Tax Management Market Enormous Growth With Recent Trends & Latest Innovations 2019-2025
Tax management market growth in North America region is mainly attributed to the increasing number of sports leagues and the growing trend of digitalization in this region.
Dallas, United States – April 27, 2021 /MarketersMedia/ —
The global tax management market size is anticipated to reach nearly USD 32 billion by 2025. In addition, it is expected to exhibit a CAGR of nearly 12% during the forecast period 2020-2025. Tax management refers to the management of funds and assets to pay taxes. The primary objective of tax management is to fulfill the provisions of income tax rules and regulations. Also, it comprises tax deduction at source, auditing of accounts, filing of tax returns in time, and others.
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The existing and future tax management market developments are outlined to determine the attractiveness of the market. Key impacting factors highlight the tax management market opportunities during the forecast period. Factors such as the increasing number of transactions due to digitization across numerous industry verticals. Besides, complexities associated with the existing tax systems are also one of the major reasons driving the tax management market growth. However, the growing concern about the confidentiality of data is expected to hamper the market growth. Furthermore, the advent of blockchain technology is expected to offer major growth opportunities for the market in the forthcoming years.
The report also highlights various characteristics of the global tax management industry by valuing the market through value chain analysis. In addition, the report comprises several qualitative features of the tax management industry that covers market drivers, restraints, as well as key industry opportunities. Additionally, the report offers a comprehensive valuation of the market rivalry along with company profiling of local as well as global vendors.
The tax management market has rigorous competition between the pre-established and new emerging market players. Also, the tax management industry players are aiming at potential markets to seize a competitive lead over the other industry players by forming acquiring new startups & other companies, agreements, forming collaboration and partnerships, mergers & acquisitions, and expanding their business presence.
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Based on the component segment, the market is divided into software and services. In 2019, the software segment gathered the highest market revenue and it is projected to remain dominant throughout the forecast period. The dominance of this segment is primarily attributed to the increasing preference for cloud-based software deployments. However, the services segment is projected to attain the highest growth during the forecast period.
The North America region is anticipated to gather the highest market share during the forecast period. The dominance of this region is primarily accredited to the increasing investment in new sports analytics technology. However, the Asia-Pacific region is expected to experience the highest growth during the forecast period 2020-2025. The market growth in this region is mainly attributed to the increasing number of sports leagues and the growing trend of digitalization in this region.
The major players of the global tax management market are SAP, Wolters Kluwer, Vertex, Avalara, Intuit, Outright, H&R Block, ADP, Blucora, and Sovos. Moreover, the other potential players in the tax management market are Canopy Tax, DAVO Technologies, Defmacro Software, Sailotech, and TaxCloud. The recognized companies are coming up with innovative and new tax management software solutions. For instance, in November 2019, Avalara, a tax compliance automation software provider partnered with Open Systems, Inc., business management software Solution Company. With this partnership Open Systems, Inc., integrated with Avalara’s SouthWare ERP and ProcessPro solutions to provide a comprehensive view of an entire operation to their customers which would further allow them to make data-driven decisions.
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Segment Overview of Global Tax Management market
Component Overview, 2018-2025 (USD Billion)
Software
Services
Tax Type Overview, 2018-2025 (USD Billion)
Direct Tax
Indirect Tax
End Users Overview, 2018-2025 (USD Billion)
Individual
Commercial
Industry Vertical Overview, 2018-2025 (USD Billion)
BFSI
Retail
Manufacturing
Healthcare
IT & Telecom
Media & Entertainment
Others
Regional Overview, 2018-2025 (USD Billion)
North America
U.S.
Canada
Europe
UK
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia-Pacific
Middle East and Africa
UAE
South Africa
Rest of Middle East and Africa
South America
Brazil
Rest of South America
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code- Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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