Product Code: GVR-4-68040-127-7
Tax Management Software Market Growth & Trends:
The global tax management software market size is expected to reach USD 39.71 billion by 2030, growing at a CAGR of 10.1% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc.. The growing emphasis on the digitalization of tax audits and tax management driven by the COVID-19 pandemic is anticipated to drive the market's growth over the forecast period. Furthermore, the rising demand for automating taxation, including tax compliance, is fueling the market's growth. The rising investments by venture capital firms into tax management software providers are another major factor driving the growth of the market. For instance, in April 2023, TaxCloud, a sales tax compliance platform provider for e-commerce businesses, announced that it raised USD 20 million through a growth equity round led by Camber Partners, a growth equity firm. The company aimed to utilize these funds to offer service to its customers and expand its product offerings while boosting marketing efforts, and sales operations.
Tax management software enables businesses to increase their efficiency by reducing the time and effort required for managing taxation. Furthermore, many tax management software tools come with various features of expense tracking, invoice creation, payroll management, and report generation, among others. Thus, such benefits are expected to drive the market growth. The global pandemic has been favorable to market growth. The remote work culture and social distancing led to the digitalization of taxation across the globe. As a result of this digitalization, the online tax filing feature enabled market players to penetrate their products into the market. Furthermore, the rising use of the internet and growing cloud infrastructure bodes well for the growth of the market.
Tax Management Software Market Report Highlights:
- The software segment dominated the market in 2022 due to the increasing product adoption on account of the rising ambiguity among taxpayers regarding tax regulations
- The tax compliance software segment dominated the market in 2022 owing to its ability to file returns, calculate taxes, and manage tax records, along with the tax tables with rates and rules for jurisdictions worldwide
- The direct tax segment dominated the market in 2022 on account of the increased filing of income tax by businesses and professionals
- The cloud segment is projected to witness the fastest CAGR over the forecast period due to the convenience offered by the cloud software enabling users with multi-device access
- The large enterprises segment dominated the market in 2022. The dominance can be attributed to the increased product adoption by large enterprises as they aim to gain efficiency in the taxation process
- The retail segment is projected to grow at the fastest CAGR over the forecast period due to the increasing online shopping trends. A rise in digital transactions across the retail sector has also resulted in the product adoption
- North America led the market in 2022. The strong presence of prominent players and high product adoption across the region are anticipated to fuel regional market growth
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definitions
- 1.3. Information Procurement
- 1.4. Information Analysis
- 1.4.1. Market Formulation & Data Visualization
- 1.4.2. Data Validation & Publishing
- 1.5. Research Scope and Assumptions
- 1.6. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Driver Impact Analysis
- 3.3.1.1. Complex nature of tax systems across the globe
- 3.3.1.2. Increasing digitalization and rising volume of financial transaction across verticals
- 3.4. Market Challenge Impact Analysis
- 3.4.1. Confidential data and privacy concerns
- 3.5. Impact of COVID-19 Pandemic
- 3.6. Industry Analysis Tools
- 3.6.1. Porter's Analysis
- 3.6.2. PESTEL Analysis
Chapter 4. Tax Management Software Market: Component Estimates & Trend Analysis
- 4.1. Component Movement Analysis & Market Share, 2022 & 2030
- 4.2. Tax Management Software Market Estimates & Forecast, By Component
- 4.2.1. Software
- 4.2.2. Professional Services
Chapter 5. Tax Management Software Market: Type Estimates & Trend Analysis
- 5.1. Type Movement Analysis & Market Share, 2022 & 2030
- 5.2. Tax Management Software Market Estimates & Forecast, By Type
- 5.2.1. Corporate Tax Software
- 5.2.2. Professional Tax Software
- 5.2.3. Tax Preparer Software
- 5.2.4. Tax Compliance Software
- 5.2.5. Others
Chapter 6. Tax Management Software Market: Tax Type Estimates & Trend Analysis
- 6.1. Tax Type Movement Analysis & Market Share, 2022 & 2030
- 6.2. Tax Management Software Market Estimates & Forecast, By Tax Type
- 6.2.1. Indirect Tax
- 6.2.2. Direct Tax
Chapter 7. Tax Management Software Market: Deployment Estimates & Trend Analysis
- 7.1. Deployment Movement Analysis & Market Share, 2022 & 2030
- 7.2. Tax Management Software Market Estimates & Forecast, By Deployment
- 7.2.1. Cloud
- 7.2.2. On-premise
Chapter 8. Tax Management Software Market: End-user Estimates & Trend Analysis
- 8.1. End-user Movement Analysis & Market Share, 2022 & 2030
- 8.2. Tax Management Software Market Estimates & Forecast, By End-user
- 8.2.1. Large Enterprises
- 8.2.2. Small & Medium Enterprises
Chapter 9. Tax Management Software Market: Industry Vertical Estimates & Trend Analysis
- 9.1. Industry Vertical Movement Analysis & Market Share, 2022 & 2030
- 9.2. Tax Management Software Market Estimates & Forecast, By Industry Vertical
- 9.2.1. BFSI
- 9.2.2. Healthcare
- 9.2.3. Retail
- 9.2.4. Manufacturing
- 9.2.5. Real Estate
- 9.2.6. Others
Chapter 10. Tax Management Software Market: Regional Estimates & Trend Analysis
- 10.1. Tax Management Software Market: Regional Outlook
- 10.2. North America
- 10.2.1. North America tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.2.2. U.S.
- 10.2.2.1. U.S. tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.2.3. Canada
- 10.2.3.1. Canada tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.3. Europe
- 10.3.1. Europe tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.3.2. UK
- 10.3.2.1. UK tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.3.3. Germany
- 10.3.3.1. Germany tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.3.4. France
- 10.3.4.1. Germany tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.4. Asia Pacific
- 10.4.1. Asia Pacific tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.4.2. China
- 10.4.2.1. China tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.4.3. India
- 10.4.3.1. India tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.4.4. Japan
- 10.4.4.1. Japan tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.4.5. South Korea
- 10.4.5.1. South Korea tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.4.6. Australia
- 10.4.6.1. Australia tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.5. Latin America
- 10.5.1. Latin America tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.5.2. Brazil
- 10.5.2.1. Brazil tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.5.3. Mexico
- 10.5.3.1. Mexico tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.6. Middle East & Africa
- 10.6.1. Middle East & Africa tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.6.2. Kingdom of Saudi Arabia (KSA)
- 10.6.2.1. Kingdom of Saudi Arabia (KSA) tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.6.3. UAE
- 10.6.3.1. UAE tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
- 10.6.4. South Africa
- 10.6.4.1. South Africa tax management software market estimates & forecasts, 2017 - 2030 (USD Billion)
Chapter 11. Competitive Landscape
- 11.1. Company Categorization
- 11.2. Participant's Overview
- 11.2.1. Wolters Kluwer N.V
- 11.2.2. SAP SE
- 11.2.3. Thomson Reuters
- 11.2.4. Intuit, Inc.
- 11.2.5. Corvee, LLC
- 11.2.6. HRB Digital LLC
- 11.2.7. TaxJar
- 11.2.8. Vertex, Inc.
- 11.2.9. TaxSlayer LLC
- 11.2.10. Avalara, Inc.
- 11.3. Financial Performance
- 11.4. Product Benchmarking
- 11.5. Company Market Positioning
- 11.6. Company Market Share Analysis, 2022
- 11.7. Company Heat Map Analysis
- 11.8. Strategy Mapping
- 11.8.1. Expansion
- 11.8.2. Collaborations
- 11.8.3. Mergers & Acquisitions
- 11.8.4. New Product Launches
- 11.8.5. Partnerships
- 11.8.6. Others