Tax Management Market Growth Driven by Automation, AI, and Standardization: A Fo

1. Tax Management Market Growth Driven by Automation, AI, and Standardization: A Forecast to 2027 According to a research report "Tax Management Market by Component (Software and Services), Deployment Mode (Cloud and On-Premises), Tax Type (Indirect Tax and Direct Tax), Organization Size (SMEs and Large Enterprises), Vertical and Region - Global Forecast to 2027" According to MarketsandMarkets, the global Tax Management Market is expected to rise to USD 35.1 billion by 2027 from USD 21.0 billion in 2022, at a Compound Annual Growth Rate (CAGR) of 10.8% over the forecast period. Some of the key factors driving market growth include standardization of tax compliance processes to scale operations globally, minimize risks, and fulfill tax obligations with less e?ort, increased transparency for tax audits, automation of compliance tasks with AI and ML, and the provision of automated compliance updates along with country rules and regulations. Market Growth Overview: Growth Drivers: Increasing financial transactions due to digitalization. Changes in the global tax legislative landscape. Enhanced compliance, reduced risks, and lower costs with automation. Improved transparency and e?iciency with AI & ML technologies. Market Dynamics: Drivers: Automation improves compliance, reduces errors, and lowers costs. Standardization enhances global operations and audit transparency. Restraints: VAT Limitations: Incomplete implementation increases costs. Delays in input credit provisions, especially for capital goods. Burden of bookkeeping in VAT systems. Opportunities: Indirect Tax Management:

2. Leveraging analytics for compliance and dispute resolution. Handling vast amounts of transaction data e?iciently. According to market research Download PDF for business growth. Key Players: Global Leaders: Thomson Reuters, Intuit, H&R Block, Avalara, SAP SE. Other prominent players: Xero, TaxSlayer, Sovos Compliance, Vertex. Report Scope: 1.Forecast Period: 2023–2027. 2.Geographical Coverage: North America, Europe, APAC, Middle East & Africa, Latin America. 3.Market Segmentation: By component, tax type, deployment mode, organization size, vertical, and region. Strategic Insights: Growing demand for cloud-based solutions. Increasing adoption of AI and ML for automation. Opportunities in indirect tax analytics and global compliance solutions. Software segment to continue with the larger market size during the forecast period Tax management software makes it easier for businesses across industries to complete their tax filings. It automates tax compliance in accordance with local accounting legislation and norms. Organizations throughout the world have begun to use tax management software to keep up with quickly changing legislation and fluctuations in product taxability. Tax management software is becoming increasingly popular due to the ever-changing tax and accounting legislation across countries. There must be improved software that can take into account all of the regulatory needs and compliances proposed by the authorities in various places. This is critical and generates alert(s) when determining tax liabilities across regions and nations based on respective nexus legislation. SMEs to record a higher CAGR during the forecast period The growing complexity of tax compliance has compelled SMEs to implement advanced tax administration software. Cost-e?ectiveness is critical for SMEs, as their budgets are continually constrained. As a result, SMEs have fewer options for marketing and

3. increasing exposure. SMEs have made significant progress in improving strategic approaches, including, but not limited to, service o?erings, filing and reporting compliance needs, levels of tax understanding, tax obligation complexity, and quick changes in business ecosystems and surroundings. For example, the Internal Revenue Service (IRS) forecasts that enterprises with less than USD 1 million in revenue will bear nearly two-thirds of corporate compliance expenditures. Such expenses, in terms of revenues or assets, are higher for SMEs than for large firms. Furthermore, due of the complexity About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine o?ering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com