Tax Management Market Brief Forecast and Analysis by Top Key Players
Overview
Tax management refers to the management of finances to pay taxes. Tax management deals with filing returns in time, getting the accounts audited, deducting tax at source, and so on. Tax management helps in avoiding payment of interest, penalty, and prosecution.
According to the research report published by Polaris Market Research, the Global Tax Management Market Size Is Expected To Reach USD 47.26 Billion By 2030, at a CAGR of 11.3% during the forecast period.
The demand for tax management solutions would be driven by the rise in demand for solutions that make monitoring and managing taxes simple. Record keeping is a crucial strategy for most organizations when it comes to storing necessary tax documents, and this process would become more accessible by adopting an effective tax system.
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Tax Management Market: Growth Drivers
Ensuring economic resilience and long-term viability to push the market
The continuing globalization and expansion of e-companies have created a perpetual demand for a platform that permits businesses to conduct business across nations, trading zones, and different interaction methods; corporate tax and IT departments are striving to find additional partners and address unique client needs as a result of increased digitalization.
A well-functioning taxation system can commit to strong, long-term, efficient economic growth. Taxation gives the government the revenue to invest in infrastructure, reduce poverty, and offer high-quality and timely public services. It also ensures economic resiliency and long-term viability to promote growth. The tax system architecture is also for internal and global investment decisions regarding transparency and equity.
Geographic Overview: Tax Management Market
North America to appear as a dominating region in this industry
North America became a leading region in the overall tax management market by procuring the largest revenue share. US and Canada are likely the primary countries for this industry in this region. By adopting tax management solutions, companies witness many advantages, including a lower deductible amount, ease of tax calculation, automatic tax filing, and reduced errors. Compared to other countries, globally developed economies in North America have seen a higher adoption rate of tax management systems.
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Tax Management Market: Report Segmentation
Insight By Component
Usage of tax software solutions to analyze company activity to drive the market
The software component segment is anticipated to dominate the global market over the forecast period due to large companies' increasing adoption of advanced tax management software. Additionally, big firms may use tax software solutions to continuously analyze company activity and offer notifications while generating tax liabilities in new locations, depending on their specific linkage rules.
Key Players
Some of the key players operating in the global tax management market include Automatic Data Processing, Avalara, Blucora, Canopy Tax, DAVO Technologies, Defmacro Software, Drake Enterprises, EXEMPTAX, H&R Block, Intuit, LOVAT Software, SafeSend, Sailotech, Sales Tax DataLINK, SAP SE, Sovos Compliance, Taxback International, TaxCloud, TaxJar, TaxSlayer, Thomson Reuters, Vertex, Webgility, Wolters Kluwer N.V, and Xero.
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Recent Developments
Avalara will handle cross-border regulation for Shopify businesses in November 2021. The firm announced that its cross-border regulatory technologies would fuel Shopify's latest tariff and import tax functionalities.
Tax Management Market: By Component Outlook
· Software
· Services
Tax Management Market: By Tax Type Outlook
· Indirect
· Direct
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Tax Management Market: By Deployment Mode Outlook
· Cloud
· On-premises
Tax Management Market: By Organization Size Outlook
· Small and Medium-sized Enterprises (SMEs)
· Large Enterprises
Tax Management Market: By Vertical Outlook
· Banking, Financial Services, and Insurance (BFSI)
· Information Technology (IT) and Telecom
· Manufacturing
· Energy and Utilities
· Retail
· Healthcare and Life Sciences
· Media and Entertainment
· Others
Tax Management Market: By Region Outlook
· North America (U.S., Canada)
· Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
· Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
· Latin America (Brazil, Mexico, Argentina)
· Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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