Global Tax Management Market (2020 to 2024) - CAGR of 11.7% Expected During the Forecast Period - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "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 management 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

13.9 SAP

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