The Tax Management Software Global Market Report 2023 by The Business Research Company, provides tax management software market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Tax Management Software Global Market Report 2023, the global tax management software market size will grow 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 market size of the tax management software is expected to grow to $32.64 billion in 2027 at a CAGR of 12.0%.
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.
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The tax management software market is segmented:
1) By Component : Software, Professional Services
2) By Tax Type: Direct Taxes, Indirect Taxes
3) By Deployment Mode: On-Premises, Cloud
4) By Enterprise Size: Large Enterprises, Small and Medium Enterprises (SMEs)
5) By Vertical: BFSI, Healthcare, Retail, Manufacturing, Energy and Utilities, Other Verticals
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.
Top Major Players
Avalara Inc.,
Outright,
Shoeboxed,
SAXTAX,
H&R Block Inc.
The tax management software market report table of contents includes:
- Executive Summary
- Tax Management Software Market Characteristics
- Tax Management Software Market Trends And Strategies
- Tax Management Software Market – Macro Economic Scenario
- Tax Management Software Market Size And Growth
- Tax Management Software Market Segmentation
- Tax Management Software Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Tax Management Software Market
- Tax Management Software Market Future Outlook and Potential Analysis
- Appendix
List Of Tables :
Table 1: Global Historic Market Growth, 2017-2022, $ Billion
Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
Table 3: Global Tax Management Software Market, Segmentation By Component , Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 4: Global Tax Management Software Market, Segmentation By Tax Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 5: Global Tax Management Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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Table 48: Avalara Inc Financial Performance
Table 49: Outright Financial Performance
Table 50: Shoeboxed Financial Performance
Table 51: SAXTAX Financial Performance
Table 52: H&R Block Inc Financial Performance
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