Global Tax Management Market Size 2024, Forecast To 2033
11 Mar, 2024
The tax management market size has experienced rapid growth, escalating from $20.89 billion in 2023 to $23.48 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, the rise in disposable income, the increasing complexity of tax codes, and the increase in digital financial transactions. Moving forward to 2028, the market size is expected to reach $37.11 billion , reflecting rapid growth with a compound annual growth rate (CAGR) of 12.1%. The projected expansion is attributed to factors such as increasing government support, rapid urbanization, a growing population, the adoption of digital channels, and the rise in cloud-based approaches. Key trends in the forecast period encompass increasing investments in artificial intelligence, focusing on digital business solutions, investing in innovative technologies, emphasizing cloud-based tax return solutions to improve workflow, and developing client self-service platforms.
Global Tax Management Market Key Driver
The growth of the tax management market is driven by the increasing complexity of tax codes in the majority of countries. Tax management involves ensuring compliance with intricate tax codes, requiring tax managers to stay updated on regulations and navigate various provisions. According to the National Taxpayers Union Foundation, the complexity of the tax code has increased, consuming 6.55 billion hours for compliance activities in 2022. The estimated cost of complying with the tax code in 2022 was $364 billion, a 7.4% increase from the previous year. This complexity is expected to fuel the demand for tax management products and services. The market size for tax management is anticipated to align with this trend in 2023, and by 2024 and 2028, the continuous complexity of tax codes is projected to contribute to the market's sustained growth.
Get A Free Sample Of The Global Tax Management Market ReportGlobal Tax Management Market Segments
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
By Geography:The regions covered in the tax management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the tax management market in 2023. The regions covered in the tax management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Tax Management Industry Players
Intuit, H&R Block Inc, 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, Whiz Consulting Private Limited, 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
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Tax Management Market Overview
Tax management refers to managing finances to pay taxes and to ensure compliance with the provisions of the Income Tax Act and its related rules. This is concerned with the timely filing of returns, having accounts audited, and deducting tax at source.
Tax Management Global Market Report 2023 provides data on the global tax management market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The tax management market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.