Tax Management Software Global Market Report 2022: A $30+ Billion Market by 2026 – Long-term Forecast to 2031 – ResearchAndMarkets.com



DUBLIN–(BUSINESS WIRE)–The “Tax Management Software Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.

The global tax management software market is expected to grow from $15.66 billion in 2021 to $18.25 billion in 2022 at a compound annual growth rate (CAGR) of 16.5%. The tax management software market is expected to grow to $30.47 billion in 2026 at a CAGR of 13.7%.

The tax management software market consists of sales tax management software by entities (organizations, sole traders, and partnerships) that is used to assist in the control and mitigation of tax-related transactions. The tax management software enables centralised tax configuration, management, and reporting for enterprises.

It is used in conjunction with other financial modules that aggregate tax information from all financial documents into a single repository and generate tax-related reports. It also interacts with financial management modules, allowing it to appropriately calculate taxes on every transaction.

North America was the largest region in the tax management software market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tax management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

An increase in online digital transactions is expected to propel the growth of the tax management software market going forward. Many governments find it necessary to increase tax compliance and revenue collection in order to pay for public goods and services.

For this reason, tax administrations are automating their operations and undergoing digital transactions, which would make tax reforms successful and long-lasting, ensuring that the digital economy is properly taxed and reducing compliance barriers. For instance, according to Mint, an India-based financial newspaper, the volume of digital payments in India has increased by 33% year-on-year (YoY) during the financial year (FY) 2021-2022.

The total digital payment transactions of 7,422 crores ($933 million) were recorded during this period, up from 5,554 crores ($698.24 million) transactions seen in FY 2020-21. Therefore, an increase in online digital transactions is driving the demand for the tax management software market.

Technological advancement is a key trend gaining popularity in the tax management software market. Major companies operating in the tax management software sector are focused on developing technologically advanced products to strengthen their market position. For instance, in 2021, Wolters Kluwer N.V., a Dutch-based information services company, introduced the cloud-based CCH AxcessTM Validate expert solution, which uses blockchain to help CPA firm auditors expedite banking confirmations.

Its blockchain-enabled workflow gives firms the simplicity, speed, and trust that auditors need in today’s environment, allowing the authorization part of the audit process to be reduced to 5 minutes or less. Such technological advancements will ensure operations are handled easily and in less time.

In April 2021, Avalara Inc., a US-based software company, acquired DAVO Technologies LLC for an undisclosed amount. With this acquisition, Avalara expects to assist DAVO teams and products in crucial areas, including the compliance requirements of small businesses and partner synergies, as well as advance its goal of becoming the universal cloud compliance platform for companies of all sizes. DAVO Technologies LLC is a US-based company that helps emerging small businesses automate the daily and ongoing requirements for sales tax.

Major players in the tax management software market are

  • Avalara Inc.
  • Outright
  • Shoeboxed
  • SAXTAX
  • H&R Block Inc.
  • CrowdReason LLC
  • Drake Software
  • Taxify
  • Beanstalk
  • Blucora Inc.
  • TaxSlayer LLC
  • Wolters Kluwer N.V.
  • Intuit Inc.
  • Sovos Compliance LLC
  • Sailotech

Key Topics Covered:

1. Executive Summary

2. Tax Management Software Market Characteristics

3. Tax Management Software Market Trends And Strategies

4. Impact Of COVID-19 On Tax Management Software

5. Tax Management Software Market Size And Growth

5.1. Global Tax Management Software Historic Market, 2016-2021, $ Billion

5.1.1. Drivers Of The Market

5.1.2. Restraints On The Market

5.2. Global Tax Management Software Forecast Market, 2021-2026F, 2031F, $ Billion

5.2.1. Drivers Of The Market

5.2.2. Restraints On the Market

6. Tax Management Software Market Segmentation

6.1. Global Tax Management Software Market, Segmentation By Component , Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Software
  • Professional Services

6.2. Global Tax Management Software Market, Segmentation By Tax Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Direct Taxes
  • Indirect Taxes

6.3. Global Tax Management Software Market, Segmentation By Deployment Mode, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

6.4. Global Tax Management Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • Large Enterprises
  • Small and Medium Enterprises (SMEs)

6.5. Global Tax Management Software Market, Segmentation By Vertical, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

  • BFSI
  • Healthcare
  • Retail
  • Manufacturing
  • Energy and Utilities
  • Other Verticals

7. Tax Management Software Market Regional And Country Analysis

7.1. Global Tax Management Software Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

7.2. Global Tax Management Software Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/7rrg9p