Home > Sustainable & Smart Technologies > Tax Management Market

Tax Management Market Size By Component (Solutions, Service), By Organization Size, By Deployment Mode (On-premise, Cloud), By Tax (Indirect Tax, Direct Tax), By End-Use (Healthcare, Real estate, Manufacturing, Government & More), 2023 – 2032

  • Report ID: GMI5450
  • Published Date: Mar 2023
  • Report Format: PDF

Industry Drivers

Tax Management Market size surpassed USD 20 billion in 2022 and is expected to grow at a CAGR of 10% between 2023 and 2032. Driven by the wide usage of cloud-based tax compliance solutions.

Tax Management Market

Get more details on this report - Request Free Sample PDF

The industry demand is primarily fueled by increasing government support. Government initiatives to fix public finances by broadening the revenue base are expanding the scope for product preference. For instance, the Income Tax Department of India launched Annual Information Summary in November 2021 that manages the tax data and Taxpayer Information Summary aids in filling returns.

Furthermore, the mounting adoption of integrated solutions for tax compliance is poised to stimulate the tax management market growth. Emphasis on digitalization for tax audits and tax management among firms has encouraged companies to develop new integrated tax compliance software and services, fostering the market outlook. Recently, in February 2023, Vertex Inc., a tax compliance solution provider, unveiled its innovative Edge Cloud Solution, Vertex Indirect Tax O Series. This system supports retailers automate, configure, and deploy containerized tax engines.

Data security issues may restrain industry progression

Increased risk of data theft in cloud-based platforms is a major factor restraining the market demand. The growing use of cloud-based ERP systems is making these management solutions more vulnerable to security risks such as phishing and tax evasion. However, government efforts to maintain safe tax operations and guidelines are likely to help overcome this issue. In May 2022, Wolters Kluwer Inc. received authorization from the Federal Risk and Authorization Management Program for TeamMate & global audit expert solutions and TeamMate & FedRAMP cloud hosting scenario.

Increased incorporation of cloud platforms in ERP systems to push tax management solution segment growth

Tax Management Market Share, By Component

Get more details on this report - Request Free Sample PDF

The solution segment held over 60% tax management market share in 2022, owing to the increased integration of cloud platforms into end-user ERP systems by solution providers. To cite an instance, in April 2022, Intuit Inc., a business software company, along with Cin7, a cloud-based IMS giant, announced plans to launch a new strategic product bundle with Intuit’s Quickbooks, TurboTax, Mint, Credit Karma, Mailchimp software. The partnership is aimed at helping businesses with cloud switches and digitalization.

Incorporation of automated services to accelerate the cloud deployment model segment development

The tax management market size from the cloud deployment model segment is anticipated to reach USD 30 billion by 2032, propelled by the quick transition towards digitization across all industries and integrated cloud solutions by tax management providers to comply with governments’ tax transparency model. In October 2022, Sage Intact, an accounting technology firm, announced the integration of Microsoft Teams with its cloud services and capabilities to simplify and automate workflows for SMEs.

Favorable revised tax slabs to define the BFSI segment outlook


Authors: Preeti Wadhwani, Shamal Gawande

Frequently Asked Questions (FAQ) :

The market size of tax management was valued at USD 20 billion in 2022 and is poised to witness 10% CAGR from 2023 to 2032, attributable to integrated solutions for tax compliance and increasing government support.

The BFSI application segment dominated around USD 5 billion in 2022, owing to the emergence of new tax slabs and evolving tax compliance, boosting tax revenue.

The indirect segment accounted for 50% of the market share in 2022, as a result of rising expenditure on retail and consumer products, especially in the U.S.

The market for tax management in North America is foreseen to garner over USD 20 billion in revenue by 2032, due to the rapid adoption of cloud-based ERP systems among large firms in the region.

Buy Now

Access to only 1 person; cannot be shared; cannot be printed
Access for 2 to 5 users only within same department of one company
Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Premium Report Details

  • Base Year: 2022
  • Companies covered: 17
  • Tables & Figures: 386
  • Countries covered: 20
  • Pages: 386

Get a report that explains COVID-19 impact on this market

 Request Free Sample

Budget constraints? Get in touch with us for special pricing

Request Discount