Tax Management Market

The global tax management market is expected to grow from USD 21.0 billion in 2022 to USD 35.1 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 10.8% during the forecast period.

Factors driving the growth of the tax management market include the ongoing expansion in the amount of digital financial transitions, transactions, and transformations, the complexity of tax rules, the increased usage of nascent and innovative technology(ies) for tracking taxpayers, and strict government tax collection regulations. These offer lucrative market prospects, opportunities, and enhanced service provision/delivery during the forecast period.

The study in this report includes a detailed competitive analysis of the key players in the tax management market with their company profiles, competitive benchmarking, recent developments, and key market strategies. The players in this market have adopted various organic and inorganic strategies to expand their global presence and increase their market shares. New product launches and enhancements, business expansions, partnerships, acquisitions, and collaborations; have been the most appropriate strategies adopted by the major players from 2019 to 2022, which strengthened their offerings and broaden their customer base.

Top Tax Management Companies includes :

• Thomson Reuters (Canada),
• Intuit (US)
• H&R Block (US)
• Avalara (US)
• Wolters Kluwer NV (Netherlands)
• Automatic Data Processing (US)
• Sovos Compliance (US)
• SAP SE (Germany)
• Blucora (US)
• Vertex (US)

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These companies provide a range of tax management solutions to help individuals and businesses navigate the complexities of tax compliance and optimize their financial operations.

Intuit :

• Starting with Intuitwas founded in 1984 and is headquartered in California, US. The company offers financial management and compliance solutions and services. Small businesses and self-employed, consumer, and strategic partners are the three business partners of the company. QuickBooks, TurboTax, Mint, Credit Karma, ProSeries, and Lacerte are the specialized products of Intuit. It has offices in countries including the US, Canada, India, Israel, Australia, and the UK. The consumer segment includes products and services such as TurboTax, TurboTax Online, and TurboTax Live. Lacerte, ProSeries, ProFile desktop, and ProConnect Tax Online are its flagship products and services in the strategic partner segment. Intuit offers its solutions in both ways, online and desktop. The online offerings are also accessible on mobile devices, enabling users to utilize services at any time from a mobile location.

Thomson Reuters :

• founded in 2008 and headquartered in Toronto, Canada, offers news and information-based tools to organizations and professionals globally. In a strategic partnership with The Blackstone Group Inc, Thomson Reuters sold its 55% stake in the Financial & Risk (F&R) business for about USD 17 billion and restructured its business by introducing new consumer-focused segments. It operates through three business segments: Recurring, Transactions, and Global print. The tax professionals segment serves tax, accounting, and audit firms. The corporate segment includes corporate customers and offers them a full suite of offerings. The company provides its tax and accounting solutions to accounting firms, corporations, financial institutions, governments, and law firms. Thomson Reuters offers its tax and accounting solutions in more than 15 countries across North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific regions.

Wolters Kluwer :

• Founded in 1968 and headquartered in Alphen aan den Rijn in the Netherlands. The company is a leading provider of software solutions and services for professionals belonging to tax, finance, audit, healthcare, risk, compliance, and regulatory sectors. It operates through segments including digital and service subscriptions, print subscriptions, transactions, and legal and financial services, among others. It serves customers from more than 180 countries across the globe. It has 93% of Fortune 500 companies as its clients. Tax and accounting is a leading contributor segment in the company's revenue. According to its 2021 results, it generated 79% Recurring Revenues. The company reported revenues up 6% to USD 6.3 billion, organic revenues up by 5%, and included solutions for compliance, collaboration, internal and external audit management, corporate performance management, and firm management. Accounting firms, corporate finance, tax and auditing departments, and government agencies are some of the major customers of tax management solutions provided by the company. It has operations in 40 countries across the globe.

H&R Block (US):

• H&R Block is a leading provider of tax preparation services, known for offering a wide range of financial services, including tax filing assistance, both online and through their network of offices. They serve individuals, small businesses, and larger enterprises with tax preparation and other financial services.

Avalara (US):

• Avalara provides cloud-based tax compliance solutions, helping businesses of all sizes manage and automate their sales tax processes. Their services include sales tax calculation, exemption certificate management, and returns filing across multiple tax jurisdictions.

Automatic Data Processing (ADP) (US):

• ADP is a major provider of human resources management software and services, which includes payroll and tax services. They offer comprehensive solutions that help businesses manage payroll, tax compliance, and other HR functions efficiently.

Sovos Compliance (US):

• Sovos Compliance offers software solutions designed to handle the complexities of tax compliance and reporting. Their services cover areas such as sales tax, VAT, and other transactional taxes, helping businesses maintain compliance with tax regulations globally.

SAP SE (Germany):

• SAP SE is a global leader in enterprise software, offering a wide array of business solutions, including tax management. Their software helps businesses integrate and streamline tax processes, ensuring compliance with various tax regulations through automation and data analytics.

Related Reports:

Tax Management Market by Component (Software and Services), Deployment Mode (Cloud and On-Premises), Tax Type (Indirect Tax and Direct Tax), Organization Size (SMEs and Large Enterprises), Vertical and Region - Global Forecast to 2027