Tax Management Market

Avalara (US) and Automatic Data Processing (US) are leading players in Tax Management Market

The global tax management market is expected to grow from USD 18.9 billion in 2021 to USD 32.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.5% 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 .

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), TaxJar (US), Webgility (US), LOVAT Software (UK), SafeSend (US), EXEMPTAX (US), and Sales Tax DataLINK (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 2019 to 2021, 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 2021, ADP launched ‘Run by ADP’ boosting small businesses growth. This payroll platform offers user-friendliness with interactive search opportunities, a streamlined user interface plus a personalized dashboard, thereby saving time and effort of small businesses altogether. The company also launched ‘Roll by ADP’ mobile application, which replaces static spreadsheets into a conversational chat support.

Related Reports:

Tax Management Market with COVID-19 Impact Analysis, by Component (Software and Services), Tax Type (Indirect Tax and Direct Tax), Deployment Mode (Cloud and On-premises), Organization Size, Vertical and Region - Global Forecast to 2026

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[email protected]

Report Code
TC 7531
RI Published ON
1/24/2022
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