As per The Business Research Company’s Tax Management Global Market Report 2023, the global tax management market is experiencing a robust surge, with its size expected to increase from $18.60 billion in 2022 to $20.98 billion in 2023, reflecting an impressive compound annual growth rate (CAGR) of 12.8%.This upward trend is projected to continue, with the market size anticipated to reach $32.92 billion in 2027, demonstrating a CAGR of 11.9%. The driving factors behind the tax management market growth include increasing government support, rapid urbanization, a growing population, the adoption of digital channels, and the embrace of cloud-based approaches.
Government Support and Urbanization
Government backing plays a pivotal role in driving the tax management market, with authorities recognizing the importance of efficient tax systems in managing revenue and fostering economic growth. Rapid urbanization and population growth are also contributing to the demand for streamlined tax management solutions as businesses and individuals seek efficient ways to navigate complex tax regulations.
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Digital Transformation and Cloud Adoption
The digital revolution is reshaping the tax management market, with the widespread adoption of digital channels simplifying tax-related processes for businesses and individuals alike. Furthermore, the migration to cloud-based tax solutions offers scalability, flexibility, and accessibility, further fueling market growth.
Leading Player
In 2021, Intuit Inc. emerged as the dominant player in the tax management market, holding a substantial 19.02% tax management market share. Intuit Inc. is renowned for its financial, accounting, and tax preparation software, including QuickBooks, TurboTax, and Mint, which enable small businesses, accountants, and consumers to manage finances, reduce debt, and file tax returns with ease. The company’s headquarters are in Mountain View, California, USA.
Innovation in Tax Management
Innovative technologies are at the forefront of shaping the tax management market. Companies are actively adopting cutting-edge solutions to enhance their product portfolios. For example, in April 2023, Vestmark, Inc., a US-based wealth management software and services provider, introduced VAST, an innovative outsourced portfolio management solution emphasizing scaled customization. VAST streamlines advisors’ interactions with clients by offering a distinctive user experience. By seamlessly integrating indices, separately managed account (SMA) managers, exchange-traded funds (ETFs), and other securities into a single tax-managed product, VAST enables active tax overlay across the entire portfolio. This empowers advisors to customize portfolios according to each client’s unique investing preferences and tax situations, providing a significant advantage in the wealth management sector.
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Market Segmentation
The global tax management market is segmented as follows:
- By Components: Software and Services
- By Deployment Mode: Cloud, On-Premises
- By Organization Size: Small and Medium-sized Enterprises (SMEs), Large Enterprises
- By Vertical: Banking Financial Services and Insurance (BFSI), Information Technology (IT) and Telecom, Manufacturing, Energy and Utilities, Retail, Healthcare and Life Sciences, Media and Entertainment, Others (Real Estate and Construction, Transportation and Logistics)
Future Growth Potential
The tax management market’s software segment is anticipated to exhibit the most significant growth potential, contributing $9.2 billion in global annual sales by 2027.
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