Dawn Reporter

Tax Management Market Trends, Size, Share, Growth, Industry Analysis, Advance Technology and Forecast 2027

Tax Management Market Trends, Size, Share, Growth, Industry Analysis, Advance Technology and Forecast 2027

February 06
18:15 2023
Tax Management Market Trends, Size, Share, Growth, Industry Analysis, Advance Technology and Forecast 2027
Thomson Reuters (Canada), Intuit (US), H&R Block (US), Avalara (US), Wolters Kluwer NV (Netherlands), Automatic Data Processing (US), Sovos Compliance (US), SAP SE (Germany), Blucora (US), Vertex (US), DAVO Technologies (US), Sailotech (US), Defmacro Software (India), Xero (New Zealand), TaxSlayer (US), TaxCloud (US), Drake Enterprises (US).
Tax Management Market by Component (Software and Services), Deployment Mode (Cloud and On-Premises), Tax Type (Indirect Tax and Direct Tax), Organization Size (SMEs and Large Enterprises), Vertical and Region – Global Forecast to 2027

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 the ongoing expansion in the amount of digital financial transitions, transactions, and transformations, the complexity of tax rules, the increased usage of nascent and innovative technology(ies) for tracking taxpayers, and strict government tax collection regulations. These offer lucrative market prospects, opportunities, and enhanced service provision/delivery during the forecast period.

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Software segment to continue with the larger market size during the forecast period

Tax management software facilitates the completion of tax returns for companies operating across verticals. It provides automated tax compliance with local accounting legislation and standards. Organizations across the globe have started adopting tax management software to keep up with the rapidly changing regulations and shifts in product taxability. Tax management software is experiencing an increasing demand pertaining to the ever-evolving tax and accounting laws across countries. There has to be enhanced software that can consider all of the regulatory needs and compliances put forward by the authorities of various regions. This is of utmost importance and provides alert(s) while establishing tax obligations across regions, and countries based on their nexus laws.

SMEs to record a higher CAGR during the forecast period

The increasing complexity of tax compliance has forced SMEs to adopt advanced tax management software. Cost-effectiveness is an important need for SMEs, as limited budgets always constrain them. This, in turn, leads to restricted ways adopted by SMEs to market themselves and gain visibility. SMEs have come a long way in enhancing strategic approaches including, but not limited to, service offerings, filing and reporting compliance requirements, levels of tax understanding, tax obligations complexity, and rapid changes in business ecosystems/environments. For instance, IRS (Internal Revenue Service) estimates that businesses with less than USD 1 million in revenue are to incur almost two-thirds of business compliance costs. Such costs are larger, related to revenues or assets, for SMEs than for large enterprises. Additionally, due to the complex tax codes, SMEs can understate their revenues and overstate their expenses, thus underpaying their taxes.

The study in this report includes a detailed competitive analysis of the key players in the tax management market with their company profiles, competitive benchmarking, recent developments, and key market strategies. The players in this market have adopted various organic and inorganic strategies to expand their global presence and increase their market shares. New product launches and enhancements, business expansions, partnerships, acquisitions, and collaborations; have been the most appropriate strategies adopted by the major players from 2019 to 2022, which strengthened their offerings and broaden their customer base.

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Starting with Intuit was founded in 1984 and is headquartered in California, US. The company offers financial management and compliance solutions and services. Small businesses and self-employed, consumer, and strategic partners are the three business partners of the company. QuickBooks, TurboTax, Mint, Credit Karma, ProSeries, and Lacerte are the specialized products of Intuit. It has offices in countries including the US, Canada, India, Israel, Australia, and the UK. The consumer segment includes products and services such as TurboTax, TurboTax Online, and TurboTax Live. Lacerte, ProSeries, ProFile desktop, and ProConnect Tax Online are its flagship products and services in the strategic partner segment. Intuit offers its solutions in both ways, online and desktop. The online offerings are also accessible on mobile devices, enabling users to utilize services at any time from a mobile location.

Thomson Reuters, founded in 2008 and headquartered in Toronto, Canada, offers news and information-based tools to organizations and professionals globally. In a strategic partnership with The Blackstone Group Inc, Thomson Reuters sold its 55% stake in the Financial & Risk (F&R) business for about USD 17 billion and restructured its business by introducing new consumer-focused segments. It operates through three business segments: Recurring, Transactions, and Global print. The tax professionals segment serves tax, accounting, and audit firms. The corporate segment includes corporate customers and offers them a full suite of offerings. The company provides its tax and accounting solutions to accounting firms, corporations, financial institutions, governments, and law firms. Thomson Reuters offers its tax and accounting solutions in more than 15 countries across North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific regions.

Another key player in the market is Wolters Kluwer. Founded in 1968 and headquartered in Alphen aan den Rijn in the Netherlands. The company is a leading provider of software solutions and services for professionals belonging to tax, finance, audit, healthcare, risk, compliance, and regulatory sectors. It operates through segments including digital and service subscriptions, print subscriptions, transactions, and legal and financial services, among others. It serves customers from more than 180 countries across the globe. It has 93% of Fortune 500 companies as its clients. Tax and accounting is a leading contributor segment in the company’s revenue. According to its 2021 results, it generated 79% Recurring Revenues. The company reported revenues up 6% to USD 6.3 billion, organic revenues up by 5%, and included solutions for compliance, collaboration, internal and external audit management, corporate performance management, and firm management. Accounting firms, corporate finance, tax and auditing departments, and government agencies are some of the major customers of tax management solutions provided by the company. It has operations in 40 countries across the globe.

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