The global tax management market size is expected to reach USD 47.26 Billion by 2030 according to a new study by Polaris Market Research. The report “Tax Management Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Service), By Tax Type (Indirect Tax, Direct Tax), By Deployment Mode (Cloud, On-premises), By Organization Size, By Vertical, By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Increasing demand for cost-effective tax-filing solutions coupled with automated taxation is expected to increase the demand for the market over the forecast period. Moreover, the market is expected to grow with the increasing digital banking transactions throughout the world. This, in turn, will increase the adoption of advanced tax solution software over the projected period.
BSFI’s vertical segment is expected to dominate the global industry over the projected period. This is due to the increasing adoption of digital technologies and modernization along with the rising number of customers using banking services.
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Asia Pacific is expected to dominate the industry over the projected period due to the rapid economic growth of emerging countries along with increasing modernization across different sectors. In contrast, North America is expected to grow at a significant pace due to the increasing adoption of the latest technologies, which will create opportunities for industry growth.
Some of the major players operating in the global industry include Avalara, Blucora, Automatic Data Processing, Canopy Tax, Defmacro Software, DAVO Technologies, Drake Enterprises, EXEMPTAX, H&R Block, LOVAT Software, Intuit, SafeSend, Sailotech, SAP SE, Sales Tax DataLINK, Sovos Compliance, TaxCloud, TaxJar, Taxback International, TaxSlayer, Vertex, Webgility, Wolters Kluwer N.V, Thomson Reuters, and Xero.
Polaris Market Research has segmented the tax management market report on the basis of component, tax type, deployment, organization size, vertical, and region:
Tax Management, Component Outlook (Revenue – USD Billion, 2018 – 2030)
Tax Management, Tax Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Indirect Tax
- Direct Tax
Tax Management, Deployment Mode Outlook (Revenue – USD Billion, 2018 – 2030)
Tax Management, Organization Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Tax Management, Vertical Outlook (Revenue – USD Billion, 2018 – 2030)
- Banking, Financial Services and Insurance (BFSI)
- Information Technology (IT) and Telecom
- Energy and Utilities
- Healthcare and Life Sciences
- Media and Entertainment
Tax Management, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa