What Has Been the Progress and Growth of the Tax Management Market in Recent Years?
The tax management market has seen considerable growth due to a variety of factors.
• The size of the tax management market has been expanding fast in the last few years. The market's worth will surge from $23.39 billion in 2024 to reach $26.31 billion by 2025, with a compound annual growth rate (CAGR) of 12.5%.
The robust economic development in emerging markets, growth in disposable income, increasing intricacy of tax regulations, and a surge in digital financial transactions have driven the market's growth during the historic period.
What Is The Projected Growth Of The Tax Management Market?
The tax management market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for tax management is predicted to experience significant expansion in the coming years. A projected growth to $41.78 billion, with a compound annual growth rate (CAGR) of 12.3%, is expected by 2029.
Factors contributing to this surge within the forecast period include increased government backing, fast-paced urbanization, population growth, and a sharper uptake of digital channels and cloud-based methods. The period is also expected to see an uptick in trends such as increased investment in artificial intelligence, a shift towards digital business solutions, a focus on innovative technologies, prioritization of cloud-based tax return solutions for optimized workflow, and the development of self-service platforms for clients.
What Are the Critical Driver Fuelling the Tax Management Market's Growth?
The expansion of the tax management market has been propelled forward by the escalating complexity of tax codes in many countries around the globe. These codes require that tax management ensures adherence to these taxation laws. The multifaceted nature of these tax codes necessitates that tax managers remain informed about the most current regulations, comprehend the complexity of different provisions, and guarantee their organization is in complete compliance with all relevant tax laws. As per a study conducted by the National Taxpayers Union Foundation, a neutral research and education organization based in the United States, the complexity and compliance challenges of the tax code have seen a rise in recent years. In 2022, the time taken to comply with the tax code, which includes recordkeeping, understanding the law, completing the necessary forms and schedules, and providing the essential information to the IRS (Internal Revenue Service) was a staggering 6.55 billion hours. The projected cost of adhering to the tax code in 2022 was a hefty $364 billion, experiencing an increase of $25 billion (7.4 percent) compared to the previous year. Therefore, the growing intricacy of tax codes is expected to increase the demand for tax management products and services.
What Are The Principal Market Segments In The Global Tax Management Healthcare Industry?
The tax management market covered in this report is segmented –
1) By Type: Software, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Small And Medium Sized Enterprises (SMES), Large Enterprises
4) By Application: Corporate Banking Financial Services And Insurance (BFSI), Information Technology (IT) And Telecom, Manufacturing, Energy And Utilities, Retail, Healthcare And Life Sciences, Media And Entertainment, Other Verticals
Subsegments:
1) By Software: Tax Filing And Compliance Software, Tax Reporting Software, Tax Planning And Analytics Software, Document Management Software
2) By Services: Consulting Services, Implementation And Integration Services, Support And Maintenance Services, Training And Education Services
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Which Emerging Market Trends Are Altering The Tax Management Market?
Advancements in technology is an emerging trend that is gaining traction in the tax management market. Major firms within the sector are concentrating their efforts on embracing technological enhancements to stay ahead of the competition. As an example, in May 2022, J.P. Morgan, a renowned investment banking institution from the US, released a new Tax-Smart Separately Managed Account (SMA) Platform. This platform empowers advisors to craft individualized portfolios and secure improved after-tax yields for their customers, integrating J.P. Morgan's investment knowledge with the tax-intelligent technology of 55ip.
Who Are the Key Players in the Tax Management Market?
Major companies operating in the tax management market include:
• Intuit
• Wolters Kluwer
• Thomson Reuters
• SAP,Avantax. Inc
• Vertex Inc
• Avalara
• Sovos Compliance
• Automatic Data Processing Inc
• Meru Accounting
• Whiz Consulting Private Limited
• IMC Group
• Savage & Palmer
• Shoolin Consultancy
• Nimblefincorp
• Setindiabiz
• BBNC
• Valuenode
• Invensis Inc
• Sapience Pro
• Zhongrui Yuehua
• GFC Consulting Co Ltd Shanghai
• Guangdong SILIQUE Group Co. Ltd
• AVASK Accounting and Business Consultants Ltd
• UTV Motion Pictures limited.
• Eros International
• Dharma Productions
• Red Chilies Entertainment
• Makesworth Accountants
• CJM Associates
• The Accountancy Partnership
• Salient Accounting & Finance
• Burnt Orange Accounting
• BBK Partnership
• TaxAssist Accountants
• Crowe Poland
• PwC Poland
• Konsu
• Dezan Shira & Associates
• Sberbank
• Société Générale TKB Investment Partners
• Alfa Capital
• UFG Asset Management
• PZU Group
• Aviva Investors Poland
• H&R Block
• Ernst & Young
• KPMG International Limited
• Zeni AI
• TOTVS
• TPC Group
• Al Tamimi & Company
• RSM UAE
• Baker Tilly South Africa
• Mazars
What are the Regional Insights into the Tax Management Market?
North America was the largest region in the tax management market in 2024. The regions covered in the tax management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
