New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tax Management Software Global Market Report 2023" - https://www.reportlinker.com/p06323894/?utm_source=GNW
V., Intuit Inc., Sovos Compliance LLC, and Sailotech.
The global tax management software market grew from $18.09 billion in 2022 to $20.72 billion in 2023 at a compound annual growth rate (CAGR) of 14.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The tax management software market is expected to grow to $32.64 billion in 2027 at a CAGR of 12.0%.
The tax management software market consists of revenues earned by entities by providing tax management software for direct tax and indirect tax.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The tax management software is a computer program that enables centralized tax configuration, management, and reporting for enterprises.It is used in conjunction with other financial modules that aggregate tax information from all financial documents into a single repository and generate tax-related reports.
It also interacts with financial management modules, allowing it to appropriately calculate taxes on every transaction. The tax management software is used to assist in the control and mitigation of tax-related transactions.
North America was the largest region in the tax management software market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the tax management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of tax management software are software and professional services.Tax management software refers to a set of instructions, data, or programs used to operate computers and perform specific tasks.
It is the inverse of hardware, which describes the physical aspects of a computer.Software is a broad term that refers to applications, scripts, and programs that run on a device.
The different tax types include direct and indirect taxes.They are deployed on-premises and in the cloud in various enterprises, including large enterprises and small-medium enterprises.
The various verticals in which they are used include BFSI, healthcare, retail, manufacturing, energy and utilities, and others.
An increase in online digital transactions is expected to propel the growth of the tax management software market going forward.Many governments find it necessary to increase tax compliance and revenue collection in order to pay for public goods and services.
For this reason, tax administrations are automating their operations and undergoing digital transactions, which would make tax reforms successful and long-lasting, ensuring that the digital economy is properly taxed and reducing compliance barriers.For instance, according to Mint, an India-based financial newspaper, the volume of digital payments in India has increased by 33% year-on-year (YoY) during the financial year (FY) 2021–2022.
The total digital payment transactions of 7,422 crores ($933 million) were recorded during this period, up from 5,554 crores ($698.24 million) transactions seen in FY 2020–21. Therefore, an increase in online digital transactions is driving the demand for the tax management software market.
Technological advancement is a key trend gaining popularity in the tax management software market.Major companies operating in the tax management software sector are focused on developing technologically advanced products to strengthen their market position.
For instance, in 2021, Wolters Kluwer N.V., a Dutch-based information services company, introduced the cloud-based CCH AxcessTM Validate expert solution, which uses blockchain to help CPA firm auditors expedite banking confirmations. Its blockchain-enabled workflow gives firms the simplicity, speed, and trust that auditors need in today’s environment, allowing the authorization part of the audit process to be reduced to 5 minutes or less. Such technological advancements will ensure operations are handled easily and in less time.
In April 2021, Avalara Inc., a US-based software company, acquired DAVO Technologies LLC for an undisclosed amount. With this acquisition, Avalara expects to assist DAVO teams and products in crucial areas, including the compliance requirements of small businesses and partner synergies, as well as advance its goal of becoming the universal cloud compliance platform for companies of all sizes. DAVO Technologies LLC is a US-based company that helps emerging small businesses automate the daily and ongoing requirements for sales tax.
The countries covered in the tax management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The tax management software market research report is one of a series of new reports that provides tax management software market statistics, including tax management software industry global market size, regional shares, competitors with a tax management software market share, detailed tax management software market segments, market trends and opportunities, and any further data you may need to thrive in the tax management software industry. This tax management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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