The global tax management market is anticipated to grow at a significant CAGR of 11.8% during the forecast period. The global tax management market is expected to grow during the forecast period is due to an increase in a digital financial transaction. Technological advancement in the finance sector and digital transformation has conducted vital improvements in connectivity of systems, in computing power and cost, and in newly generated and usable data. These improvements have shrunk the transaction costs and introduced new business models and new entrants in the tax management market. Technology has increased information exchange and reduced transaction costs, which further increases the rate of transactions.
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Impact of COVID-19 Pandemic on Global Tax Management Market
The COVID-19 pandemic has positively impacted the tax management market. Businesses transfer from on-premises to cloud-based solutions, a continuous increase in digitization of tax management, and a flow in the demand for business recovery strategies during the COVID-19 pandemic was expected to provide ample opportunities for vendors of the global tax management market.
Segmental Outlook
The global tax management market is segmented based on the tax type, deployment mode, organization size, and verticals. Based on the tax type, the market is segmented into direct tax and indirect tax. Based on the deployment mode, the market is sub-segmented into the cloud and on-premises. Based on the organization size, the market is sub-segmented into Large Enterprises and Small & Medium-Sized Enterprises. Based on the verticals, the market is sub-segmented into the BFSI, manufacturing, IT & telecom, retail & e-commerce, energy & utility, healthcare, and media & entertainment. Among these large enterprises, sector is expected to grow during the forecast period due to the adoption of tax management software and services for faster and cost-effective compliance. Large enterprises have moved towards tax management solutions to manage taxes and comply with the complex tax regulations enforced, due to various jurisdictions they operate in.
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Market Players Outlook
The major companies serving the global tax management market include ADP, Inc., Avalara, Inc., Blucora, Inc., Canopy Tax, Inc., cPaperless, LLC, DAVO Technologies LLC., Drake Enterprises, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2021, Avalara addressed cross-border compliance for Shopify merchants. The company declared the company’s cross-border compliance capabilities powering the new duty and import tax features of Shopify’s global commerce hub.
by Tax Type (Direct Tax and Indirect Tax),
by Deployment Mode (Cloud and On-Premises), by Organization Size (Large Enterprises and Small & Medium-Sized Enterprises)
by Verticals (BFSI, Manufacturing, IT & Telecom, Retail & E-Commerce, Energy & Utility, Healthcare, and Media & Entertainment)
The Report Covers
Market value data analysis of 2021 and forecast to 2028.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global tax management market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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