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Tax Management Market Size

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

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Tax Management Market Size

Tax Management Market size surpassed USD 20 billion in 2022 and is expected to grow at a CAGR of 10% between 2023 and 2032. Driven by the wide usage of cloud-based tax compliance solutions.

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The industry demand is primarily fueled by increasing government support. Government initiatives to fix public finances by broadening the revenue base are expanding the scope for product preference. For instance, the Income Tax Department of India launched Annual Information Summary in November 2021 that manages the tax data and Taxpayer Information Summary aids in filling returns.

Tax Management Market Report Attributes
Report Attribute	Details
Base Year:	2022
Tax Management Market Size in 2022:	USD 20 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	10%
2032 Value Projection:	USD 50 Billion
Historical Data for:	2018 to 2022
No. of Pages:	386
Tables, Charts & Figures:	386
Segments covered:	Component, Organization Size, Deployment Mode, Tax, End-use and Region
Growth Drivers:	Growing redesigning and digitizing strategy Increasing government support Rising deployment of cloud based ERP Digital tax administration integrated solution for tax compliance
Pitfalls & Challenges:	Security issues Frequent updates to tax laws

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Furthermore, the mounting adoption of integrated solutions for tax compliance is poised to stimulate the tax management market growth. Emphasis on digitalization for tax audits and tax management among firms has encouraged companies to develop new integrated tax compliance software and services, fostering the market outlook. Recently, in February 2023, Vertex Inc., a tax compliance solution provider, unveiled its innovative Edge Cloud Solution, Vertex Indirect Tax O Series. This system supports retailers automate, configure, and deploy containerized tax engines.

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.