According to a new market research report “Tax Management Market with COVID-19 Impact Analysis, by Component (Software and Services), Tax Type (Indirect Tax and Direct Tax), Deployment Mode (Cloud and On-premises), Organization Size, Vertical and Region – Global Forecast to 2026″ published by MarketsandMarkets, 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% during the forecast period. Factors driving the growth of the tax management market include the increasing volume of financial transactions across verticals due to digitalization , complex nature of existing tax systems, and increased vigilance of tax administrators, compliance updates along with rules and regulations in countries to cite a few.
Browse and in-depth TOC on “Tax Management Market”
285 – Tables
44 – Figures
211 – Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=230446693
Software segment to hold a larger market size during the forecast period
Tax management software facilitate the completion of corporate tax returns for companies operating across verticals. The software provides automated tax compliance with local accounting legislations and standards. Organizations across the globe have started adopting tax management software to keep up with the rapidly changing legislative regulations and shifts in product taxability.
Indirect tax segment to hold a larger market size during the forecast period
Indirect taxes are levied on the manufacture or sale of goods and services and are more frequent than Direct taxes. These taxes are paid by an intermediary to the government. Indirect taxes are passed on the end user by adding the amount of tax paid to the value of goods and services. Some indirect taxes considered include excise duty, sales tax, customs duty, entertainment tax, service tax, and Value Added Tax (VAT). Indirect taxes are paid more frequently than direct taxes; hence, they require advanced software for faster and accurate calculations.
Cloud deployment mode to hold a larger market size during the forecast period
Enterprises prefer deploying tax management solutions in the cloud to improve mobility and decentralize data storage and computing. Security is a critical issue that restricts the adoption of cloud services. However, this issue is gradually being eradicated through rigorous security tests with the highest standards by third parties. Rapid advancements in the cloud technology, with security as a priority, and increasing costs of support and maintenance of on-premises solutions to drive the growth of cloud-based tax management software.
Request a Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=230446693
North America to account for the largest market size during the forecast period
North America is estimated to dominate global tax management. The US and Canada are expected to be the major revenue contributors in the North American region tax management market. The adoption of tax management solutions offers benefits, such as reduced deductible amount, easy tax calculation, saving time, automatic tax filing, and reduction in the number of errors. Developed economies in North America have been witnessing more adoption of tax management solutions as compared to other countries across the globe.
The tax management market comprises major providers, such as Avalara (US), Automatic Data Processing (US), Wolters Kluwer N.V (Netherlands), Thomson Reuters (Canada), Intuit (US), H&R Block (US), SAP SE (Germany), Blucora (US), Sovos Compliance (US), Vertex (US), Sailotech (US), Defmacro Software (India), DAVO Technologies (US), Xero (New Zealand), TaxSlayer (US), Taxback International (Ireland), TaxCloud (US), Drake Enterprises (US), Canopy Tax (US), TaxJar (US), Webgility (US), LOVAT Software (UK), SafeSend (US), EXEMPTAX (US), and Sales Tax DataLINK (US). The study includes the in-depth competitive analysis of these key players in the tax management market with their company profiles, recent developments, and key market strategies.
Browse Adjacent Markets @ Software and Services Market Research Reports & Consulting
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high-growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.