Tax Management Market Value By Offering (Software, Services), By Industry Verticals (Information Technology and Telecom, Media and Entertainment, Banking, Financial Services, and Insurance, Manufacturing, Healthcare and Life Sciences, Energy and Utilities, Retail, Others), By Region - Industry Statistics & Forecast, 2023 - 2032

Market Overview:

• Tax Management Market size was exceeded USD 20.1 Billion in 2022.
• The industry is projected to expand at a CAGR of over 9.5% from 2023 to 2032. 
• By the end of the forecast period, the market is expected to reach a valuation of around USD 39.4 Billion.

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Tax management refers to the process of planning, organizing, and controlling all aspects of an individual or organization's taxes in order to minimize tax liabilities and comply with tax laws and regulations. It encompasses various strategies and techniques aimed at optimizing tax planning, preparation, and reporting. Effective tax management involves staying up-to-date with the latest tax regulations, understanding tax implications of various financial decisions, and leveraging tax incentives and credits to minimize tax liabilities. It is essential for individuals and businesses to have a comprehensive tax management plan in place to avoid unnecessary tax expenses and penalties.

Tax management can involve a wide range of activities, including tax planning, tax preparation, tax compliance, and tax audit support. In today's complex tax landscape, tax management has become increasingly important for businesses of all sizes and industries, as well as for individual taxpayers. For instance, according to a survey by the National Taxpayer Advocate, 56% of taxpayers find the US tax system complex and difficult to understand.

As more businesses adopt digital technology, there is a growing need for tax management solutions that can integrate with existing systems and workflows. In a survey conducted by the National Society of Accountants, 63% of small businesses reported spending more than 40 hours per year on tax preparation and planning.

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By Tax Type Synopsys:      

Direct taxes, such as corporate tax, wealth tax, estate duty, gift tax, fringe benefits tax, and professional tax, are paid by taxpayers directly to the government without the involvement of intermediaries. These taxes are within the scope of this study. To cater to the changing market needs, vendors are offering intuitive and comprehensive direct tax solutions. Direct tax software can file multiple types of returns and provide centralized user administration that simplifies tax compliance processes. Tax filing for multi-state and multi-national organizations can be challenging due to differences in jurisdictions. Nevertheless, direct tax management software can help in filing state, local, and international returns more accurately, quickly, and securely.

Regional Overview:

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North America held the 29% of shares in the tax management market, with the United States being the major contributor to the market. The region's growth is due to the complexity of the US tax system and the need for efficient tax management solutions. The adoption of cloud-based tax management solutions is also driving the growth of the market in the region. 

Furthermore, governments around the world are introducing initiatives and incentives to encourage businesses to adopt digital tax management solutions. For example, in the US, the IRS has introduced a program that offers free tax preparation software to low-income taxpayers.

Key Development:

• In 2021, Thomson Reuters announced the launch of ONESOURCE Indirect Tax Rates, a cloud-based tax solution that provides real-time access to global tax rates and rules for businesses. The solution is designed to help businesses navigate the complex and ever-changing world of indirect taxes.
   
• In 2021, H&R Block announced the acquisition of Wave Financial, a cloud-based accounting and invoicing software for small businesses. The acquisition will allow H&R Block to expand its services and provide tax management solutions for small businesses.
   
• In 2021, Avalara announced the launch of Avalara Licensing for Hospitality, a cloud-based solution that automates licensing and tax calculation for hospitality businesses. The solution is designed to help businesses stay compliant with the complex and ever-changing world of licensing and taxes.

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Top companies includes in the global tax management landscape:

• Wolters Kluwer N.V.
• Avalara Inc.
• Blucora, Inc.
• TaxSlayer
• Thomson Reuters
• TaxJar
• HRB Digital LLC.
• Sovos Compliance, LLC
• Intuit Inc
• SAP SE
• Others

In-depth analysis of tax management market along with industry coverage and forecasting for the following segments:

Market Size, By Offering

• Software
• Services

Market Size, By Tax Type

• Direct Tax
• Indirect Tax

Market Size, By Deployment

• Cloud
• On-premises

Market Size, By Industry Verticals

• Information Technology (IT) and Telecom
• Media and Entertainment
• Banking, Financial Services, and Insurance (BFSI)
• Manufacturing
• Healthcare and Life Sciences
• Energy and Utilities
• Retail
• Others

Market Size, By Region

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America