March 30, 2020
Tax management

Tax management market 2027 | Rapid growth of digitization along with a complex tax system enhance the market growth

The tax management market was valued at US$ 16.22 Bn in 2018 and expected to grow at a CAGR of 12.3% during the forecast period from 2019 to 2027.

Market Insights

The rising tax compliance worldwide and increasing financial transactions are expected to drive the tax management market during the forecast period from 2019-2027. The rapid technological advancement and growing government regulations for tax across the globe are some other major factors anticipated to drive the global market over the forecast period. In 2018, North America dominated the global tax management market followed by Europe and Asia Pacific.

The rapid growth of digitization along with a complex tax system is another major factor expected to enhance the market growth in years to come. Tax management software has numerous benefits such as easy tax calculation, saves time, no missed tax deductions or credits, error reduction, and others, which is projected to support the market growth during the forecast period. Major market players are launching mobile applications to provide efficient tax management solutions that are expected to further enhance the market demand. For instance, In February 2018, Blucora, Inc. tax management software TaxAct launched a mobile app to help its users for faster, easier, and efficient tax solutions. The TaxAct mobile app is available for smartphones, iPad, and Android users.

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• Worldwide, the tax management market is increasing at a CAGR of 12.3% in revenue terms for the projected period from 2019 to 2027
• North America accounted for major share in the global market in 2018 owing to continuous change in the tax regulations and reforms in the region and early technological adoption. The U.S. is the major contributor in the North America tax management market
• Asia Pacific is expected to expand at a rapid pace during the forecast period owing to changing tax regulations and growing digitization in the region. China and India are anticipated to be the major contributor in the Asia Pacific tax management market 

Report originally published at Credence Research: https://www.credenceresearch.com/report/tax-management-market

List of Companies Covered:

  • H&R Block, Inc.
  • Intuit Inc.
  • Avalara, Inc.
  • Thomson Reuters Corporation
  • Wolters Kluwer N.V.
  • Blucora, Inc.
  • SAP SE
  • Sovos Compliance
  • Vertex, Inc.
  • DAVO Technologies
  • TaxCloud
  • Xero
  • Canopy Tax, Inc.

Segmentation  

Component (2017–2027; US$ Bn)

 • Software

 • Services

Tax Type (2017–2027; US$ Bn)

 • Indirect Tax

 • Direct Tax

Deployment Type (2017–2027; US$ Bn)

 • Cloud

 • On-premises

Organization Size (2017–2027; US$ Bn)

 • Large Enterprises

 • Small and Medium Enterprises

Vertical (2017–2027; US$ Bn)

 • Banking, Financial Services, and Insurance (BFSI)

 • IT and Telecom

 • Manufacturing

 • Retail

 • Healthcare

 • Media & Entertainment

 • Others (Energy & Utilities, etc.)

 Geography (2017–2027; US$ Bn)

 • North America (U.S., Canada)

 • Europe (U.K., Germany, France, Spain, Italy, Rest of Europe)

 • Asia Pacific (Japan, China, India, Rest of Asia Pacific)

 • Rest of the World (Latin America, Middle East & Africa)

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About Credence Research
Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives.

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