The global tax management market is expected to grow from USD 21.0 billion in 2022 to USD 35.1 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 10.8%
during the forecast period. Factors driving the growth of the tax management market include digital transformation and modernization of tax and finance functions across verticals globally, the increasing volume of financial transactions across verticals due to digitalization, and the growing vigilance of tax administrators.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tax Management Market by Component, Deployment Mode, Tax Type, Organization Size, Vertical and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05861916/?utm_source=GNW
Companies in the market have adopted various strategies to improve their business. They are enhancing their existing products through collaborations and product developments.
Large enterprises segment to exhibit significant growth during the forecast period
Organizations with more than 1,000 employees are categorized under the large enterprises’ segment.Large enterprises have different characteristics and tax compliance behavior, which sets them apart from other taxpayer groups.
Tax administrators across the globe are implementing special compliance programs and initiatives as part of a strategy to deal effectively with this segment of taxpayers.Globally, large enterprises are seen with similar tax characteristics.
These enterprises have a complex structure with multiple operating entities having many international business dealings.Large enterprises contribute to a high portion of tax revenue.
These factors, coupled with complex tax compliance needs, have driven the adoption of tax management software and services across the globe.
IT and Telecom vertical to hold third highest market size in 2022
The IT & Telecom vertical is experiencing digital disruption to enhance the consumer experience, resulting in both opportunities and complexities.The major challenges in this vertical include service innovation, managing network capacity, and pricing pressure.
Companies operating in this vertical need to solve tax complexities imposed on them.Taxes imposed on telecom companies include sales taxes, local telecommunications taxes, federal universal fund fees, and state universal service fund fees.
As governments continuously focus on auditing these companies, there are chances of failure in complying with tax rules, and on the other hand, there might be eligible exemptions or refunds of overpayments of tax.The use of tax management solutions can help the players in the IT & Telecom vertical to tackle these challenges.
Avalara is one of the players offering tax management solutions for the IT & Telecom vertical.
Europe tax management market to record the second highest CAGR during the forecast period
Following North America, Europe is expected to be the second major contributor to the global tax management market.The major players in the tax management market have a strong direct or indirect presence in Europe.
Businesses realize the benefits offered by tax management solutions leading to their large-scale adoption.EU is taking a number of steps to counter tax avoidance and evasion.
Tax jurisdictions with higher tax burdens have introduced clauses to counter tax frauds in the region.In Europe, the UK, Germany, and France are expected to be the major contributors to the regional tax management market.
The significant adoption of tax management solutions is also expected in other European countries, such as Italy, Spain, the Netherlands, Russia, Sweden, Norway, and Austria.
In-depth interviews were conducted with the Chief Executive Officers (CEOs), Chief Marketing Officers (CMO), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the tax management market.
• By Company – Tier I–10%, Tier II–25%, and Tier III–65%
• By Designation – C-Level Executives–40%, Director Level–35%, and Others–25%
• By Region – North America–40%, Europe–30%, APAC–20%, RoW – 10%
The report profiles the following key vendors:
1. Avalara (US)
2. Automatic Data Processing (US)
3. Wolters Kluwer N.V (Netherlands)
4. Thomson Reuters (Canada)
5. Intuit (US)
6. H&R Block (US)
7. SAP SE (Germany)
8. Blucora (US)
9. Sovos Compliance (US)
10. Vertex (US)
11. Sailotech (US)
12. Defmacro Software (India)
13. DAVO Technologies (US)
14. Xero (New Zealand)
15. TaxSlayer (US)
16. Taxback International (Ireland)
17. TaxCloud (US)
18. Drake Enterprises (US)
19. Canopy Tax (US)
20. TaxJar (US)
21. Webgility (US)
22. LOVAT Software (UK)
23. SafeSend (US)
24. EXEMPTAX (US)
25. Sales Tax DataLINK (US)
26. Shoeboxed Inc. (US)
27. SAXTAX (US)
The study includes an in-depth competitive analysis of these key players in the tax management market with their company profiles, recent developments, and key market strategies.
The tax management market revenue is primarily classified into revenues from software and services.The market is also segmented by tax type, deployment mode, organization size, vertical, and region.
By the tax type, the market has been segmented into direct tax and indirect tax.By the deployment mode, the market has been classified into cloud and on-premises.
By organization size, the market is classified by large enterprises and small and medium enterprises (SMEs).Further, by the vertical, the market is segmented into banking, financial services, and insurance (BFSI); manufacturing; information technology (IT) and Telecom; retail; energy and utilities; healthcare and life sciences; media and entertainment; and others (real estate and construction, and transportation and logistics).
By region, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Key benefits of the report
The report would help market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall tax management market and the subsegments.This report would help stakeholders understand the competitive landscape and gain insights to better position their businesses and plan suitable go-to-market strategies.
The report would also help stakeholders understand the pulse of the market and provide them with information on the key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05861916/?utm_source=GNW
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