Global Tax Management Software Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Tax Management Software Market Outlook

The global tax management software market would likely grow at a CAGR of 10.5% during 2024-2032. Asia, North America and Europe are likely to be key markets.

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Market Likely to be Propelled by Need for Solutions that Enable Efficient Processes and Reduce Manual Effort

Automated tax management software solutions help spare time, money and personnel, which could be employed in other, more productive processes.  

Modern Solutions Offer Several Advantages

Every industry and business has distinct needs. Modern solutions offer several features and functions to meet such needs, including: 

Automated Data Entry – Tax management software can remove the requirement for manual number entry into tax forms. Financial data are automatically added to necessary documents, eliminating the chances of typing errors or other human errors. 

International Tax Support – Modern tax management software are capable of automatically calculating and reporting necessary data for any area. 

Consistency – Solutions ensure that financial data are consistent through every module.

Easily Readable Records – Tax management software automatically track every taxable financial action, ensuring that any unexplained changes or unusual activity are readily identified. 

Such Advantages are expected to boost the global tax management software market. 

Popular Solutions Include:

Manager – An economical software solution; it is a free accounting suite appropriate for businesses of any size. The solution is better suited to smaller food and beverage, retail, non-profit and educational businesses.

Xero – A solution capable of handling several functions, including tax form management; it is oriented towards smaller businesses owing to its powerful cloud-based platform, and can handle a variety of functions. Xero automates data entry for every aspect of accounting requirements and places all data and processes in one location. It is also cost-effective and easy to use. 

Dynamics 365 Finance – Especially suited to small and mid-sized businesses; it is available on cloud. It is easy to use while having robust automation and core accounting capabilities.

SAP S/4HANA Finance – Automates many processes, helps optimize tax functions make them more efficient. 

Sage Intacct – Offers robust tax management capabilities with basic accounting functions.

In 2022, Altus Group Limited announced that it acquired Rethink Solutions Inc. (developer of the itamlink property tax management software). Such developments are likely to drive the global tax management software market. 

Market Segmentation

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According to component, the market is divided into:

• Services

• Software

According to deployment model, the market is classified into:

• Cloud

• On-Premise

By enterprise size, the market is divided into:

• Large Enterprises

• SMEs

By end user, the global tax management software market is segmented into:

• Retail

• BFSI

• Healthcare

• Energy and Utilities

• Manufacturing

• Others

According to region, the market is classified into:

• Latin America

• Europe

• North America

• Middle East and Africa

• Asia Pacific

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Key Industry Players in the Market

The report offers an extensive assessment of major players in the global tax management software market; it evaluates their capability, observes latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:

• Avalara, Inc.

• CrowdReason, LLC

• Paychex Inc

• Drake Software

• Sovos Compliance, LLC

• TPS Unlimited, Inc. (TaxJar)

• Blucora, Inc.

• Wolters Kluwer N.V.

• Thomson Reuters Holdings Inc.

• ADP, Inc

• Others

Using SWOT analysis and Porter’s Five Forces model, the EMR report offers deep insights into the industry.

Key Highlights of the Report