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Global Tax Management Market (2020 to 2024) - CAGR of 11.7% Expected During the Forecast Period - ResearchAndMarkets.comThe "Tax Management Market by Component (Software and Services), Tax Type (Indirect Tax and Direct Tax), Deployment Mode (Cloud and On-premises), Organization Size (SMEs and Large Enterprises), Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering. The global tax management market is expected to grow from USD 15.5 billion in 2019 to USD 27.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. Factors driving the growth of the tax management market include the increasing volume of financial transactions across verticals due to digitalization, the complex nature of the existing tax system, and the increased vigilance of tax administrators. Small and medium-sized enterprises segment to grow at a higher CAGR during the forecast period The intensely competitive market scenario has encouraged Small and Medium-sized Enterprises (SMEs) to adopt tax management software and services for faster and cost-effective compliance. For instance, the Internal Revenue Service (IRS) estimates that businesses with less than USD 1 million in revenue have to incur almost two-thirds of business compliance costs. Banking, Financial Services and Insurance vertical to hold the highest market share in 2019 Banking, Financial Institutes and Insurance (BFSI) are a vertical characterized by the digitalization and an increasing number of customers using various banking applications. This has resulted in the exponential growth of data in the banking and financial services vertical. Government regulations in this sector are complex and sensitive. BFSI includes domestic and foreign banks, insurance and reinsurance companies, asset management companies, non-banking finance companies. The increasing number of financial transactions is one of the major factors driving the adoption of tax management software in the BFSI vertical. Asia Pacific tax management market to grow at the highest CAGR during the forecast period The high growth of the market in the Asia Pacific (APAC) region is attributed to the increasing adoption of tax management software to match the rapid pace of advancement. However, low awareness about the benefits of tax managemet software and services poses a big hurdle in tax management software adoption across the region. Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 4.1 Attractive Market Opportunities in the Market 4.2 North America Tax Management Market, By Component and Country 4.3 Market Major Countries 5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Increasing Volume of Financial Transactions Across Verticals Due to Digitalization 5.2.1.2 Complex Nature of the Tax System 5.2.1.3 Vigilance By Tax Administrators 5.2.2 Restraints 5.2.2.1 Increasing Theft of Confidential Data 5.2.3 Opportunities 5.2.3.1 Use of the Blockchain Technology 5.2.4 Challenges 5.2.4.1 Regular Amendments in Tax Laws 5.2.4.2 Lack of Standardized Tax Rules 5.3 Use Cases 5.3.1 Case Study 1: Integration of Transaction Tax Processes With Other Finance Applications From Different Geographic Locations 5.3.2 Case Study 2: Implementing Automated Sales Tax Calculation Solution to Comply With Tax Rates of Each Country 5.3.3 Case Study 3: Addressing Vat/Gst Challenges By Implementing Automatic Vat Recovery and Compliance Solution 5.4 Monetization Model 5.4.1 Scalable Pricing Model 5.4.2 Pay Per Return Policy 5.4.3 Freemium Pricing Model 6 Tax Management Market By Component 6.1 Introduction 6.2 Software 6.2.1 Software: Market Drivers 6.3 Services 6.3.1 Services: Global Market Drivers 7 Tax Management Market By Tax Type 7.1 Introduction 7.2 Indirect Tax 7.2.1 Indirect Tax: Market Drivers 7.3 Direct Tax 7.3.1 Direct Tax: Market Drivers 8 Tax Management Market By Deployment Mode 8.1 Introduction 8.2 Cloud 8.2.1 Cloud: Market Driver 8.3 On-Premises 8.3.1 On-Premises: Market Drivers 9 Tax Management Market By Organization Size 9.1 Introduction 9.2 Small and Medium-Sized Enterprises 9.2.1 Small and Medium-Sized Enterprises: Market Drivers 9.3 Large Enterprises 9.3.1 Large Enterprises: Market Drivers 10 Tax Management Market, By Vertical 10.1 Introduction 10.2 Banking, Financial Services and Insurance 10.3 IT and Telecom 10.4 Manufacturing 10.5 Energy and Utilities 10.6 Retail 10.7 Healthcare and Life Sciences 10.8 Media and Entertainment 10.9 Others 11 Tax Management Market, By Region 11.1 Introduction 11.2 North America 11.2.1 North America: Market Drivers 11.2.2 United States 11.2.3 Canada 11.3 Europe 11.4 Asia Pacific 11.5 Middle East and Africa 11.6 Latin America 12 Competitive Landscape 12.1 Introduction 12.2 Competitive Scenario 12.2.1 New Product/Solution Launches and Product Enhancements 12.2.2 Business Expansions 12.2.3 Acquisitions 12.3 Competitive Leadership Mapping 12.3.1 Visionary Leaders 12.3.2 Dynamic Differentiators 12.3.3 Innovators 12.3.4 Emerging Companies 13 Company Profiles 13.1 Introduction 13.2 Avalara 13.3 ADP 13.4 Intuit 13.5 Thomson Reuters 13.6 Wolters Kluwer 13.7 Blucora 13.8 H&R Block 13.10 Sovos 13.11 Vertex 13.12 Canopy Tax 13.13 DAVO Technologies 13.14 Defmacro Software 13.15 Drake Software 13.16 Sailotech 13.17 Taxback International 13.18 TaxCloud 13.19 TaxJar 13.20 TaxSlayer 13.21 Xero 13.22 Right to Win For more information about this report visit https://www.researchandmarkets.com/r/epqxyn View source version on businesswire.com: https://www.businesswire.com/news/home/20200218005477/en/ |
