Tax Management Market Size Worth $61.59 Billion By 2032 | CAGR: 10.52%

Tax Management Market Size Worth $61.59 Billion By 2032 | CAGR: 10.52%

The global tax management market size is expected to reach USD 61.59 billion by 2032, according to a new study by Polaris Market Research. The report “Tax Management Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Tax Type; By Deployment; By Organization Size; By Vertical; By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Businesses must comply with more stringent government regulations, which has boosted the need for tax management software that automates tax computation and filing because this solution may be used to complete all tax procedures, from tax estimates to filing, so it can greatly reduce work. For instance, in January 2023, Japanese multinational corporations are dealing with significant changes as they continue to be ready for the OECD-led 15 percent global minimum tax & maneuver through a planned hike in the corporate tax rate in Japan. The roughly 140 nations that have ratified the global minimum tax want it to go into effect in 2024. Hundreds of Japanese multinational firms, more than 900 of which have sales over the $814 million level at which the tax is triggered, will require a large increase in employees to prepare paperwork.

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The rise in e-commerce has increased the volume of transactions, which makes it more challenging to handle taxes and increases demand for tax management systems. The emergence of more complex and automated tax management systems due to technological advancements has simplified tax administration. For instance, in January 2023, Wolters Kluwer introduced new features in its CCH Axcess Tax, like Increasing speed to prepare returns, evolving tax workflows and better updates with faster performance and less downtime, elevated communication, and customer support.

Tax Management Market Report Highlights

  • Software segment garnered the largest share, owing the trend of shifting towards digital tax processes & the automation solutions provided by the software.
  • Direct Tax segment is expected to grow at a high CAGR during the forecast period. These software help file multiple types of return and thereby streamline the compliances.
  • Cloud segment accounted for the largest market share in 2022 due to their benefits such as recording every transaction. A special dedicated IT staff is not required for cloud deployment.
  • North America is the largest market due to the presence of many small and large players in the region. Moreover, most of the companies in the region outsource tax related services to third party entities to focus on its core businesses
  • Global players in the market include Thomson Reuters, Avalara, Wolters Kluwer, Defmacro Software & Xero

Polaris Market Research has segmented the Tax Management market report according to application and region:

Tax Management, Component Outlook (Revenue - USD Billion, 2019 - 2032)

  • Software
  • Services

     Tax Management, Tax Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Direct Tax
  • Indirect Tax

     Tax Management, Deployment Outlook (Revenue - USD Billion, 2019 - 2032)

  • Cloud
  • On-Premises

    Tax Management, Organization Size Outlook (Revenue - USD Billion, 2019 - 2032)

  • Small and Medium-Size Enterprises (SMEs)
  • Large Enterprises

     Tax Management, Vertical Outlook (Revenue - USD Billion, 2019 - 2032)

  • Banking, Financial Services, and Insurance (BFSI)
  • Information Technology (IT) and Telecom
  • Manufacturing
  • Energy and Utilities
  • Retail
  • Healthcare and Life Sciences
  • Media and Entertainment

     Tax Management, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa