Tax Management Market worth $35.1 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 26, 2023 /PRNewswire/ -- The global Tax Management Market size is projected to grow to USD 35.1 billion by 2027 from USD 21.0 billion in 2022 at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period, according to a new report by MarketsandMarkets™. Standardization of tax compliance processes to scale operations globally, minimize risks, and fulfil tax obligations with lesser effort, increase in transparency for tax audits, and automation compliance tasks with AI, ML, and provision of automated compliance updates along with rules and regulations in countries are some of the key factors driving the market growth.

Browse in-depth TOC on "Tax Management Market"

298 - Tables
55 - Figures
250 - Pages

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Software segment to continue with the larger market size during the forecast period

Tax management software facilitates the completion of tax returns for companies operating across verticals. It provides automated tax compliance with local accounting legislation and standards. Organizations across the globe have started adopting tax management software to keep up with the rapidly changing regulations and shifts in product taxability. Tax management software is experiencing an increasing demand pertaining to the ever-evolving tax and accounting laws across countries. There has to be enhanced software that can consider all of the regulatory needs and compliances put forward by the authorities of various regions. This is of utmost importance and provides alert(s) while establishing tax obligations across regions, and countries based on their nexus laws.

SMEs to record a higher CAGR during the forecast period

The increasing complexity of tax compliance has forced SMEs to adopt advanced tax management software. Cost-effectiveness is an important need for SMEs, as limited budgets always constrain them. This, in turn, leads to restricted ways adopted by SMEs to market themselves and gain visibility. SMEs have come a long way in enhancing strategic approaches including, but not limited to, service offerings, filing and reporting compliance requirements, levels of tax understanding, tax obligations complexity, and rapid changes in business ecosystems/environments. For instance, IRS (Internal Revenue Service) estimates that businesses with less than USD 1 million in revenue are to incur almost two-thirds of business compliance costs. Such costs are larger, related to revenues or assets, for SMEs than for large enterprises. Additionally, due to the complex tax codes, SMEs can understate their revenues and overstate their expenses, thus underpaying their taxes.

Manufacturing vertical to hold the second-highest market size during the forecast period

Manufacturing firms are an integral part of the supply/value chain. Hence, manufacturing firms must run smoothly so that the value chain will be stable. Globalization, eCommerce, and product shipment have reduced the gap between manufacturers and consumers. Nowadays, manufacturers have extended their market reach, resulting in more revenue and increased taxable products and services. The challenges faced while calculating tax for a manufacturer include selling to retailers or resellers, product-wise taxability, shipping or delivery, installation, and repairs. Hence, the process of tax calculation is complex and needs continuous observation. Manufacturers need to pay fines for any missing or invalid certificate. Tax management solutions can greatly help manufacturers better handle exempt or taxable transactions. Avalara and ClearTax are some of the companies providing tax management solutions to manufacturing companies.

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Asia Pacific to record the highest CAGR during the forecast period.

Asia Pacific is expected to have the most rapid growth rate in the Tax Management Market during the forecast period due to its growing technology adoption and implementation at a growing scale across large enterprises and SMEs. The rise in indirect taxation is gathering pace as governments across the Asia Pacific region broaden the net of goods and services tax (GST) and value-added tax (VAT). Most of the automation, increased integration, and collaboration across international operations are essential. The outcome would ease the strains, reducing the risks and providing the agility needed to future-proof capabilities. Companies in the Asia Pacific are benefitting from the flexible economic conditions, healthy industrialization, and globalization-motivated policies of the governments practiced across different countries in the region. To match the rapid pace of technological advancement, companies are expected to use, improvise, enhance, constantly update and upgrade tax management solutions. There is a huge untapped market for tax management in India, China, Japan, and several other countries of Asia Pacific; this has proven to be a driver for the market in the region.

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The Tax Management Market comprises major providers, such as Thomson Reuters (Canada), Intuit (US), H&R Block (US), Avalara (US), Wolters Kluwer NV (Netherlands), Automatic Data Processing (US),  Sovos Compliance (US), SAP SE (Germany), Blucora (US), Vertex (US), DAVO Technologies (US), Sailotech (US), Defmacro Software (India), Xero (New Zealand), TaxSlayer (US), TaxCloud (US), Drake Enterprises (US), Canopy Tax (US), TaxJar (US), Webgility (US), Taxback International (Ireland), LOVAT Software (UK), SafeSend (US), EXEMPTAX (US), Sales Tax DataLINK (US), SAXTAX (US,) and Shoeboxes (US)

The study includes an in-depth competitive analysis of these key players in the Tax Management Market with their company profiles, recent developments, and key market strategies.

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