The North America Tax Management Market would witness market growth of 9.2% CAGR during the forecast period (2021-2027).
The demand for tax management solutions is likely to increase as many companies are seeking more affordable tax-filing solutions in the future. According to Income Tax Department’s regulations, a taxpayer, whether a person or a business must follow a specific format when providing details on uncontested accounts. The Income-tax return filing system can take care of these pre-defined formalities by measuring the tax number. This technique eliminates the concerns of taxpayers about errors or discrepancies.
In the next few years, the growing requirement to automate taxes processes is likely to boost the growth of the industry. Automation is the most lucrative benefit of these solutions. Because this solution can handle all taxation procedures, from tax estimate to filing, it can save significant time and effort. Once deployed in the accounting information system, these solutions will help taxpayers calculate wealth tax, income tax, advance tax, and tax deduction at source. Tax management solution can automate calculations, resulting in rapid and more convenient processes.
Also, many organizations are adopting tax management solutions due to the increase in demand for tax computation with high accuracy and few errors. Additionally, taxpayers are generally aware that even a slight error in their tax predictions can cost them a lot of money in penalties, interest, and other costs. Moreover, Taxpayers who compute their taxes by hand have a much higher likelihood of making a mistake. They are solely responsible for preparing and accurately filling confidential tax information across numerous forms if they file a tax return manually.
The United States of America has distinct federal, state, and local governments, each with its own set of taxes. Income, payroll, property, sales, capital gains, dividends, imports, estates, and gifts are all subject to taxes, as well as numerous levies. In 2020, federal, state, and local governments collected 25.5 percent of GDP, falling short of the OECD average of 33.5 percent. Because of the constant changes and rules in the regional taxation system, the use of tax software in the North American market has exploded. The region's taxation system's complexity, combined with disparities in tax and employment law, is offering significant potential for software developers and key vendors to invest in tax management software. To simplify the taxation system, software providers in the region have begun collaborating with third-party developers to develop API-based products. As a result, firms in North America are embracing innovative technologies and channels in order to stay competitive and update at a rapid rate.
The US market dominated the North America Tax Management Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $8,434.5 million by 2027. The Canada market is poised to grow at a CAGR of 11.7% during (2021 - 2027). Additionally, The Mexico market would showcase a CAGR of 10.7% during (2021 - 2027).
Based on Component, the market is segmented into Software and Services. Based on Tax Type, the market is segmented into Indirect Tax and Direct Tax. Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on End User, the market is segmented into BFSI, IT & Telecom, Retail, Healthcare, Energy & Utilities, Manufacturing, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Tax Management Market is Estimated to reach $33.9 Billion by 2027, at a CAGR of 10.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Avalara, Inc., Blucora, Inc., H&R Block, Inc., Sovos Compliance, LLC, Vertex, Inc., ADP, Inc., SAP SE, Intuit, Inc., Thomson Reuters Corporation, and Wolters Kluwer N.V.
By Component
By Tax Type
By Deployment Mode
By Organization Size
By End User
By Country
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