Dublin, 15 Feb. 2022 (GLOBE NEWSWIRE) — The “Global Tax Management Market by Component (Software and Services), Tax Type (Indirect Tax and Direct Tax), Deployment Mode (Cloud and On-Premise), Organization Size ( SMEs and Large Enterprises), Verticals and Regionals – Forecasts to 2026″ has been added to the report from ResearchAndMarkets.com offer.
The global tax management market is expected to grow from USD 18.9 billion in 2021 to USD 32.5 billion by 2026, at a compound annual growth rate (CAGR) of 11.5%
Factors driving the growth of the tax management market include increasing volume of financial transactions across verticals due to digitalization, complex nature of the existing tax system, and heightened vigilance of tax administrators. The COVID-19 pandemic negatively impacted the tax management market in 2020, resulting in a sudden decline in the year-over-year growth of the market.
However, companies in the market have adopted various strategies to improve their business. They enhance their existing products through collaborations and product developments.
Additionally, the shift from on-premises to cloud-based solutions, a continued increase in digitization of tax management, and an increase in demand for business recovery strategies during the COVID-19 pandemic are expected to provide many opportunities. to suppliers in this market. .
The large enterprise segment is expected to grow at a higher CAGR during the forecast period
The fiercely competitive market scenario has encouraged large companies to adopt tax management software and services for faster and cost-effective compliance. Large enterprises have a larger market size than SMBs, due to increasing digital business transformation and pervasive adoption across tax platforms.
Many large companies have turned to tax management solutions in order to manage taxes and comply with the complex tax regulations applied, due to the various jurisdictions in which they operate. These challenges have further boosted the adoption of tax management software and services by SMEs.
The banking, financial services and insurance sector will hold the highest market share in 2021
Banking, Financial Institutes and Insurance (BFSI) is a vertical characterized by digitalization and a growing number of customers using various banking applications. This has led to exponential data growth in the banking and financial services vertical. Government regulations in this sector are complex and sensitive.
BFSI includes domestic and foreign banks, insurance and reinsurance companies, asset management companies, non-bank financial companies. A growing number of financial transactions is one of the major factors driving the adoption of tax management software in the BFSI vertical.
North America Tax Management Market Expected to Grow at Highest CAGR Over Forecast Period
The high market growth in North America is attributed to the increasing adoption of tax management software to keep up with the rapid pace of progress. However, low awareness of the benefits of tax management software and services is a major barrier to the adoption of tax management software in the region.
The report profiles the following major vendors:
1. Avalara (USA)
2. Automatic Data Processing (USA)
3. Wolters Kluwer NV (Netherlands)
4. Thomson Reuters (Canada)
5. Intuit (USA)
6. H&R Block (USA)
7. SAP SE (Germany)
8. Blucora (USA)
9. Sovos Compliance (USA)
10. Vertex (USA)
11. Sailotech (USA)
12. Defmacro Software (India)
13. DAVO Technologies (USA)
14. Xero (New Zealand)
15. TaxSlayer (US)
16. Taxback International (Ireland)
17. TaxCloud (US)
18. Drake Enterprises (USA)
19. Canopy tax (United States)
20. TaxJar (USA)
21. Webgility (US)
22. LOVAT Software (UK)
23. SafeSend (US)
24. EXEMPTAX (United States)
25. DataLINK Sales Tax (United States)
- Growing demand for advanced tax compliance systems to resolve tax complexities to drive the market
- Software Segment to Hold Larger Market Share in 2021
- Indirect Tax Segment to Hold Larger Market Share in 2021
- Cloud Segment to Hold Larger Market Share in 2021
- The large enterprise segment will hold a larger market share in 2021
- Bfsi Vertical will hold the largest market share in 2021
- Asia-Pacific will become the best market for investment in the next five years
- The Indian market is expected to grow at the highest rate during the forecast period
- Increased volume of financial transactions across verticals due to digitalization
- Complex nature of the tax system
- Vigilance of tax administrators
- Increase in confidential data theft
- Use of Blockchain Technology
- Regular changes in tax laws
- Absence of standardized tax rules
- Market dynamics induced by COVID-19
Drivers and Opportunities
- General Data Protection Regulation
- Health Insurance Portability and Accountability Act
- Payment Card Industry Data Security Standard
- Gramm-Leach-Bliley law
- Case Study 1: Integrating Transaction Tax Processes with Other Financial Applications in Different Geographic Locations
- Case Study 2: Implementing an automated sales tax calculation solution to comply with each country’s tax rates
- Case Study 3: Addressing VAT/Gst Challenges by Implementing an Automatic VAT Recovery and Compliance Solution
Pricing and Monetization Analysis Templates
- Scalable pricing model
- Return Payment Policy
- Freemium pricing model
For more information about this report visit https://www.researchandmarkets.com/r/kid1j9
Global tax management market