Tax Management Software Market Overview:
The Tax Management Software Market was valued at 16.01 billion in 2019 and is presumed to reach USD 27 billion by 2029, with a CAGR of 11.5%. The tax management software calculates and creates customer-centric statements and invoices for all tax revenue types. The software supports e-billing and integrates with customer account management to register receivables.
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The Major Players Covered in this Report: 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.), & more…
By Component, Software, Services– Training services, Consulting and implementation,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
Years that have been considered for the study of this report are as follows:
- History Year: 2015-2018
- Base Year: 2019
- Estimated Year: 2020
- Forecast Year: 2021 to 2029
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- The U.S.
- The U.K.
- The Rest of Europe
The Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- The Rest of MEA
- South Korea
- The Rest of Asia-Pacific
- The Rest of South America
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Impact of COVID-19:
COVID-19 has had a devastating effect on all industry verticals globally. Rapid growth in business operations, post the COVID-19 outbreak, is projected to drive the adoption of the software to determine the current and frozen year tax values. Furthermore, changing taxation policies by various central governments amidst coronavirus outbreaks is projected to increase the adoption of tax management software. For instance, in 2020, Saudi Arabia tripled the taxes on essential goods, which is about 15% amidst the COVID-19 outbreak.
- In 2019, Avalara acquired Portway International, providing system classifications and outsourced customs brokerage services
- In 2019, The Attilio Group (TAG), a cloud-based back-office solution provider, adopted the SOVOS cloud tax management solution to eliminate the time-consuming and inefficient tax reporting process
- In 2019, an urban co-operative bank in Surat (India) deployed TaxGenie GST Compliant System to enable GST liability, recognize ITC, and generate tax invoices. Tax Genie provides a customized engine for the identification of GST liability, recognition of ITC, and invoice management.
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