PUBLISHER: SkyQuest | PRODUCT CODE: 1260045
PUBLISHER: SkyQuest | PRODUCT CODE: 1260045
Global Tax Management Market size was valued at USD 5.24 billion in 2021 and is projected to reach USD 11.19 billion by 2028, at a CAGR of 10.4% during the forecast period (2022-2028).
The software and services that businesses use to manage their tax compliance, reporting, and planning are referred to as being in the global tax management market. Solutions for figuring out tax responsibilities, drafting and submitting tax forms, and handling tax audits are all included in this.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Tax Management Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global Tax Management Market is segmented on the basis of Component, Tax Type, Deployment mode, Organization size, Industry Vertical, and region. By Component, the market is segmented into the Software, and Services. By Tax type, the market is segmented into the Indirect tax, and Direct tax. By Deployment mode, the market is segmented into the On-premise, Cloud. By Organization size, the market is segmented into the large enterprises, SMEs. By Industry Vertical, the market is segmented into the BFSI, Manufacturing, IT and Telecom, Retail and E-Commerce, Energy and Utility, Healthcare, Media and Entertainment, Others. By region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Driver
The global tax management market is the increasing complexity of tax regulations. Tax laws and regulations are constantly changing, and it can be challenging for organizations to keep up with the latest requirements. Tax management solutions can help organizations stay compliant by providing up-to-date information and automating tax-related processes. the tax management market is the need for greater efficiency and accuracy. Manual tax processes can be time-consuming and prone to errors, which can lead to penalties and fines. Tax management solutions can automate these processes and reduce the risk of errors, saving organizations time and money.
Restraint
The lack of skilled professionals. Tax management requires specialized knowledge and expertise, and there is a shortage of professionals with these skills. This can make it difficult for organizations to implement and maintain tax management solutions.
Market Trends
The tax management market is the increasing use of cloud-based solutions. Cloud-based solutions offer greater flexibility and scalability than traditional on-premise solutions, and can be more cost-effective for SMEs. the integration of tax management with other business processes. Many organizations are integrating tax management with their financial and accounting systems, to provide a more holistic view of their finances and improve decision-making. In addition, there is a growing trend towards automation and artificial intelligence (AI) in tax management. These technologies can streamline tax-related processes, reduce the risk of errors, and provide valuable insights for decision-making.