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Tax Management Market Share

Report ID: GMI5450
Published Date: Mar 2023
Report Format: PDF

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Tax Management Market Share

Top companies engaging in the tax management market are

Intuit Inc
Thomson Reuters
HRB Digital LLC
Wolters Kluwer N.V.
Avalara Inc
Safesend
Shoeboxed inc
Exemptax
TaxCloud
Avantax
SAP SE
Taxback International
Xero Inc.
Vertex Inc.
Sailotech
Taxslayer
Sage Intact
Canopy tax
DefMacro

They majorly focus on strategic acquisitions and partnerships to attain a strong edge in the industry. To cite an instance, in October 2022, Avalara inc., a cloud-based tax compliance solutions firm, acquired four connectors technology, hired a development team, and licensed other assets from software developing company, AppKnit Inc. to improve oracle ERP growth and make integration of cloud-based tax technology easier.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of tax management was valued at USD 20 billion in 2022 and is poised to witness 10% CAGR from 2023 to 2032, attributable to integrated solutions for tax compliance and increasing government support.

The BFSI application segment dominated around USD 5 billion in 2022, owing to the emergence of new tax slabs and evolving tax compliance, boosting tax revenue.

The indirect segment accounted for 50% of the market share in 2022, as a result of rising expenditure on retail and consumer products, especially in the U.S.

The market for tax management in North America is foreseen to garner over USD 20 billion in revenue by 2032, due to the rapid adoption of cloud-based ERP systems among large firms in the region.