Pune, India, March 15, 2021 (GLOBE NEWSWIRE) -- The global tax management software market size is projected to reach USD 11.19 billion by the end of 2026. The increasing demand for automated software will have a direct impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Tax Management Software Market Size, Share & Industry Analysis, By Component (Software, Professional Services), By Deployment (On-Premises, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Vertical (BFSI, Healthcare, Retail, Manufacturing, Energy and Utilities, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 5.24 in 2018 and will exhibit a CAGR of 10.4% during the forecast period, 2019-2026.
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Tax management software is a system that is used to manage the huge amount of data in software offices and industries across the world. The use of automated concepts has led to optimum efficiency in data management. The high investments in the development of efficient tax management software will contribute to the growth of the market in the coming years. The high investments have yielded a few exceptional products in recent years. Tax management software is used to perform several purposes such as filing returns and operate within the compliances set by governing bodies across the world. The properties of these products have helped companies save financial resources as well as time. The presence of several large scale companies will have a positive impact on the growth of the market in the foreseeable future.
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High Investments by Major Companies Have led to an Increase in the Number of Product Launches
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches has made a huge impact on the growth of the market. In July 2016, Thomson Reuters announced the launch of a new tax technology platform. The company unveiled ‘ONESOURCE,’ a platform that will help companies perform all functions associated with tax filing at ease. The company uses several automated concepts and this product is set to witness huge popularity in the coming years.
North America to Emerge Dominant; Increasing Adoption of Automated Products Will Aid Growth
The report analyzes the ongoing tax management software market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in North America held the largest market share in 2018. The presence of several large scale companies has boded well for the companies in recent years. The increasing industrialization, coupled with the increase in the number of IT offices will emerge in favor of market growth. As of 2018, the market in North America was worth USD 1.97 billion and this value is projected to increase further in the coming years. The market in Asia Pacific will also witness considerable growth in the coming years, driven by the constantly rising population in several countries across this region.
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List Of Key Companies Profiled in Tax Management Software Market Are:
- Wolters Kluwer N.V.
- SAP SE
- Thomson Reuters
- Intuit, Inc.
- Sovos Compliance, LLC
- HRB Digital LLC
- Blucora, Inc.
- Vertex, Inc.
- Sailotech
- TaxSlayer LLC
- Avalara, Inc.
- Taxback International
Industry Developments:
October 2017: SAP SE announced the launch of SAP S/4HANA, an intelligent ERP suite. This product will help companies achieve on-time delivery for regulatory obligations such as VAT, GST, WHT (withholding tax), SAF-T (Standard Audit File for Tax) and asset reporting.
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Major Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Tax Management Software Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Software
- Professional Services
- By Deployment (Value)
- By Component (Value)
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-
-
-
- On-Premises
- Cloud
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- By Enterprise Size (Value)
- Large Enterprises
- SMEs
- By Vertical (Value)
- BFSI
- Healthcare
- Retail
- Manufacturing
- Energy and Utilities
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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TOC Continued...!!!
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