Selbyville, Delaware, May 16, 2023 (GLOBE NEWSWIRE) --
The tax management market valuation is projected to be worth USD 50 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rising popularity of digital tax administration is anticipated to act as a major factor driving the market trends. Supportive efforts by various governments to encourage digital tax filing and returns through the introduction of online platforms are complementing the industry scenario. For instance, in September 2022, the State Taxation Administration (STA) of China issued E-fapiao, an official document to ensure tax compliance with trade laws, business transactions, and tally cash flow across the country.
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The tax management market from the service segment is expected to surpass USD 15 billion by 2032, impelled by clientele services that facilitate the timely and accurate filing of federal and state income tax returns both on-site and online, as well as through desktop versions. These professionals consist of Certified Public Accountants, Enrolled Agents, and Tax Attorneys who either work within an individual entity or provide tax management services.
The tax management market from the on-premise deployment segment was held 30% revenue share in 2022. Approximately 20% of end users utilize the conventional method of submitting taxes due to its benefits, such as no internet speed requirement, no installation updates, low chances of data thefts, and integration possibility for hybrid cloud systems. Moreover, the lack of proper network infrastructure in underdeveloped countries is estimated to result in significant demand for on-premise tax management systems.
The tax management market from direct tax segment is slated to exceed USD 20 billion by 2032, owing to the rapid digital transformation and the growth of developing countries are creating more employment and wealth. In January 2023, the Australian Bureau of Statistics reported that full-time employment reached 9,602,400 from 9,200 people while part-time employment reached 4,150,800 from 2,200 people compared to January 2013.
The tax management market from the large enterprise segment was accounted 45% revenue share in 2022. Large businesses’ positive efforts to partner with tax management solutions to make tax compliance easy has impelled the industry growth. In August 2022, Pax8, an IT service management firm, partnered with Intuit, a tax services provider, to offer Quickbooks Online to MSPs. With this partnership, Pax8 intended to provide its partners with tax management tools and benefit from this new suite of financial tools.
The tax management market from the retail & consumer goods application segment is poised to expand at over 10% CAGR till 2032, led by mounting expenditure on consumer products, including electronics, appliances, and smart devices. According to consumer electronics leader Samsung its smartphone sales rose by 9% by 2022, which helped it gain 24% share of the global smartphone market and become a top seller in South Korea since 2017.
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The Europe tax management industry was dominated USD 5 billion in 2022,fueled by the government's contribution as well as rising investments in healthcare, manufacturing, construction, energy, and utilities. In a recent event, the UK government boosted research and manufacturing in the healthcare sector with an investment of £260 million (~USD 310 million) in March 2022. In addition, France is anticipated to grow rapidly due to favorable direct taxes policies, which is predicted to bolster the growth of SMEs in the region.
Prominent participants operating across the tax management market are Wolters Kluwer N.V., Intuit Inc, HRB Digital LLC, Thomson Reuters, Avalara Inc, Safesend, Shoeboxed Inc, Exemptax, TaxCloud and Avantax . These companies engage in several acquisitional and collaborative operations to stay ahead in the competitive landscape. For instance, in November 2022, Blucora, Inc., a tax preparation firm, traded its tax software business, TaxAct for USD 720 million to Cinven, a private equity manager. The company is set to rebrand as Avantax and plans to focus on wealth management tax using its independent broker.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Tax management market synopsis, 2018-2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Component trends
2.4 Deployment trends
2.5 Tax type trends
2.6 Organization size trends
2.7 Application trends
Chapter 3 Tax Management Industry Insights
3.1 Impact of COVID-19
3.1.1 North America
3.1.2 Europe
3.1.3 Asia Pacific
3.1.4 Latin America
3.1.5 MEA
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.3.1 Platform providers
3.3.2 Service provider
3.3.3 System integrators
3.3.4 Distribution channel analysis
3.3.5 End-users landscape
3.3.6 Profit margin analysis
3.3.7 Vendor matrix
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key initiative and news
3.7 Regulatory landscape
3.7.1 North America
3.7.2 Europe
3.7.3 Asia Pacific
3.7.4 Latin America
3.7.5 MEA
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Growing redesigning and digitizing strategy
3.8.1.2 Increasing government support
3.8.1.3 Rising deployment of cloud based ERP
3.8.1.4 Digital tax administration
3.8.1.5 integrated solution for tax compliance
3.8.2 Industry pitfalls & challenges
3.8.2.1 Security issues
3.8.2.2 Frequent updates to tax laws
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
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