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Early impacts of COVID-19 on Tax Management Market

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Early impacts of COVID-19 on Tax Management Market

April 09
12:54 2020
Early impacts of COVID-19 on Tax Management Market

Avalara (US), Automatic Data Processing (US), Wolters Kluwer N.V (Netherlands), Thomson Reuters (Canada), Intuit (US), H&R Block (US), SAP SE (Germany), Blucora (US), Sovos Compliance (US), Vertex (US), Sailotech (US), Defmacro Software (India), DAVO Technologies (US), Xero (New Zealand), TaxSlayer (US), Taxback International (Ireland)…
Tax Management Market by Component (Software and Services), Tax Type (Indirect Tax and Direct Tax), Deployment Mode (Cloud and On-premises), Organization Size (SMEs and Large Enterprises), Vertical, and Region – Global Forecast to 2024

The ongoing COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.

At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Tax Management Market. We are working diligently to help companies take rapid decisions by studying:

  • The impact of COVID-19 on the Tax Management Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market
  • The rapid shifts in the strategies of the Top 50 companies in the Tax Management Market
  • The shifting short-term priorities of the top 50 companies’ clients and their client’s clients

You can request an in-depth analysis detailing the impact of COVID-19 on the Tax Management Market:

https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=230446693

The global Tax Management Market is expected to grow from USD 15.5 billion in 2019 to USD 27.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. Factors driving the growth of the tax management market include the increasing volume of financial transactions across verticals due to digitalization , complex nature of existing tax system, and growing vigilance of tax administrators.

Software segment to hold a larger market size during the forecast period

Tax management software facilitate the completion of tax returns for companies operating across verticals. The software provides automated tax compliance with local accounting legislations and standards. Organizations across the globe have started adopting tax management software to keep up with the rapidly changing legislative regulations and shifts in product taxability.

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Indirect tax segment to hold a larger market size during the forecast period

Indirect taxes are levied on the manufacture or sale of goods and services. These taxes are paid by an intermediary to the government. Indirect taxes are passed on the end user by adding the amount of tax paid to the value of goods and services. Some indirect taxes considered include excise duty, sales tax, customs duty, entertainment tax, service tax, and Value Added Tax (VAT). Indirect taxes are paid more frequently than direct taxes; hence, they require advanced software for faster and accurate calculations.

Cloud deployment mode to hold a larger market size during the forecast period

Enterprises prefer deploying tax management solutions in the cloud to improve mobility and decentralize data storage and computing. Security is a critical issue that restricts the adoption of cloud services. However, this issue is gradually being eradicated through rigorous security tests with the highest standards by third parties. Rapid advancements in the cloud technology, with security as a priority, and increasing costs of support and maintenance of on-premises solutions to drive the growth of cloud-based tax management software.

The tax management market comprises major solution providers, such as Avalara (US), Automatic Data Processing (US), Wolters Kluwer N.V (Netherlands), Thomson Reuters (Canada), Intuit (US), H&R Block (US), SAP SE (Germany), Blucora (US), Sovos Compliance (US), Vertex (US), Sailotech (US), Defmacro Software (India), DAVO Technologies (US), Xero (New Zealand), TaxSlayer (US), Taxback International (Ireland), TaxCloud (US), Drake Enterprises (US), Canopy Tax (US), and TaxJar (US). The study includes an in-depth competitive analysis of the key players in the tax management market with their company profiles, recent developments, and key market strategies. The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements; and partnerships, acquisitions, and collaborations; have been the most dominating strategies adopted by the major players from 2018 to 2019, which helped them strengthen their offerings and broaden their customer base.

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Avalara (US) has a strong foothold in the tax management market with robust offerings. The company provides solutions for the calculation of indirect tax for all size of businesses. The solutions offered by the company can process taxes, including sales and use tax, excise tax, Value-added Tax (VAT), Goods and Services Tax (GST), lodging tax, communications tax, and cross-border duty and import tax. It operates in Europe, India, and Brazil. The company has focused its growth strategy on acquisitions. For instance, in August 2019, Avalara acquired Portway International, a Canada-based company that provides system classifications and outsourced customs brokerage services.

Automatic Data Processing (ADP) (US), is another major vendor in the tax management market. ADP SmartCompliance is a suite of services, comprising wage payments, employment tax, tax credits, and health compliance. The ADP SmartCompliance Employment Tax Compliance Module can be integrated with the payroll system to automate the calculation of the employment tax. It processed more than USD 450 billion tax deposits annually. The company has focused its growth strategy on organic growth. For instance, in September 2019, it launched a new integrated, end-to-end tax engine; which offers real-time tax processing of unique types of tax, including federal, state, and region-specific local taxes.

 

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