Tax Management Market Size, Share, Growth, Regional Trends, Business Opportunities, Competition and Forecast to 2028
Growing demand for solutions for easy tax record keeping and growing demand for tax calculation software with high accuracy and minimal errors
— Emerging research
VANCOUVER, BC, CANADA, Sept. 16, 2022 /EINPresswire.com/ — The global tax management market size reached USD 17.66 billion in 2020 and is expected to register a CAGR of 12.4% during the forecast, according to the latest analysis from Emergen Search. Growing demand for solutions that facilitate tax record keeping is expected to drive the revenue growth of the global tax management market over the forecast period. Rising demand for tax calculation software with high accuracy and minimal errors is expected to further increase the growth of the global tax management market over the forecast period. The increasing number of financial transactions across various industries is expected to further drive the market growth over the forecast period.
However, concerns regarding data security and privacy of tax management software are expected to hamper the growth of the global tax management market over the forecast period.
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The main objective of the report is to offer market overview, product scope, growth prospects and risks. The report also offers detailed information about each player in the global tax management market along with their global position, financial status, product launch, business expansion plans, among others. Market players are focused on developing various strategies such as partnerships, mergers and acquisitions, joint ventures, product launches, and research and development investments.
Major players involved in the market such as Avalara, Inc., Thomson Reuters Corporation, SAP SE, Canopy Tax, Inc., Federal Tax Authority, LLC (TaxCloud), TPS Unlimited, Inc., Intuit Inc., Sovos Compliance, LLC, DAVO Technologies, LLC and Drake Enterprises, Inc.
Solutions segment revenue is expected to grow at a significant CAGR during the forecast period. Growing adoption of tax management software across various industries is expected to drive the revenue growth of this segment in the future.
The indirect tax segment is expected to lead in terms of revenue over the forecast period owing to the growing need for advanced software to measure indirect taxes quickly and accurately.
The cloud segment is expected to lead in terms of revenue over the forecast period owing to the increasing implementation of cloud-based tax management software to optimize mobility and decentralize data storage.
The BFSI segment is expected to lead in terms of revenue over the forecast period owing to the increasing number of customers using the banking services in the BFSI sector.
Factors such as growing adoption of tax management software by end users and continuous changes in tax regulations in North American countries are expected to drive the market growth in the region during the forecast period.
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The report also covers the scope of individual applications and types in each region. The report also covers details about production and consumption patterns, technological developments, revenue growth, market size, market share, key trends and demands influencing market growth in the region and presence. of key players in the region.
Emergen Research has segmented the global tax management market based on component, type, deployment, end-use, and region:
Components Outlook (Revenue, USD Billion; 2018-2028)
Type Outlook (Revenue, USD Billion; 2018-2028)
Deployment Outlook (Revenue, USD Billion; 2018-2028)
On the site
End-Use Outlook (Revenue, USD Billion; 2018-2028)
Information technology and telecom
Energy and Utilities
Media and entertainment
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Regional analysis includes an in-depth study of key geographic regions to better understand the market and provide accurate analysis. The regional analysis covers North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. Regional analysis covers analysis of key market segments, including Revenue, CAGR, Import/Export, Supply & Demand Report, Production & Consumption Report, Analysis of the industrial chain and market dynamics in each region of the geographies.
Key questions answered by the report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements in the market?
What are the key strategies adopted by the leading players in the Tax Management market?
What are the main product types and applications of the Tax Management industry?
What is the result of the SWOT analysis and Porter’s five forces analysis?
How is the Competitive Landscape of the Tax Management Market?
Who are the major players in the industry?
What is the growth rate of the industry in the coming years?
What will be the valuation of the tax management market by 2028?
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