Tax Management Software Market to Touch USD 47.90 billion by 2032; Vertex Introduced the Vertex Cloud VAT Compliance Platform to Secure Competitive Edge

The tax management software market size stood at USD 15.89 billion in 2023. The market value is slated to rise from USD 17.92 billion in 2024 to USD 47.90 billion by 2032 at a CAGR of 13.1% during 2024-2032. The expansion is driven by increasing investment by key players in research and development activities for the development of cloud-based solutions that help enterprises perform tax accounting and configure tax rates.

Fortune Business Insights™ presents this information in its report titled “Tax Management Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (On-Premise and Cloud), By Enterprise Type (Large Enterprises and SMEs), By Vertical (BFSI, IT & Telecommunication, Healthcare, Retail, Manufacturing, Energy and Utilities, Hospitality, and Others), and Regional Forecast, 2024 – 2032”.

COVID-19 Pandemic Fueled Industry Growth Driven by Rising Tax Management Software Demand among SMEs

The COVID-19 pandemic positively influenced industry expansion considering the rising adoption of tax management software solutions among SMEs. Besides, the pandemic recorded an escalation in online sales, enabling real-time transactions. This resulted in an upsurge in the deployment of digital financial services, impelling industry growth amid the pandemic period.

Vertex Announced Availability of Vertex Cloud VAT Compliance Platform to Strengthen Industry Footing

In August 2021, Vertex announced the availability of the Vertex Cloud VAT Compliance solution. The solution is equipped with advanced features supporting the changing tax environment in Europe and other countries that require the digitization of Goods and Services Tax (GST) and value-added tax.

Furthermore, the solution features integrated customizable rule-based validation and data quality tools.  

Increase in Market Value Driven by Rising Emphasis on Centralized Taxation System for Economic Development  

The tax management software market growth is being propelled by the soaring emphasis on the development of well-functioning tax systems. The efficient tax administration helps businesses and governments to enable smooth registration. Besides, tax software provides a better understanding of complex systems to taxpayers and organizations.

However, data security concerns associated with surging reliance on e-payment methods and digital communication may hamper industry growth to some extent.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/tax-management-software-market-102631

Leading Industry Participants Ink Collaborations to Expand Product Reach

Key market players forge partnership agreements and collaborations for strengthening their industry positions. Several companies are also undertaking research activities for the development of new products. Additional steps comprise acquisitions, mergers, and others. These steps are being adopted by companies for the expansion of product reach and increasing their geographical footprints.

Key Players Profiled:

• Avalara, Inc. (U.S.)


• Thomson Reuters Corporation (Canada)


• Wolters Kluwer N.V. (U.S.)


• Intuit, Inc. (U.S.)


• Vertex, Inc. (U.S.)


• SAP SE (Germany)


• HRB Digital LLC. (U.S.)


• TaxSlayer LLC. (U.S.)


• Sailotech Pvt Ltd. (U.S.)


• Sovos Compliance, LLC (U.S.) 

Notable Industry Development

• November 2021 – Thomson Reuters unveiled its Indirect Determination Anywhere (IDT) platform at its annual SYNERGY Conference. The platform was launched for corporate tax and accounting professionals.

Further Report Findings

• Considering the regional landscape, the market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


• The North America tax management software market share is anticipated to register substantial growth over the study period. The rise is propelled by an increase in product adoption in the region.


• The Latin America and Middle East & Africa regions are set to exhibit steady expansion over the forecast period. The growth is impelled by the escalated tax software adoption among large enterprises and SMEs.


• By deployment, the market is subdivided into cloud and on-premise. The on-premise segment is touted to expand at a considerable pace over the projected period. The services help businesses in exercising control over integrations.


• Based on enterprise type, the market is categorized into SMEs and large enterprises. The large enterprises segment is estimated to grow at a substantial CAGR over the study period. The expansion is due to the rising digital transformation among enterprises.


• By vertical, the market is segmented into BFSI, IT & telecommunication healthcare, retail, manufacturing, energy and utilities, hospitality and others. Of these, the BFSI segment is slated to register considerable growth over the analysis period. The surge is driven by the soaring product deployment in the banking sector.

Table of Segmentation