Tax Management Market Size Worth USD 44.51 Billion in 2028

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 period, according to latest analysis by Emergen Research. Increasing demand for solutions for easy record keeping of taxes is expected to drive global tax management market revenue growth over the forecast period. Increasing demand for tax calculation software with high accuracy and minimal errors is expected to further augment global tax management market growth during the forecast period. Rising number of financial transactions across various industries is expected to further boost market growth over the forecast period.

Some Key Highlights From the Report

The solutions segment revenue is expected to expand at a significant CAGR during the forecast period. Increasing adoption of tax management software across various industries is expected to boost revenue growth of this segment going ahead.
The indirect tax segment is expected to lead in terms of revenue over the forecast period due to increasing 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 due to 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 due to increasing number of customers utilizing banking services in the BFSI industry.
Factors such as increasing adoption of tax management software by end-users and continuous changes in tax regulations in countries in North America is expected to drive growth of the market in the region during the forecast period.
Key players in the market include 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.
In December 2020, Impendulo Limited was acquired Avalara, Inc. Impendulo's expertise and strategic vision will broaden Avalara’s reach into new markets, and in turn, will introduce technology and automation to enhance Avalara’s existing solutions.

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