Pune, India, Sept. 07, 2022 (GLOBE NEWSWIRE) — The Tax Management Software Market Size was worth USD 5.24 in 2018 and will show a CAGR of 10.4% during the forecast period, 2019-2026. The global tax management software market size is expected to reach USD 11.19 billion by the end of 2026. The growing demand for automated software will have a direct impact on the market growth in the coming years. According to a report published by Fortune Business Insights, titled, “Tax Management Software Market Size, Industry Share, and Analysis, By Component (Software, Professional Services), By Deployment (On-Premise, Cloud), By Device Size, Business (Large Enterprises, SMBs), by Vertical (BFSI, Healthcare, Retail, Manufacturing, Energy & Utilities, and Others) and Regional Forecast, 2019-2026,
Tax management software is a system 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 help the growth of the market in the coming years. High investments have resulted in some outstanding products in recent years. Tax management software is used for several purposes such as filing returns and operates within the compliances established by governing bodies around the world. The properties of these products have helped companies to save financial resources as well as time. The presence of several large companies will have a positive impact on the growth of the market in the foreseeable future.
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October 2017: SAP SE announced the launch of SAP S/4HANA, an intelligent ERP suite. This product will help businesses meet delivery deadlines for regulatory obligations such as VAT, GST, WHT (withholding tax), SAF-T (Standard Audit File for Taxes) and tax reporting. assets.
Report scope and segmentation
|Forecast period||2019 to 2026|
|Forecast Period 2019 to 2026 CAGR||10.4%|
|2026 value projection||$11.19 billion|
|Tax management software market size in 2018||$5.24 billion|
|Historical data for||2015 to 2017|
|Number of pages||125|
|Segments Covered||Making up ; Deployment ; Company ; Vertical|
|Tax Management Software Market Growth Drivers||Need for an automated solution to handle big transactional data driving market growth|
|Growing focus on centralized tax system for economic development to meet demand|
Impact of COVID-19
The COVID-19 pandemic has caused a severe economic downturn, affecting industries and businesses, but the demand for MSP solutions has increased. Businesses and individuals are normalizing remote work to curb the spread of the virus. Furthermore, the adoption of this technology by government officials and businesses to operate efficiently during these trying times is expected to positively support the growth of the market amid the pandemic.
Click here for the short and long term impact of COVID-19 on this market:
Drivers and Restrictions
High investments by large 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 the factors, the increasing number of product launches has had 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 has unveiled “ONESOURCE”, a platform that will help businesses easily perform all functions associated with tax filing. The company uses several automated concepts and this product is expected to gain huge popularity in the coming years.
The report provides in-depth market analysis and a comprehensive assessment of key market segments. It provides information about the major market players and the strategies adopted by them to generate revenue. The report offers a comprehensive overview of regional dynamics and how it propels the market on an upward growth trajectory. Additionally, the impact of COVID-19 has been added for additional information and how it is expected to affect tax management demand in the near future.
North America will become dominant; Growing adoption of automated products will drive growth
The report analyzes current tax management software market trends in North America, Latin America, Asia-Pacific, Middle East & Africa, and Europe. Among these regions, the North American market held the largest market share in 2018. The presence of several large companies bodes well for businesses in recent years. The increasing industrialization coupled with the increase in the number of IT offices will stand in favor of the growth of the market. In 2018, the North American market was worth USD 1.97 billion and this value is expected to increase further in the coming years. The Asia-Pacific market will also experience considerable growth in the coming years, driven by the steady increase in population in several countries in this region.
List of key players mentioned in the report:
- Wolters Kluwer SA
- SAP SE
- Thomson Reuters
- Intuit, Inc.
- Compliance Sovos, LLC
- HRB Digital LLC
- Blucora, Inc.
- Vertex, Inc.
- TaxSlayer LLC
- Avalara, Inc.
- Taxback International
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Main table of contents:
- Definition, by segment
- Research approach
- Market dynamics
- Drivers, constraints and opportunities
- Emerging trends
- key ideas
- Macro and micro economic indicators
- Consolidated SWOT analysis of key players
- Global Tax Management Software Market Analysis, Outlook and Forecast, 2015 – 2026
- Main results/summary
- Market size estimates and forecasts
- By component (value)
- Professional services
- Per deployment (value)
- By component (value)
- By business size (value)
- By vertical (value)
- Health care
- Energy and Utilities
- By region (value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
What is the market size of tax management software?
The global tax management software market size was valued at USD 5.24 Billion in 2018 and is projected to reach USD 11.19 Billion by 2026, growing at a CAGR of 10.4% during the forecast period.
What is the North America tax management software market size?
The market in North America was worth USD 1.97 billion in 2018 and is expected to gain a huge share of the market share in the coming years.
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