Adroit Market Research - Industry Insights
Tax Management Market by Component (Software and Service), Tax type (Direct Tax and Indirect Tax), End Users (Individual and Commercial), Industry Vertical (BFSI, Retail, Manufacturing, Healthcare, IT & Telecom, Media & Entertainment, and Others), and by Region (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America), Global Forecast, 2018 to 2025
Apr 2020
Total Pages: 113
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Imposed by the government, tax is an obligatory charge levied on a taxpayer to spend on the welfare of the public. However, on the ground of failure to pay taxes is punishable by law and it can lead to severe actions taken by the tax authorities. Moreover, tax management allows users to manage their income, transactions, and expenses. In addition, the software is specifically designed to deliver companies or individuals to ensure tax compliance for customs, income tax, service tax, VAT, sales tax, corporate tax, and other similar taxes.
The global tax management market size is anticipated to reach nearly USD 32 billion by 2025. This can be attributed to the increasing number of transactions due to digitization across numerous industry verticals. Also, complexities associated with the existing tax systems are one of the major reasons driving the tax management market growth.
.png "Global Tax Management Market 2018-2025 (USD Billion)")
However, the growing concern about the confidentiality of data is expected to hamper the market growth. Furthermore, the advent of blockchain technology is expected to offer lucrative growth opportunities for the market in the forthcoming years.
Key Segments of the Global Tax Management Market
Component Overview, 2018-2025 (USD Billion)
- Software
- Services
Tax Type Overview, 2018-2025 (USD Billion)
- Direct Tax
- Indirect Tax
End Users Overview, 2018-2025 (USD Billion)
- Individual
- Commercial
Industry Vertical Overview, 2018-2025 (USD Billion)
- BFSI
- Retail
- Manufacturing
- Healthcare
- IT & Telecom
- Media & Entertainment
- Others
Regional Overview, 2018-2025 (USD Billion)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global tax management market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Tax Management market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Tax management industry and their strategic initiatives for the Component development
- The study covers a qualitative and quantitative analysis of the market segmented based on component, tax type, end-users, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global tax management market. The report will benefit: Every stakeholder involved in the tax management market.
- Managers within the Tax management industry looking to publish recent and forecasted statistics about the global tax management market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global tax management market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
The tax management software streamlines the overall process of calculating the company's or individuals' tax obligations/compulsions and filing tax through tax forms. The major reason behind the growing adoption of tax management software is the increasing need to minimize human errors and provide users with an easy solution to calculate tax payment. Moreover, the increasing regulations and strict policies related to tax systems are expected to create lucrative opportunities for the market in the upcoming years. Furthermore, the increasing adoption of digitalization across the financial sector is also fuelling the demand for tax management solutions and systems.
Component Segment
Based on the component segment, the market is divided into software and services. In 2019, the software segment gathered the highest market revenue and it is projected to remain dominant throughout the forecast period. The dominance of this segment is primarily attributed to the increasing preference for cloud-based software deployments. However, the services segment is projected to attain the highest growth during the forecast period.
Tax Type Segment
Based on the tax type, the market is segmented into direct tax and indirect tax. The indirect tax segment held the market share in 2019 and it is projected to remain dominant throughout the forecast period. On the contrary, the direct tax segment is estimated to gather the major CAGR during the forecast period 2020-2025.
End Users Segment
Based on end-users, the market is segmented into individual and commercial users. In 2019, the commercial segment gathered the highest market share. However, the individual users' segment is expected to experience major market growth during the forecast period.
Industry Vertical Segment
In terms of the industry vertical, the market is segregated into BFSI, retail, manufacturing, healthcare, IT & telecom, media & entertainment, others. In 2019, the BFSI segment accounted for the highest market share. The growth of this segment is primarily attributed to the increasing number of transactions due to the growing adoption of digital payment systems. On the contrary, the retail industry is projected to gather the highest growth among the other industries.
The North America region is anticipated to gather the highest market share during the forecast period. The dominance of this region is primarily accredited to the increasing investment in new sports analytics technology. However, the Asia-Pacific region is anticipated to experience significant growth during the forecast period 2020-2025. The market growth in this region is mainly attributed to the increasing number of sports leagues and the growing trend of digitalization in this region.
.png "North America Tax Management Market 2018-2025 (USD Billion)")
The major players of the global tax management market are SAP, Wolters Kluwer, Vertex, Avalara, Intuit, Outright, H&R Block, ADP, Blucora, and Sovos. Moreover, the other potential players in the tax management market are Canopy Tax, DAVO Technologies, Defmacro Software, Sailotech, and TaxCloud. The recognized companies are coming up with innovative and new tax management software solutions. For instance, in November 2019, Avalara, a tax compliance automation software provider partnered with Open Systems, Inc., business management software Solution Company. With this partnership Open Systems, Inc., integrated with Avalara’s SouthWare ERP and ProcessPro solutions to provide a comprehensive view of an entire operation to their customers which would further allow them to make data-driven decisions.
Imposed by the government, tax is an obligatory charge levied on a taxpayer to spend on the welfare of the public. However, on the ground of failure to pay taxes is punishable by law and it can lead to severe actions taken by the tax authorities. Moreover, tax management allows users to manage their income, transactions, and expenses. In addition, the software is specifically designed to deliver companies or individuals to ensure tax compliance for customs, income tax, service tax, VAT, sales tax, corporate tax, and other similar taxes.
The global tax management market size is anticipated to reach nearly USD 32 billion by 2025. This can be attributed to the increasing number of transactions due to digitization across numerous industry verticals. Also, complexities associated with the existing tax systems are one of the major reasons driving the tax management market growth.
However, the growing concern about the confidentiality of data is expected to hamper the market growth. Furthermore, the advent of blockchain technology is expected to offer lucrative growth opportunities for the market in the forthcoming years.
Key Segments of the Global Tax Management Market
Component Overview, 2018-2025 (USD Billion)
- Software
- Services
Tax Type Overview, 2018-2025 (USD Billion)
- Direct Tax
- Indirect Tax
End Users Overview, 2018-2025 (USD Billion)
- Individual
- Commercial
Industry Vertical Overview, 2018-2025 (USD Billion)
- BFSI
- Retail
- Manufacturing
- Healthcare
- IT & Telecom
- Media & Entertainment
- Others
Regional Overview, 2018-2025 (USD Billion)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global tax management market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Tax Management market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Tax management industry and their strategic initiatives for the Component development
- The study covers a qualitative and quantitative analysis of the market segmented based on component, tax type, end-users, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global tax management market. The report will benefit: Every stakeholder involved in the tax management market.
- Managers within the Tax management industry looking to publish recent and forecasted statistics about the global tax management market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global tax management market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Chapter 1 Introduction
1.1 Introduction to the Study
1.2 Market Definition and Scope
1.3 Units, Currency, Conversions and Years Considered
1.4 Key Stakeholders
1.5 Key Questions Answered
Chapter 2 Research Methodology
2.1 Introduction
2.2 Data Capture Sources
2.2.1 Primary Sources
2.2.2 Secondary Sources
2.3 Market Size Estimation
2.4 Market Forecast
2.5 Data Triangulation
2.6 Assumptions and Limitations
Chapter 3 Executive Summary
Chapter 4 Market Outlook
4.1 Introduction
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.1.1 Complexities associated with the existing tax systems
4.3.1.2 Increasing number of transactions due to digitization across numerous industry vertical
4.3.2 Restraints
4.3.2.1 Growing concerns about the confidentiality of data
4.3.2.2 Opportunities
4.3.3.1 Advent of blockchain technology
4.4 Porter’s Five Forces Analysis
4.5 PEST Analysis
Chapter 5 Tax Management Market by Component
5.1 Introduction
5.1.1 Software
5.1.2 Services
Chapter 6 Tax Management Market by Tax Type
6.1 Introduction
6.1.1 Direct Tax
6.1.2 Indirect Tax
Chapter 7 Tax Management Market by End Users
7.1 Introduction
7.1.1 Individual
7.1.2 Commercial
Chapter 8 Tax Management Market by Industry Vertical
8.1 Introduction
8.1.1 BFSI
8.1.2 Retail
8.1.3 Manufacturing
8.1.4 Healthcare
8.1.5 IT & Telecom
8.1.6 Media & Entertainment
8.1.7 Others
Chapter 9 Tax Management Market By Region
9.1 Introduction
9.2 North America
9.2.1 U.S.
9.2.2 Canada
8.3 Europe
9.3.1 Germany
9.3.2 France
9.3.3 UK
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 Rest of Asia Pacific
9.5 Middle East & Africa
9.5.2 South Africa
9.5.3 Rest of Middle East & Africa
9.6 South America
9.6.1 Brazil
9.6.2 Rest of South America
Chapter 10 Competitive Landscape
10.1 Overview
10.2 Strategic Initiatives
10.2.1 Mergers & Acquisitions
10.2.2 New Component Launch
10.2.3 Investments
10.2.4 Expansion
10.2.5 Others
Chapter 11 Company Profiles
11.1 SAP
11.1.1 Overview
11.1.2 Components and Services Portfolio
11.1.3 Recent Initiatives
11.1.4 Company Financials
11.1.5 SWOT
11.2 Wolters Kluwer
11.2.1 Overview
11.2.2 Components and Services Portfolio
11.2.3 Recent Initiatives
11.2.4 Company Financials
11.2.5 SWOT
11.3 Vertex
11.3.1 Overview
11.3.2 Components and Services Portfolio
11.3.3 Recent Initiatives
11.3.4 Company Financials
11.3.5 SWOT
11.4 Avalara
11.4.1 Overview
11.4.2 Components and Services Portfolio
11.4.3 Recent Initiatives
11.4.4 Company Financials
11.4.5 SWOT
11.5 Intuit
11.5.1 Overview
11.5.2 Components and Services Portfolio
11.5.3 Recent Initiatives
11.5.4 Company Financials
11.5.5 SWOT
11.6 Outright
11.6.1 Overview
11.6.2 Components and Services Portfolio
11.6.3 Recent Initiatives
11.6.4 Company Financials
11.6.5 SWOT
11.7 H&R Block
11.7.1 Overview
11.7.2 Components and Services Portfolio
11.7.3 Recent Initiatives
11.7.4 Company Financials
11.7.5 SWOT
11.8 ADP
11.8.1 Overview
11.8.2 Components and Services Portfolio
11.8.3 Recent Initiatives
11.8.4 Company Financials
11.8.5 SWOT
11.9 Blucora
11.9.1 Overview
11.9.2 Components and Services Portfolio
11.9.3 Recent Initiatives
11.9.4 Company Financials
11.9.5 SWOT
11.10 Sovos
11.10.1 Overview
11.10.2 Components and Services Portfolio
11.10.3 Recent Initiatives
11.10.4 Company Financials
11.10.5 SWOT
11.11 Other Companies