What Has Been The Evolution of the Generative Artificial Intelligence AI In Corporate Tax Management Market in Recent Years?
The generative artificial intelligence ai in corporate tax management market has seen considerable growth due to a variety of factors.
• The market size for generative artificial intelligence (AI) in the field of corporate tax management has seen stellar growth in the recent past. The market, standing at $1.86 billion in 2024, is projected to climb to $2.44 billion in 2025, reflecting a compound annual growth rate (CAGR) of 31.0%.
The rise observed in the historical timeframe is linked to factors such as greater AI adoption by tax experts, enhanced transaction volumes, increased use of web-based e-commerce, a surge in digital transactions, and a higher demand for tax software.
What Is the Forecasted Market Size and Growth Rate for The Generative Artificial Intelligence AI In Corporate Tax Management Market Size In The Coming Years?
The generative artificial intelligence ai in corporate tax management market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of generative artificial intelligence (AI) in the corporate tax management sector is anticipated to witness an exponential surge in the upcoming years. The market is projected to expand to $7.13 billion by 2029 with a compound annual growth rate (CAGR) of 30.7%.
The projected growth during the forecasted period can be associated with the assessment of industry-specific transformations and the production of forecasts derived from financial statements, international tax laws, alterations in transfer pricing, employee remuneration schemes, as well as the escalating demand for automation. Predictive analytics for tax strategy, technological breakthroughs, improved fraud identification, optimization of cross-border tax, and flawless amalgamation with ERP systems are some of the key trends anticipated during the forecast period.
What Factors Are Driving Growth In The Generative Artificial Intelligence AI In Corporate Tax Management Market?
The surge in corporate investments is anticipated to fuel the expansion of the generative artificial intelligence (AI) within the field of corporate tax management. This uptick in investments can be attributed to growing economic recovery confidence and the pursuit of growth opportunities powered by innovation. Generative AI in corporate tax management adds value by fine-tuning tax strategies, streamlining compliance processes, and offering data-focused insights for informed strategic decisions, thus cutting costs and enhancing financial efficiency. For instance, the UK's Office for National Statistics reported in March 2024 that UK business investment in the fourth quarter of 2023 (October to December) saw an increase by 1.4%, signifying a 2.8% rise compared to the corresponding period from the previous year. Over the course of 2023, annual business investment in the UK witnessed a 5.5% growth. Hence, the rising corporate investments are catalyzing the expansion of generative artificial intelligence (AI) in the corporate tax management market.
What Are The Main Segments Of The Global Generative Artificial Intelligence AI In Corporate Tax Management Market?
The generative artificial intelligence (AI) in corporate tax management market covered in this report is segmented –
1) By Component: Services, Software
2) By Deployment Mode: Cloud, On-Premises
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Tax Compliance, Tax Controversy Management, Tax Planning And Advisory, Tax Reporting, Other Applications
5) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Energy And Utilities, Healthcare And Pharmaceuticals, Information technology (IT) And Telecommunications, Manufacturing, Retail And E-Commerce, Other Industry Verticals
Subsegments:
1) By Services: Consulting Services, Implementation Services, Managed Services, Support And Maintenance Services
2) By Software: Tax Compliance Software, Tax Planning Software, Tax Reporting Software, Tax Research Software, Integrated Tax Management Software
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Which Emerging Market Trends Are Altering The Generative Artificial Intelligence AI In Corporate Tax Management Industry?
Leading firms in the generative AI sector for corporate tax management are centring their efforts on the creation of sophisticated solutions, including AI platforms. These innovations aim to improve the efficiency, precision, and compliance of tax planning and reporting procedures. An AI platform is a software or system that utilizes artificial intelligence to address diverse tax-related responsibilities. For instance, Ernst & Young Global Limited, a renowned accounting firm based in the UK, introduced EY.ai in September 2023. This new unifying platform is designed to aid organizations in confidently embracing AI. It delivers several unique attributes, including a modernized payroll care system that leverages ChatGPT to manage intricate payroll queries proficiently. Moreover, it encompasses a business intelligence platform that offers a holistic view of growth and risk through generative AI, and a safe large language model capable of supporting a variety of applications, from conversational AI to product development.
Who Are the Key Players In The Generative Artificial Intelligence AI In Corporate Tax Management Market?
Major companies operating in the generative artificial intelligence (AI) in corporate tax management market are:
• Amazon Web Services Inc.
• Deloitte Touche Tohmatsu Limited
• PricewaterhouseCoopers
• Ernst & Young Global Limited
• KPMG International Limited
• SAP SE
• Capgemini SE
• BDO Global
• Intuit Inc.
• RSM International
• Thomson Reuters Corporation
• Wolters Kluwer N.V.
• Baker Tilly International
• Alvarez & Marsal Holdings LLC
• Alteryx Inc.
• Avalara Inc.
• EisnerAmper LLP
• Wipfli LLP
• Marcum LLP
• Vertex Inc.
• ClearTax Private Limited
What Is The Most Dominant Region In The Generative Artificial Intelligence AI In Corporate Tax Management Market?
North America was the largest region in the generative artificial intelligence (AI) in corporate tax management market in 2024. The regions covered in the generative artificial intelligence (AI) in corporate tax management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
