Pune, India, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The Tax Management Software Market Size was worth USD 5.24 in 2018 and will exhibit a CAGR of 10.4% during the forecast period, 2019-2026.The global tax management software market size is projected to reach USD 11.19 billion by the end of 2026. The increasing demand for automated software will have a direct impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Tax Management Software Market Size, Share & Industry Analysis, By Component (Software, Professional Services), By Deployment (On-Premises, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Vertical (BFSI, Healthcare, Retail, Manufacturing, Energy and Utilities, and Others), and Regional Forecast, 2019-2026,
Tax management software is a system that is used to manage the huge amount of data in software offices and industries across the world. The use of automated concepts has led to optimum efficiency in data management. The high investments in the development of efficient tax management software will contribute to the growth of the market in the coming years. The high investments have yielded a few exceptional products in recent years. Tax management software is used to perform several purposes such as filing returns and operate within the compliances set by governing bodies across the world. The properties of these products have helped companies save financial resources as well as time. The presence of several large scale companies will have a positive impact on the growth of the market in the foreseeable future.
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Industry Developments:
October 2017: SAP SE announced the launch of SAP S/4HANA, an intelligent ERP suite. This product will help companies achieve on-time delivery for regulatory obligations such as VAT, GST, WHT (withholding tax), SAF-T (Standard Audit File for Tax) and asset reporting.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 10.4% |
| 2026 Value Projection | USD 11.19 Billion |
| Base Year | 2020 |
| Tax Management Software Market Size in 2018 | USD 5.24 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 125 |
| Segments covered | Component ; Deployment ; Enterprise ; Vertical |
| Tax Management Software Market Growth Drivers | Need for Automated Solution to Manage Large Transactional Data Driving the Market Growth |
| Growing Emphasis on Centralized Taxation System for Economic Development to Aid Demand |
COVID-19 Impact
COVID-19 pandemic has led to a severe economic downturn, impacting industries and businesses but demand for MSP solutions surged. Businesses and people are normalizing remote work to curb the virus spread. Besides, the adoption of this technology by government officials and companies to efficiently function during these tough times is expected to positively favor the market's growth amid the pandemic.
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Drivers and Restraints
High Investments by Major Companies Have led to an Increase in the Number of Product Launches
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches has made a huge impact on the growth of the market. In July 2016, Thomson Reuters announced the launch of a new tax technology platform. The company unveiled ‘ONESOURCE,’ a platform that will help companies perform all functions associated with tax filing at ease. The company uses several automated concepts and this product is set to witness huge popularity in the coming years.
Report Coverage
The report provides an in-depth analysis of the market and a comprehensive evaluation of the major segments of the market. It delivers insights into major players in the market and strategies adopted by them to generate revenue. The report offers comprehensive insights into the regional dynamics and how they propel the market into an upward growth trajectory. Moreover, COVID-19 impact has been added for additional information and how it is expected to affect the demand for Tax Management in the near future.
Regional Insights
North America to Emerge Dominant; Increasing Adoption of Automated Products Will Aid Growth
The report analyzes the ongoing tax management software market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in North America held the largest market share in 2018. The presence of several large scale companies has boded well for the companies in recent years. The increasing industrialization, coupled with the increase in the number of IT offices will emerge in favor of market growth. As of 2018, the market in North America was worth USD 1.97 billion and this value is projected to increase further in the coming years. The market in Asia Pacific will also witness considerable growth in the coming years, driven by the constantly rising population in several countries across this region.
List of Key Players Mentioned in the Report:
- Wolters Kluwer N.V.
- SAP SE
- Thomson Reuters
- Intuit, Inc.
- Sovos Compliance, LLC
- HRB Digital LLC
- Blucora, Inc.
- Vertex, Inc.
- Sailotech
- TaxSlayer LLC
- Avalara, Inc.
- Taxback International
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Global Tax Management Software Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Software
- Professional Services
- By Deployment (Value)
- By Component (Value)
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- On-Premises
- Cloud
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- By Enterprise Size (Value)
- Large Enterprises
- SMEs
- By Vertical (Value)
- BFSI
- Healthcare
- Retail
- Manufacturing
- Energy and Utilities
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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FAQ:
How big is the Tax Management Software Market?
The global tax management software market size stood at USD 5.24 billion in 2018 and is projected to reach USD 11.19 billion by 2026, exhibiting a CAGR of 10.4% during the forecast period.
How big is Tax Management Software Market In North America?
The market in North America stood at USD 1.97 billion in 2018 and is expected to gain a huge portion of the market share in the coming years.
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