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How has the tax management market grown in recent years?

The size of the tax management market has witnessed quick expansion in the previous years. Its growth is projected to rise from $23.39 billion in 2024 to $26.31 billion in 2025, having a compound annual growth rate (CAGR) of 12.5%. Factors contributing to its growth during the historical period include strong economic upturn in developing markets, increased disposable income, the escalating complexity of tax laws, and the surge in digital financial transactions.

How is the tax management market size expected to evolve during the forecast period?

The projected expansion of the participatory sports market is expected to be significant in the coming years, increasing to a value of $392.77 billion in 2029 with a compound annual growth rate (CAGR) of 5.5%. The expected growth within this timeframe can be credited to elements such as virtual sports experiences, personalized experiences powered by data, sustainability in sports, diverse and inclusive initiatives, as well as health tech assimilation. Leading trends for this forecasted period encompass fan engagement through tech, the integration of technology in sports, advances in fitness tech, social connectivity options, and the gamification of fitness regimes.

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Which key drivers are propelling the tax management market’s growth?

The escalation in the complexity of tax codes in many countries has bolstered the growth of the tax management market. Ensuring compliance with tax code is the essence of tax management. Tax managers must keep abreast of new regulations, decipher the nuances of different provisions, and certify their organization’s adherence to all relevant tax regulations due to the intricacy of tax code. According to the National Taxpayers Union Foundation, a non-partisan research and education organization based in the US, there has been an upswing in the tax code’s complexity and compliance burden in recent years. In 2022, tax code compliance required 6.55 billion hours for tasks such as recordkeeping, learning about laws, completing necessary forms and schedules, and providing information to the Internal Revenue Service (IRS). The predicted cost of tax code compliance in 2022 was $364 billion, an increase of $25 billion (7.4%) from the previous year. Hence, the growing complexity of tax codes is forecasted to boost the demand for tax management products and services.

What are the market segments in the tax management industry?

The tax management market covered in this report is segmented –

1) By Type: Software, Services

2) By Deployment Mode: Cloud, On-Premises

3) By Organization Size: Small And Medium Sized Enterprises (SMES), Large Enterprises

4) By Application: Corporate Banking Financial Services And Insurance (BFSI), Information Technology (IT) And Telecom, Manufacturing, Energy And Utilities, Retail, Healthcare And Life Sciences, Media And Entertainment, Other Verticals

Subsegments:

1) By Software: Tax Filing And Compliance Software, Tax Reporting Software, Tax Planning And Analytics Software, Document Management Software

2) By Services: Consulting Services, Implementation And Integration Services, Support And Maintenance Services, Training And Education Services

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Which leading companies are shaping the growth of the tax management market?

Major companies operating in the tax management market include Intuit, Wolters Kluwer, Thomson Reuters, SAP,Avantax, Inc, Vertex Inc, Avalara, Sovos Compliance, Automatic Data Processing Inc, Meru Accounting, Whiz Consulting Private Limited, IMC Group, Savage & Palmer, Shoolin Consultancy, Nimblefincorp, Setindiabiz, BBNC, Valuenode, Invensis Inc, Sapience Pro, Zhongrui Yuehua, GFC Consulting Co Ltd Shanghai, Guangdong SILIQUE Group Co., Ltd, AVASK Accounting and Business Consultants Ltd, UTV Motion Pictures limited., Eros International, Dharma Productions, Red Chilies Entertainment, Makesworth Accountants, CJM Associates, The Accountancy Partnership, Salient Accounting & Finance, Burnt Orange Accounting, BBK Partnership, TaxAssist Accountants, Crowe Poland, PwC Poland, Konsu, Dezan Shira & Associates, Sberbank, Société Générale TKB Investment Partners, Alfa Capital, UFG Asset Management, PZU Group, Aviva Investors Poland, H&R Block, Ernst & Young, KPMG International Limited, Zeni AI, TOTVS, TPC Group, Al Tamimi & Company, RSM UAE, Baker Tilly South Africa, Mazars

What key trends are currently impacting the tax management market’s development?

Technological advancements are emerging as a significant trend in the tax management market. Leading corporations in tax management are prioritizing these technological advancements to secure a vantage point against their competitors. For example, in May 2022, American investment bank J.P. Morgan introduced a new Tax-Smart Separately Managed Account (SMA) Platform. This allows advisors to establish personalized portfolios and secure superior after-tax returns for their clientele. This platform integrates J.P. Morgan’s investment acumen with 55ip’s tax-smart technology.

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Which geographic areas are influencing the growth of the tax management market?

North America was the largest region in the tax management market in 2024. The regions covered in the tax management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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