Pune, India, July 26, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global tax management software market size was valued at USD 14.14 billion in 2022 and is projected to grow from USD 15.89 billion in 2023 to USD 38.49 billion by 2030, exhibiting a CAGR of 13.5% during the forecast period. The expansion is due to the rising adoption of technologically advanced platforms for the creation and management of tax returns, audit reports, and payments. Fortune Business Insights presents this information in their report titled "Global Tax Management Software Market Forecast, 2023-2030."
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Key Industry Development:
November 2021 – Thomson Reuters released the Indirect Determination Anywhere (IDT) platform for corporate tax and accounting professionals. The solution was launched at its annual SYNERGY Conference.
Key Takeaways
- Tax management software market size in North America was USD 14.14 billion in 2022
- Surge in Market Value Driven by Escalated Product Demand amid COVID-19 Pandemic
- On-premise Segment to Gain Traction Impelled by Various Benefits
- BFSI Segment to Register Notable Market Share Impelled by Increasing Product Adoption
Discover the Leading Players Featured in the Report:
“Companies leading the global tax management software market are Avalara, Inc. (U.S.), Thomson Reuters Corporation (Canada), Wolters Kluwer N.V. (U.S.), Intuit, Inc. (U.S.), Vertex, Inc. (U.S.), SAP SE (Germany), HRB Digital LLC. (U.S.), TaxSlayer LLC. (U.S.), Sailotech Pvt Ltd. (U.S.), Sovos Compliance, LLC (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13.5% |
| 2030 Value Projection | USD 38.49 Billion |
| Base Year | 2022 |
| Tax Management Software Market Size in 2022 | USD 14.14 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 125 |
| Segments covered | Deployment, Enterprise Type, Vertical and Geography |
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Drivers and Restraints:
Increasing Automated Solution Demand for the Management of Transactional Data to Propel Industry Expansion
One of the pivotal factors impelling the tax management software market growth is the rising software deployment for enhancing the management and reporting of ever-changing transaction tax regulations and laws.
However, the industry growth may be affected by rising concerns associated with identity theft, data and security breaches, sensitive information sharing, and others.
Segmentation
By Deployment
- On-premise
- Cloud
By Enterprise Type
- Large Enterprises
- SMEs
By Vertical
- BFSI
- IT & Telecommunication
- Healthcare
- Retail
- Manufacturing
- Energy and Utilities
- Hospitality
- Others (Media & Entertainment and Oil & Gas)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Emerge as a Leading Region Owing to Changes in Tax Software Adoption
North America held a dominating market tax management software market share. The expansion can be credited to the rise in product adoption driven by consistent changes in the taxation system in the region.
The Asia Pacific market is estimated to register a moderate CAGR throughout the projected period. The growth is driven by the rising government policies focused on protecting their tax base, the frequency of tax audits, and tax reforms.
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Competitive Landscape:
Key Companies Strike Collaborations to Increase Geographical Footprint
Major industry players are centered on adopting various initiatives for expanding their geographical footprints. These include acquisitions, mergers, partnership agreements, and others. Additional steps comprise the development and rollout of new solutions.
FAQs
How big is the tax management software market?
The tax management software market size was USD 14.14 billion in 2022. It is expected to reach USD 38.49 billion by 2030.
How fast is the tax management software market growing?
The tax management software market will exhibit a CAGR of 13.5% during the forecast period, 2023-2030.
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