tax management market
• Based on the deployment type, cloud deployment had a major share in the global market. The aforementioned segment had the highest share owing to decentralized computing & data storage along with improving mobility. Rapid cloud technology advancements along with security priority and rising maintenance and support costs are expected to drive the segment growth.
• Strategic collaborations along with acquisitions & mergers are anticipated to be the major strategy by the key players
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List of Companies Covered:
- H&R Block, Inc.
• Intuit Inc.
• Avalara, Inc.
• Thomson Reuters Corporation
• Wolters Kluwer N.V.
• Blucora, Inc.
• SAP SE
• Sovos Compliance
• Vertex, Inc.
• DAVO Technologies
• TaxCloud
• Xero
• Canopy Tax, Inc.
Market Segmentation:
By Component Type
- Software
- Services
By Tax Type
- Indirect Tax
- Direct Tax
By Deployment Type
- Cloud
- On-premises
By Organization Size
- Large Enterprises
- Small and Medium Enterprises
By Vertical Type
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecom
- Manufacturing
- Retail
- Healthcare
- Media & Entertainment
- Others (Energy & Utilities, etc.)
By Geography Segment Type
- North America (the U.S., Rest of North America)
- Europe (U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, Japan, India, Rest of Asia Pacific)
- Rest of the World (the Middle East & Africa, Latin America)
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About Credence Research (Original Publisher)
Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared for this task.
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