The global tax management market size reached USD 17.66 Billion in 2020 and is expected to register a CAGR of 12.4% during the forecast period, according to latest analysis by Emergen Research. Over the forecast period, rising demand for products that make it simple to keep track of taxes is anticipated to propel market revenue growth. During the forecast period, rising demand for tax computation software with high accuracy and few errors is anticipated to further boost market growth. Over the course of the forecast period, increasing financial transactions across various sectors are anticipated to further fuel market growth.
Over the course of the projection period, concerns about the data security and privacy of tax management software are anticipated to restrain market expansion.
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Market Scope:
One of the report’s central components is the broad Tax Management market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report.
Key Highlights from the Report
The solutions segment revenue is expected to expand at a significant CAGR during the forecast period. Increasing adoption of tax management software across various industries is expected to boost revenue growth of this segment going ahead.
The indirect tax segment is expected to lead in terms of revenue over the forecast period due to increasing need for advanced software to measure indirect taxes quickly and accurately.
The cloud segment is expected to lead in terms of revenue over the forecast period due to increasing implementation of cloud-based tax management software to optimize mobility and decentralize data storage.
The BFSI segment is expected to lead in terms of revenue over the forecast period due to increasing number of customers utilizing banking services in the BFSI industry.
Key players involved in the market such as Avalara, Inc., Thomson Reuters Corporation, SAP SE, Canopy Tax, Inc., Federal Tax Authority, LLC (TaxCloud), TPS Unlimited, Inc., Intuit Inc., Sovos Compliance, LLC, DAVO Technologies, LLC, and Drake Enterprises, Inc.
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Emergen Research has segmented the global tax management market on the basis of component, type, deployment, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
Services
Solutions
Type Outlook (Revenue, USD Billion; 2018–2028)
Direct Tax
Indirect Tax
Deployment Outlook (Revenue, USD Billion; 2018–2028)
Cloud
On-premises
End-Use Outlook (Revenue, USD Billion; 2018–2028)
Manufacturing
Retail
Information Technology & Telecom
Energy & Utilities
Healthcare
Transportation & Logistics
Media & Entertainment
BFSI
Others
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Regional Analysis:
Regional analysis includes an in-depth study of the key geographical regions to gain a better understanding of the market and provide an accurate analysis. The regional analysis covers North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis covers the analysis of key market segments, including revenue, CAGR, import/export, supply and demand ratio, production and consumption ratio, industrial chain analysis, and market dynamics in each region of the geographies.
Radical Features of the Tax Management Market Report:
The report encompasses Tax Management market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements
An in-depth analysis of the different approaches and procedures undertaken by the key players to conduct business efficiently
Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies
Supply chain analysis along with technological advancements offered in the report
The report covers extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the Tax Management industry
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