DUBLIN–(BUSINESS WIRE)–The “Global Tax Management Software Market Report 2022” report has been added to from ResearchAndMarkets.com offer.
The global tax management software market is expected to grow from $15.66 billion in 2021 to $18.25 billion in 2022 at a compound annual growth rate (CAGR) of 16.5%. The tax management software market is expected to reach $30.47 billion in 2026 with a CAGR of 13.7%.
The tax management software market includes sales tax management software by entities (organizations, sole proprietorships, and partnerships) that are used to assist in the control and mitigation of tax-related transactions. Tax management software provides centralized tax setup, management, and reporting for businesses.
It is used in conjunction with other financial modules that consolidate tax information from all financial documents into a single repository and generate tax reports. It also interacts with financial management modules, allowing it to correctly calculate taxes on each transaction.
North America was the largest region in the tax management software market in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period. Regions covered in Tax Management Software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
An increase in online digital transactions is expected to propel the growth of the tax management software market in the future. Many governments find it necessary to increase tax compliance and revenue collection in order to pay for public goods and services.
For this reason, tax administrations are automating their operations and undertaking digital transactions, which would make tax reforms successful and sustainable, ensuring that the digital economy is properly taxed and reducing barriers to compliance. For example, according to Mint, a financial newspaper based in India, the volume of digital payments in India increased by 33% year-on-year (YoY) in the financial year (FY) 2021-2022.
Total digital payment transactions of 7,422 crore ($933 million) were recorded during this period, compared to 5,554 crore ($698.24 million) in the 2020-21 financial year. Hence, an increase in online digital transactions is driving the demand for the tax management software market.
Technological advancement is a key trend gaining popularity in the tax management software market. Major companies operating in the tax management software industry are focusing on developing technologically advanced products to strengthen their position in the market. For example, in 2021, Wolters Kluwer NV, a Netherlands-based information services company, launched the cloud-based expert solution CCH AxcessTM Validate, which uses blockchain to help auditors at CPA firms accelerate audits. bank confirmations.
Its blockchain-enabled workflow provides businesses with the simplicity, speed, and confidence that auditors need in today’s environment, reducing the authorization portion of the audit process to 5 minutes or less. Such technological advancements will ensure that operations are handled easily and in less time.
In April 2021, Avalara Inc., a US-based software company, acquired DAVO Technologies LLC for an undisclosed amount. With this acquisition, Avalara plans to help DAVO’s teams and products in critical areas, including small business compliance requirements and partner synergies, as well as advancing its goal of becoming the platform for universal cloud compliance for businesses of all sizes. DAVO Technologies LLC is a US-based company that helps emerging small businesses automate day-to-day and ongoing sales tax requirements.
Key players in the Tax Management Software market are
H&R Block Inc.
Wolters Kluwer SA
Compliance Sovos LLC
Main topics covered:
2. Characteristics of the Tax Management Software Market
3. Tax Management Software Market Trends and Strategies
4. Impact of COVID-19 on tax management software
5. Tax Management Software Market Size and Growth
5.1. Global tax management software historical market, 2016-2021, USD billion
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Tax Management Software Forecast Market, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints
6. Tax Management Software Market Segmentation
6.1. Global tax management software market, segmentation by component, historical and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars
6.2. Global tax management software market, segmentation by tax type, history and forecast, 2016-2021, 2021-2026F, 2031F, billions of dollars
6.3. Global Tax Management Software Market, Segmentation by Deployment Mode, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
6.4. Global tax management software market, segmentation by company size, history and forecast, 2016-2021, 2021-2026F, 2031F, billion dollars
Small and medium-sized enterprises (SMEs)
6.5. Global Tax Management Software Market, Segmentation by Vertical, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
Energy and Utilities
7. Regional and Country Analysis of Tax Management Software Market
7.1. Global tax management software market, split by region, historical and forecast, 2016-2021, 2021-2026F, 2031F, in USD billion
7.2. Global tax management software market, split by country, historical and forecast, 2016-2021, 2021-2026F, 2031F, in USD billion
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