Market Overview:
The global tax management system market is expected to grow at a CAGR of 10.8% from 2018 to 2030. The growth of the market can be attributed to the increasing adoption of cloud-based tax management systems and the growing demand for tax compliance and consulting services. The personal use segment is expected to account for the largest share of the global tax management system market in 2018, followed by commercial use. North America is expected to account for the largest share of the global tax management system market in 2018, followed by Europe and Asia Pacific.
Product Definition:
A tax management system is a computerized system used by businesses and individuals to manage their taxes. This system can automate tasks such as calculating tax payments, preparing tax forms, and tracking deductions. The importance of a tax management system is that it can help businesses and individuals stay organized and ensure that they are paying the correct amount of taxes.
Cloud-based:
Cloud-based is a term used to define software or services that are hosted by a third party on the Internet and can be accessed from any location. The major advantage of cloud-based solutions is that they offer an easy way to store data, which makes them convenient for end users. Cloud computing has been gaining popularity among organizations of all sizes due to its cost effectiveness, scalability, reliability and ease of use.
On-premise:
On-premise software is a type of software that is installed and used directly by the end-users or consumers. The installation process usually requires physical access to the computer systems of end users. On-premise solutions are preferred by large organizations as they have high maintenance requirements, which include frequent updates and patches along with additional services such as support & maintenance.
Application Insights:
The commercial use segment held the largest market share of more than 60% in 2017. The growth can be attributed to the growing adoption of TTMS solutions by large enterprises and multinationals to manage their global tax matters. On the other hand, personal use is expected to be fastest-growing application segment over the forecast period owing to increasing number of individuals who have a taxable income from various sources such as employment, investments, business etc. Therefore,TTMS solution is beneficial for both small and large businesses and organizations that have a complex structure with multiple entities or groups owning different assets/businesses around the world.
The personal use segment also has significant growth potential due to rapid expansion of digital economy worldwide coupled with rising awareness about offshore financial activities resulting in increased demand for offshore compliance solutions among individuals & SMEs across geographies.
Regional Analysis:
North America dominated the global market in 2017. The growth of the region can be attributed to several factors such as increasing adoption of technology, presence of a large number of IT companies and high awareness among users regarding digitalization. Moreover, growing need for tax compliance is also expected to drive regional demand over the forecast period.
Asia Pacific is anticipated to witness significant growth over the next eight years owing to increasing government initiatives in developing countries such as India and China aimed at improving tax compliance rate among individuals and businesses. For instance, In India ‘Harmonized Sales Tax' (HST) was implemented from 1st April 2018 under which there will be four different rates namely 12%, 18%, 20% & 25%. Under this new system all online transactions will have been taxed accordingly while making any purchase including food delivery services or e-commerce websites like Amazon etc.
Growth Factors:
- Increasing demand for automation in tax management to improve efficiency and accuracy
- Rising need to manage complex tax structures and regulations
- Growing trend of paperless tax filing and compliance
- Proliferation of cloud-based solutions that offer flexibility and scalability
- Emergence of big data analytics to help organizations make better decisions
Scope Of The Report
Report Attributes
Report Details
Report Title
Tax Management System Market Research Report
By Type
Cloud-based, On-premise
By Application
Personal Use, Commercial Use
By Companies
Avalara, Wolters Kluwer, Longview, TaxSlayer, TaxJar, Xero, Intuit, Thomson Reuters, H&R Block, Drake Software, SOVOS, Canopy, TaxACT, Outright, Shoeboxed, Rethink Solutions, ClearTAX, WEBTEL, Inspur, Seapower
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
197
Number of Tables & Figures
138
Customization Available
Yes, the report can be customized as per your need.
Global Tax Management System Market Report Segments:
The global Tax Management System market is segmented on the basis of:
Types
Cloud-based, On-premise
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Personal Use, Commercial Use
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Avalara
- Wolters Kluwer
- Longview
- TaxSlayer
- TaxJar
- Xero
- Intuit
- Thomson Reuters
- H&R Block
- Drake Software
- SOVOS
- Canopy
- TaxACT
- Outright
- Shoeboxed
- Rethink Solutions
- ClearTAX
- WEBTEL
- Inspur
- Seapower
Highlights of The Tax Management System Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud-based
- On-premise
- By Application:
- Personal Use
- Commercial Use
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Tax Management System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
A tax management system (TMS) is a software application that helps taxpayers manage their taxes. It can include features such as preparing and filing returns, tracking income and expenses, and managing tax credits and deductions.
Some of the key players operating in the tax management system market are Avalara, Wolters Kluwer, Longview, TaxSlayer, TaxJar, Xero, Intuit, Thomson Reuters, H&R Block, Drake Software, SOVOS, Canopy, TaxACT, Outright, Shoeboxed, Rethink Solutions, ClearTAX, WEBTEL, Inspur, Seapower.
The tax management system market is expected to grow at a compound annual growth rate of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Tax Management System Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Tax Management System Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Tax Management System Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Tax Management System Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Tax Management System Market Size & Forecast, 2018-2028 4.5.1 Tax Management System Market Size and Y-o-Y Growth 4.5.2 Tax Management System Market Absolute $ Opportunity
Chapter 5 Global Tax Management System Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Tax Management System Market Size Forecast by Type
5.2.1 Cloud-based
5.2.2 On-premise
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Tax Management System Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Tax Management System Market Size Forecast by Applications
6.2.1 Personal Use
6.2.2 Commercial Use
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Tax Management System Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Tax Management System Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Tax Management System Analysis and Forecast
9.1 Introduction
9.2 North America Tax Management System Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Tax Management System Market Size Forecast by Type
9.6.1 Cloud-based
9.6.2 On-premise
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Tax Management System Market Size Forecast by Applications
9.10.1 Personal Use
9.10.2 Commercial Use
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Tax Management System Analysis and Forecast
10.1 Introduction
10.2 Europe Tax Management System Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Tax Management System Market Size Forecast by Type
10.6.1 Cloud-based
10.6.2 On-premise
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Tax Management System Market Size Forecast by Applications
10.10.1 Personal Use
10.10.2 Commercial Use
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Tax Management System Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Tax Management System Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Tax Management System Market Size Forecast by Type
11.6.1 Cloud-based
11.6.2 On-premise
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Tax Management System Market Size Forecast by Applications
11.10.1 Personal Use
11.10.2 Commercial Use
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Tax Management System Analysis and Forecast
12.1 Introduction
12.2 Latin America Tax Management System Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Tax Management System Market Size Forecast by Type
12.6.1 Cloud-based
12.6.2 On-premise
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Tax Management System Market Size Forecast by Applications
12.10.1 Personal Use
12.10.2 Commercial Use
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Tax Management System Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Tax Management System Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Tax Management System Market Size Forecast by Type
13.6.1 Cloud-based
13.6.2 On-premise
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Tax Management System Market Size Forecast by Applications
13.10.1 Personal Use
13.10.2 Commercial Use
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Tax Management System Market: Competitive Dashboard
14.2 Global Tax Management System Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Avalara
14.3.2 Wolters Kluwer
14.3.3 Longview
14.3.4 TaxSlayer
14.3.5 TaxJar
14.3.6 Xero
14.3.7 Intuit
14.3.8 Thomson Reuters
14.3.9 H&R Block
14.3.10 Drake Software
14.3.11 SOVOS
14.3.12 Canopy
14.3.13 TaxACT
14.3.14 Outright
14.3.15 Shoeboxed
14.3.16 Rethink Solutions
14.3.17 ClearTAX
14.3.18 WEBTEL
14.3.19 Inspur
14.3.20 Seapower