Tax Management Software Market Size, Industry Share and Growth Rate 2026
The global tax management software market size is projected to reach USD 11.19 billion by the end of 2026. The increasing demand for automated software will have a direct impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Tax Management Software Market Size, Share & Industry Analysis, By Component (Software, Professional Services), By Deployment (On-Premises, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Vertical (BFSI, Healthcare, Retail, Manufacturing, Energy and Utilities, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 5.24 in 2018 and will exhibit a CAGR of 10.4% during the forecast period, 2019-2026.
Tax management software is a system that is used to manage huge amount of data in software offices and industries across the world. The use of automated concepts has led to optimum efficiency in data management. The high investments in the development of efficient tax management software will contribute to the growth of the market in the coming years. The high investments have yielded a few exceptional products in recent years. Tax management software is used to perform several purposes such as filing returns and operate within the compliances set by governing bodies across the world. The properties of these products have helped companies save financial resources as well as time. The presence of several large scale companies will have a positive impact on the growth of the market in the foreseeable future.
A few of the leading companies that are operating in the market include:
Wolters Kluwer N.V.
Sovos Compliance, LLC
HRB Digital LLC
North America to Emerge Dominant; Increasing Adoption of Automated Products Will Aid Growth
The report analyzes the ongoing tax management software market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, the market in North America held the largest market share in 2018. The presence of several large scale companies has boded well for the companies in recent years. The increasing industrialization, coupled with the increase in the number of IT offices will emerge in favor of market growth. As of 2018, the market in North America was worth USD 1.97 billion and this value is projected to increase further in the coming years. The market in Asia Pacific will also witness considerable growth in the coming years, driven by the constantly rising population in several countries across this region.
October 2017: SAP SE announced the launch of SAP S/4HANA, an intelligent ERP suite. This product will help companies achieve on-time delivery for regulatory obligations such as VAT, GST, WHT (withholding tax), SAF-T (Standard Audit File for Tax) and asset reporting.