Tax Tech Market Global Forecast Report to 2030, by Tax Compliance & Reporting, Tax Analytics & AI-Driven Solutions, Tax Workflow & Document Management - ResearchAndMarkets.com

The "Tax Tech Market by Tax Compliance & Reporting (VAT/GST Compliance), Tax Analytics & AI-Driven Solutions (Predictive Analytics, AI-Powered Tax Audits & Risk Assessment), Tax Workflow & Document Management (Tax Document Automation) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The market report covers the tax tech market size and growth potential for many segments based on offerings, tax type, deployment mode, organization size, verticals, and region. It contains a thorough competition analysis of the major market participants, information about their businesses, essential observations about their product and service offerings, current trends, and critical market strategies.

The global tax tech market will grow from USD 18.53 billion in 2024 to USD 36.72 billion by 2030 at a compounded annual growth rate (CAGR) of 12.1% during the forecast period. The growing complexity of international trade and changing global tax rules will likely play a significant role in creating demand for tax technology solutions. As companies go global, they struggle to cope with various tax regimes, compliance, and reporting standards. This has generated an urgent need for real-time, automated tax management solutions. Tax technology solutions provide increased accuracy, efficiency, and transparency, enabling organizations to minimize compliance risk and respond rapidly to changing regulations. Increasing pressure from worldwide tax authorities for greater transparency also increases the movement towards digital tax platforms.

Based on offering, the professional services segment is expected to grow at the highest CAGR during the forecast period.

The professional services segment in the tax technology market offering category is projected to grow at the highest CAGR over the forecast period as demand for expert advice in deploying and operating sophisticated tax solutions increases. As companies increasingly go digital with tax tools to keep up with changing tax laws and automate tasks, they tend to need specialized services in integrating systems, customizing, training, and maintenance.

Professional service firms provide customized consulting and implementation services that enable organizations to maximize tax operations, minimize compliance risk, and enhance accuracy. The expansion is also fueled by the internationalization of businesses into various tax jurisdictions, which requires localized knowledge and strategic tax planning. In addition, with governments implementing stronger compliance and e-filing requirements, firms are approaching external advisors for seamless digital transformation, thus driving demand for professional services within the tax technology industry.

Based on the verticals, the BFSI segment is expected to have the largest market share during the forecast period.

The BFSI sector is expected to lead the tax tech market because it deals with complex financial operations and stringent regulatory requirements. Financial institutions and banks process a massive number of transactions on a day-to-day basis, sometimes within various nations, so it becomes imperative to use effective, mechanized tax regimes. Tax technology solutions help these companies keep track of constantly evolving tax regulations, minimize manual efforts, and eliminate mistakes or compliance failures. With increasing digitalization, most BFSI firms are embracing cloud-based offerings, AI-enabled analytics, and automation to make their tax functions more efficient. Not only do these technologies simplify operations, but they also help save time and reduce levels of risk. In turn, the BFSI industry is going big on tax technology, leading the charge regarding market innovation.

Based on the region, Europe is expected to hold the second highest market share during the forecast period.

Based on the region, Europe is expected to hold the second-highest market share in the tax tech market during the forecast period, driven by accelerated digital transformation and a surge in regulatory mandates. Initiatives like the European Commission's VAT in the Digital Age (ViDA) package are transforming the region's tax environment by implementing compulsory e-invoicing, enhancing digital reporting, and simplifying cross-border VAT procedures.

In addition, the OECD's BEPS 2.0 Pillar Two and the EU's evolving DAC framework (DAC7 and DAC8) are stimulating greater transparency and leading companies to adopt AI-powered tax automation and cloud-based compliance software. National-level frameworks such as Italy's SDI and France's CTC model reflect the region's commitment to sophisticated digital tax architecture. While these developments solidify Europe's stronghold on the global market, other parts, such as North America, are set to take the lead, pushing Europe to the second-highest rank due to its ongoing but phased regulatory adoption and regional fragmentation.

Competitive Landscape

Some of the significant tax tech market vendors are Wolters Kluwer (Netherlands), H&R Block (US), Avalara (US), and Vertex, Inc (US), Thomson Reuters (Canada), SAP (Germany), ADP (US), Sovos (US), Intuit (US) and Xero (New Zealand).

The report provides insights on the following:

• Analysis of key drivers (complex cross-border trade tax regulations, state & local tax rate variability, corporate ESG & tax transparency initiatives), restraints (lack of awareness of tax tech in developing countries), opportunities (integration with financial systems, the rise of digital currencies & crypto taxation), and challenges (frequent changes in tax laws & regulations) influencing the growth of the tax tech market.
• Product Development/Innovation: Comprehensive analysis of emerging technologies, R&D initiatives, and new service and product introductions in the tax tech market.
• Market Development: In-depth details regarding profitable markets: the paper examines the global tax tech market.
• Market Diversification: Comprehensive details regarding recent advancements, investments, unexplored regions, new goods and services, and the tax tech market.
• Competitive Assessment: Thorough analysis of the market shares, expansion plans, and service portfolios of the top competitors in the tax tech industry, such as Wolters Kluwer (Netherlands), H&R Block (US), Avalara (US), and Vertex (US) and Thomson Reuters (Canada).

Key Attributes:

Key Topics Covered:

Premium Insights

• Overview of Tax Tech Market
• Tax Tech Market, by Offering
• Tax Tech Market, by Solution
• Tax Tech Market, by Professional Service
• Tax Tech Market, by Deployment Mode
• Tax Tech Market, by Tax Type
• Tax Tech Market, by Organization Size
• Tax Tech Market, by Vertical
• Tax Tech Market: Regional Scenario

Market Overview and Industry Trends

Market Dynamics

• Drivers
  • Complex Cross-Border Trade Tax Regulations
  • State and Local Tax Rate Variability
  • Corporate ESG & Tax Transparency Initiatives
• Restraints
  • Lack of Awareness of Tax Tech in Developing Countries
• Opportunities
  • Integration with Financial Systems
  • Rise of Digital Currencies & Cryptotaxation
• Challenges
  • Frequent Changes in Tax Laws & Regulations

Case Study Analysis

• Case Study 1: Winning E-Commerce with Vinculum and Avalara
• Case Study 2: Driving Tax Department Efficiency and Minimizing Compliance Risks
• Case Study 3: Achieving Operational Excellence with CCH Prosystem FX Tax and CCH Axcess Suite
• Case Study 4: Berger, Elliott & Pritchard's Journey with CCH Prosystem FX Tax and CCH Axcess Suite
• Case Study 5: Inovonics Finds Complete Tax Compliance Package with Avalara

Pricing Analysis

• Average Selling Price of Key Players, by Organization Size
• Indicative Pricing of Key Players, by Solution

Technology Analysis

• Key Technologies
  • Blockchain
  • Cloud Computing
  • AI & ML
  • Robotic Process Automation (RPA) for Tax
  • API-First Tax Compliance
• Complementary Technologies
  • Cybersecurity Solutions
  • Financial Management Software
  • Data Visualization Tool
  • Big Data & Tax Analytics
• Adjacent Technologies
  • Internet of Things (IoT)
  • 5G Connectivity
  • Digital Currencies & Cryptocurrencies Platforms

Business Model Analysis

• Pricing Model
• PaaS Model
• IaaS Model
• White-Label Model

Impact of AI/Gen AI on Tax Tech Market

• Top Use Cases and Market Potential
  • Key Use Cases
• Case Study
  • Use Case 1: H&R Block Simplifies Tax Preparation with Powerful AI Tax Assistant, Built Using Azure AI
• Vendor Initiative
  • Intuit

Company Profiles

• Wolters Kluwer
• H&R Block
• Avalara
• Vertex, Inc.
• Thomson Reuters
• SAP
• ADP
• Sovos
• Intuit
• Xero
• Taxbit
• Ryan
• Taxact
• Corvee
• Anrok
• Taxslayer
• Fonoa
• Token Tax
• Drake Software
• Taxjar
• Picnic Tax

For more information about this report visit https://www.researchandmarkets.com/r/1bwubh

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