The Tax Management Software Market to Witness Lucrative Growth Post the COVID-19 Outbreak

Sat, 06 June 2020 3:56

The global Tax management software market is an emerging market and is presumed to grow during the forecast period. The global tax management software market was valued USD 16.01 billion in 2019 and is presumed to reach USD 27 billion by 2029 growing at a CAGR 11.5%. The growth is attributed to increasing trends of financial transactions across industry vertical due to digitization. Furthermore, the complex nature of tax systems is also one of the factors increasing market growth.

Moreover, surge in adoption of process automation across all industries further adds to the growth of tax management software market. However, a surge in the theft of confidential data hinders the market growth.

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Tax Management Software Market?

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Key Highlights

  • The software segment is projected to grow with the highest CAGR comparable on account of evolving tax and accounting laws across the globe
  • The indirect tax segment holds the highest market share on account of growing trade activities and supportive government initiatives
  • The cloud segment is projected to grow with a significant CAGR as it offers high flexibility, scalability, reduction in costs, and high data security
  • By organization size, the SMEs segment dominates the market
  • The BFSI segment dominates the tax management software market on account of surging adoption of process automation
  • The adoption of tax management software is likely to increase post the COVID-19 outbreak
  • North America dominates the tax management software as the region is backed by the presence of prominent players offering tax management solutions
  • Asia-Pacific is projected to witness the fastest growth in the tax management software market on account of surging adoption of process automation

Key Players

  • Automatic Data Processing (the U.S.)
  • Wolters Kluwer N.V (the Netherlands)
  • Thomson Reuters (Canada)
  • Intuit (the U.S.)
  • H&R Block (the U.S.)
  • SAP SE (Germany)
  • Blucora (the U.S.)
  • Sovos Compliance (the U.S.)
  • Vertex (the U.S.)
  • Sailotech (the U.S.)
  • Defmacro Software (India)
  • DAVO Technologies (the U.S.)
  • Xero (New Zealand)
  • TaxSlayer (the U.S.)
  • Taxback International (Ireland)
  • TaxCloud (the U.S.)
  • Drake Enterprises (the U.S.)
  • Canopy Tax (the U.S.)
  • TaxJar (the U.S.)

Tax Management Software Market Segmentation

By Component

  • Software
  • Services

o          Training services

o          Consulting and implementation

o          Support services

By Tax Types

  • Direct tax
  • Indirect tax

By Deployment Mode

  • Cloud
  • On-premise

By Organization Size

  • SMEs
  • Large enterprise

By Industry Vertical

  • BFSI
  • IT and telecom
  • Manufacturing
  • Energy and utilities
  • Retail
  • Healthcare and life science
  • Media and entertainment

By Region

North America

  • The U.S.
  • Canada
  • Mexico


  • The U.K.
  • Italy
  • France
  • Spain
  • Germany
  • The Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Egypt
  • South Africa
  • The Rest of MEA


  • India
  • China
  • Japan
  • Australia
  • South Korea
  • The Rest of Asia-Pacific

South America

  • Columbia
  • Brazil
  • Chile
  • Peru
  • Argentina
  • The Rest of South America

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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