Dublin, April 19, 2022 (GLOBE NEWSWIRE) -- The "Global Tax Management Market Size, Share & Industry Trends Analysis Report By Component (Software and Services), By Tax Type, By Deployment Type, By Organization Size, By End User, By Regional Outlook and Forecast, 2021-2027" report has been added to ResearchAndMarkets.com's offering.
The Global Tax Management Market size is expected to reach $33.9 billion by 2027, rising at a market growth of 10.7% CAGR during the forecast period.
A tax is a governmental organization's mandatory financial charge or other kinds of levy imposed on a taxpayer to acquire the fund for different public expenses. The taxation system is critical for a country's economy since money is required to run the government and handle the activities of the state. The administration of money for the purpose of paying taxes is referred to as tax management. Tax management entails timely filing of returns, having accounts audited, and deducting tax at source, among other things. Tax management aids in the avoidance of interest, penalties, and prosecution.
Tax management software is a program or piece of software that assists taxpayers in managing taxes such as VAT, Employee Tax (PPh21), and Final Income Tax in order to comply with the existing tax legislation. The increasing number of financial transaction data gathered by enterprises is directly proportional to the demand for tax management software.
In addition, this has accelerated the development of a technologically advanced platform for creating and managing audit reports, tax returns, and payments. Companies and Fintech firms are highlighting the importance of automating tax compliance, resulting in a surge in demand for software. Moreover, the present taxation system's complexity, as well as the growth of digital payments on a bigger scale, has created new avenues for major industry players to increase their offerings.
The demand for tax management solutions is expected to be driven by the rise in demand for solutions that make it simple to monitor and manage taxes. Record keeping is a critical strategy for most organizations when it comes to storing necessary tax documents, and this process is expected to become easier by adopting an effective tax system.
COVID-19 Impact Analysis
In 2020, the COVID-19 pandemic has had a negative influence on the tax management business, resulting in a sharp drop in year-over-year growth. Companies in the market, on the other hand, have used a variety of tactics to improve their operations. Collaborations and product development are helping them improve their current offerings. Companies like Avalara are offering advice and insights on how to deal with the issues posed by COVID-19, as well as expert ideas on how to boost company recovery in the post-pandemic era.
Moreover, governments around the world had decided to extend the deadlines for tax filings in response to the uncertainty created by the COVID-19 pandemic. In addition, as the focus of governments was more on healthcare services, the demand for tax management systems remained low during the pandemic period.
Market Growth Factors:
High requirement for the automated system to effectively manage a massive transactional data
The continuing globalization and expansion of e-companies have created a perpetual demand for a platform that allows businesses to conduct business across nations, trading zones, and different interaction methods. Corporate tax and IT departments are striving to find additional partners and address unique client needs as a result of increased digitization. Tax Management solution enables businesses to better monitor and manage ever-changing transaction tax laws and regulations. Moreover, the Tax Management system can handle and manage compliance reports while also meeting tax filing deadlines with minimal manual labor.
The importance of a centralized taxation system for economic development is growing
A well-functioning taxation system can contribute to strong, long-term, and efficient economic growth. Taxation provides governments with the revenue they need to invest in infrastructure, reduce poverty, and offer high-quality, timely public services. It also ensures economic resiliency and long-term viability in order to promote growth. The tax system architecture is also linked to internal and global investment decisions in terms of transparency and equity.
With the help of a centralized taxation system, the state can identify if taxes are paid on time and correctly, and it can perform audits in a fair and efficient manner because the rules are already known and significantly simpler.
Marketing Restraining Factor:
Constant amendments in tax laws and the prevalence of poorly trained staff
The addition, alteration, or omission of a part of the law is referred to as an amendment in the law. The revision of tax rules is predicted to be a difficulty for solution providers, as they will need to hire tax specialists and deliver system updates to their existing users/subscribers, resulting in an increase in the solution's cost and a decrease in the company's revenue. In such cases, solution providers have to make some changes to their existing solutions. As a result, with each adjustment made by governments around the world, solution suppliers confront a number of obstacles.
In developing countries, a well-functioning tax administration is critical for mobilizing domestic resources, and the design of the tax system should be affected by tax administrations' ability to administer it.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisitions and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Acquisitions and Mergers: 2018, Aug - 2021, Dec) Leading Players
Chapter 4. Global Tax Management Market by Component
4.1 Global Software Market by Region
4.2 Global Services Market by Region
Chapter 5. Global Tax Management Market by Tax Type
5.1 Global Indirect Tax Market by Region
5.2 Global Direct Tax Market by Region
Chapter 6. Global Tax Management Market by Deployment Mode
6.1 Global Cloud Market by Region
6.2 Global On-premise Market by Region
Chapter 7. Global Tax Management Market by Organization Size
7.1 Global Large Enterprises Market by Region
7.2 Global Small & Medium-sized Enterprises (SMEs) Market by Region
Chapter 8. Global Tax Management Market by End User
8.1 Global BFSI Market by Region
8.2 Global IT & Telecom Market by Region
8.3 Global Retail Market by Region
8.4 Global Healthcare Market by Region
8.5 Global Energy & Utilities Market by Region
8.6 Global Manufacturing Market by Region
8.7 Global Others Market by Region
Chapter 9. Global Tax Management Market by Region
Chapter 10. Company Profiles
10.1 Avalara, Inc.
10.1.1 Company Overview
10.1.2 Financial Analysis
10.1.3 Research & Development Expenses
10.1.4 Recent strategies and developments:
10.1.4.1 Partnerships, Collaborations, and Agreements:
10.1.4.2 Product Launches and Product Expansions:
10.1.4.3 Acquisitions and Mergers:
10.2 Blucora, Inc.
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Segmental Analysis
10.3 H&R Block, Inc.
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Recent strategies and developments:
10.3.3.1 Partnerships, Collaborations, and Agreements:
10.3.3.2 Acquisitions and Mergers:
10.4 Sovos Compliance, LLC
10.4.1 Company Overview
10.4.2 Recent strategies and developments:
10.4.2.1 Product Launches and Product Expansions:
10.4.2.2 Acquisitions and Mergers:
10.5 Vertex, Inc.
10.5.1 Company Overview
10.5.2 Financial Analysis
10.5.3 Research & Development Expenses
10.5.4 Recent strategies and developments:
10.5.4.1 Partnerships, Collaborations, and Agreements:
10.5.4.2 Product Launches and Product Expansions:
10.5.4.3 Acquisitions and Mergers:
10.6 ADP, Inc.
10.6.1 Company Overview
10.6.2 Financial Analysis
10.6.3 Segmental and Regional Analysis
10.6.4 Recent strategies and developments:
10.6.4.1 Partnerships, Collaborations, and Agreements:
10.6.4.2 Product Launches and Product Expansions:
10.6.4.3 Acquisitions and Mergers:
10.7 SAP SE
10.7.1 Company Overview
10.7.2 Financial Analysis
10.7.3 Segmental and Regional Analysis
10.7.4 Research & Development Expense
10.8 Intuit, Inc.
10.8.1 Company Overview
10.8.2 Financial Analysis
10.8.3 Segmental Analysis
10.8.4 Research & Development Expense
10.8.5 Recent strategies and developments:
10.8.5.1 Partnerships, Collaborations, and Agreements:
10.8.5.2 Product Launches and Product Expansions:
10.8.5.3 Acquisitions and Mergers:
10.9 Thomson Reuters Corporation (The Woodbridge Company)
10.9.1 Company Overview
10.9.2 Financial Analysis
10.9.3 Segmental and Regional Analysis
10.9.4 Recent strategies and developments:
10.9.4.1 Partnerships, Collaborations, and Agreements:
10.9.4.2 Product Launches and Product Expansions:
10.9.4.3 Acquisitions and Mergers:
10.10. Wolters Kluwer N.V.
10.10.1 Company Overview
10.10.2 Financial Analysis
10.10.3 Segmental and Regional Analysis
10.10.4 Recent strategies and developments:
10.10.4.1 Partnerships, Collaborations, and Agreements:
10.10.4.2 Acquisitions and Mergers:
For more information about this report visit https://www.researchandmarkets.com/r/khehku
