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North America Tax Management Market Size, Share & Industry Trends Analysis Report By Component (Software and Services), By Tax Type, By Deployment Type, By Organization Size, By End User, By Country and Growth Forecast, 2021-2027

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    Report

  • 110 Pages
  • February 2022
  • Region: North America
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5571336
The North America Tax Management Market is expected to witness market growth of 9.2% CAGR during the forecast period (2021-2027).

The demand for tax management solutions is likely to increase as many companies are seeking more affordable tax-filing solutions in the future. According to Income Tax Department’s regulations, a taxpayer, whether a person or a business must follow a specific format when providing details on uncontested accounts. The Income-tax return filing system can take care of these pre-defined formalities by measuring the tax number. This technique eliminates the concerns of taxpayers about errors or discrepancies. 

In the next few years, the growing requirement to automate taxes processes is likely to boost the growth of the industry. Automation is the most lucrative benefit of these solutions. Because this solution can handle all taxation procedures, from tax estimate to filing, it can save significant time and effort. Once deployed in the accounting information system, these solutions will help taxpayers calculate wealth tax, income tax, advance tax, and tax deduction at source. Tax management solution can automate calculations, resulting in rapid and more convenient processes. 

Also, many organizations are adopting tax management solutions due to the increase in demand for tax computation with high accuracy and few errors. Additionally, taxpayers are generally aware that even a slight error in their tax predictions can cost them a lot of money in penalties, interest, and other costs. Moreover, Taxpayers who compute their taxes by hand have a much higher likelihood of making a mistake. They are solely responsible for preparing and accurately filling confidential tax information across numerous forms if they file a tax return manually.

The United States of America has distinct federal, state, and local governments, each with its own set of taxes. Income, payroll, property, sales, capital gains, dividends, imports, estates, and gifts are all subject to taxes, as well as numerous levies. In 2020, federal, state, and local governments collected 25.5 percent of GDP, falling short of the OECD average of 33.5 percent. Because of the constant changes and rules in the regional taxation system, the use of tax software in the North American market has exploded. The region's taxation system's complexity, combined with disparities in tax and employment law, is offering significant potential for software developers and key vendors to invest in tax management software. To simplify the taxation system, software providers in the region have begun collaborating with third-party developers to develop API-based products. As a result, firms in North America are embracing innovative technologies and channels in order to stay competitive and update at a rapid rate.

The US market dominated the North America Tax Management Market by Country 2020, and is expected to continue to be a dominant market till 2027; thereby, achieving a market value of $8,434.5 million by 2027. The Canada market is poised to grow at a CAGR of 11.7% during (2021 - 2027). Additionally, The Mexico market is expected to showcase a CAGR of 10.7% during (2021 - 2027).

Based on Component, the market is segmented into Software and Services. Based on Tax Type, the market is segmented into Indirect Tax and Direct Tax. Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on End User, the market is segmented into BFSI, IT & Telecom, Retail, Healthcare, Energy & Utilities, Manufacturing, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Avalara, Inc., Blucora, Inc., H&R Block, Inc., Sovos Compliance, LLC, Vertex, Inc., ADP, Inc., SAP SE, Intuit, Inc., Thomson Reuters Corporation, and Wolters Kluwer N.V.

Scope of the Study


Market Segments Covered in the Report:


By Component
  • Software
  • Services

By Tax Type  
  • Indirect Tax
  • Direct Tax

By Deployment Mode
  • Cloud
  • On-premise

By Organization Size
  • Large Enterprises
  • Small & Medium-sized Enterprises (SMEs)

By End User
  • BFSI
  • IT & Telecom
  • Retail
  • Healthcare
  • Energy & Utilities
  • Manufacturing
  • Others

By Country: US, Canada, Mexico, and Rest of North America.

Key Market Players


List of Companies Profiled in the Report:

  • Avalara, Inc.
  • Blucora, Inc.
  • H&R Block, Inc.
  • Sovos Compliance, LLC
  • Vertex, Inc.
  • ADP, Inc.
  • SAP SE
  • Intuit, Inc.
  • Thomson Reuters Corporation
  • Wolters Kluwer N.V.

Unique Offerings from the Publisher

  • Exhaustive coverage
  • The highest number of market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Tax Management Market, by Component
1.4.2 North America Tax Management Market, by Tax Type
1.4.3 North America Tax Management Market, by Deployment Mode
1.4.4 North America Tax Management Market, by Organization Size
1.4.5 North America Tax Management Market, by End User
1.4.6 North America Tax Management Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisitions and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Acquisitions and Mergers: 2018, Aug – 2021, Dec) Leading Players
Chapter 4. North America Tax Management Market by Component
4.1 North America Software Market by Country
4.2 North America Services Market by Country
Chapter 5. North America Tax Management Market by Tax Type
5.1 North America Indirect Tax Market by Country
5.2 North America Direct Tax Market by Country
Chapter 6. North America Tax Management Market by Deployment Mode
6.1 North America Cloud Market by Country
6.2 North America On-premise Market by Country
Chapter 7. North America Tax Management Market by Organization Size
7.1 North America Large Enterprises Market by Country
7.2 North America Small & Medium-sized Enterprises (SMEs) Market by Country
Chapter 8. North America Tax Management Market by End User
8.1 North America BFSI Market by Country
8.2 North America IT & Telecom Market by Country
8.3 North America Retail Market by Country
8.4 North America Healthcare Market by Country
8.5 North America Energy & Utilities Market by Country
8.6 North America Manufacturing Market by Country
8.7 North America Others Market by Country
Chapter 9. North America Tax Management Market by Country
9.1 US Tax Management Market
9.1.1 US Tax Management Market by Component
9.1.2 US Tax Management Market by Tax Type
9.1.3 US Tax Management Market by Deployment Mode
9.1.4 US Tax Management Market by Organization Size
9.1.5 US Tax Management Market by End User
9.2 Canada Tax Management Market
9.2.1 Canada Tax Management Market by Component
9.2.2 Canada Tax Management Market by Tax Type
9.2.3 Canada Tax Management Market by Deployment Mode
9.2.4 Canada Tax Management Market by Organization Size
9.2.5 Canada Tax Management Market by End User
9.3 Mexico Tax Management Market
9.3.1 Mexico Tax Management Market by Component
9.3.2 Mexico Tax Management Market by Tax Type
9.3.3 Mexico Tax Management Market by Deployment Mode
9.3.4 Mexico Tax Management Market by Organization Size
9.3.5 Mexico Tax Management Market by End User
9.4 Rest of North America Tax Management Market
9.4.1 Rest of North America Tax Management Market by Component
9.4.2 Rest of North America Tax Management Market by Tax Type
9.4.3 Rest of North America Tax Management Market by Deployment Mode
9.4.4 Rest of North America Tax Management Market by Organization Size
9.4.5 Rest of North America Tax Management Market by End User
Chapter 10. Company Profiles
10.1 Avalara, Inc.
10.1.1 Company Overview
10.1.2 Financial Analysis
10.1.3 Research & Development Expenses
10.1.4 Recent strategies and developments:
10.1.4.1 Partnerships, Collaborations, and Agreements:
10.1.4.2 Product Launches and Product Expansions:
10.1.4.3 Acquisitions and Mergers:
10.2 Blucora, Inc.
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Segmental Analysis
10.3 H&R Block, Inc.
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Recent strategies and developments:
10.3.3.1 Partnerships, Collaborations, and Agreements:
10.3.3.2 Acquisitions and Mergers:
10.4 Sovos Compliance, LLC
10.4.1 Company Overview
10.4.2 Recent strategies and developments:
10.4.2.1 Product Launches and Product Expansions:
10.4.2.2 Acquisitions and Mergers:
10.5 Vertex, Inc.
10.5.1 Company Overview
10.5.2 Financial Analysis
10.5.3 Research & Development Expenses
10.5.4 Recent strategies and developments:
10.5.4.1 Partnerships, Collaborations, and Agreements:
10.5.4.2 Product Launches and Product Expansions:
10.5.4.3 Acquisitions and Mergers:
10.6 ADP, Inc.
10.6.1 Company Overview
10.6.2 Financial Analysis
10.6.3 Segmental and Regional Analysis
10.6.4 Recent strategies and developments:
10.6.4.1 Partnerships, Collaborations, and Agreements:
10.6.4.2 Product Launches and Product Expansions:
10.6.4.3 Acquisitions and Mergers:
10.7 SAP SE
10.7.1 Company Overview
10.7.2 Financial Analysis
10.7.3 Segmental and Regional Analysis
10.7.4 Research & Development Expense
10.8 Intuit, Inc.
10.8.1 Company Overview
10.8.2 Financial Analysis
10.8.3 Segmental Analysis
10.8.4 Research & Development Expense
10.8.5 Recent strategies and developments:
10.8.5.1 Partnerships, Collaborations, and Agreements:
10.8.5.2 Product Launches and Product Expansions:
10.8.5.3 Acquisitions and Mergers:
10.9 Thomson Reuters Corporation (The Woodbridge Company)
10.9.1 Company Overview
10.9.2 Financial Analysis
10.9.3 Segmental and Regional Analysis
10.9.4 Recent strategies and developments:
10.9.4.1 Partnerships, Collaborations, and Agreements:
10.9.4.2 Product Launches and Product Expansions:
10.9.4.3 Acquisitions and Mergers:
10.10. Wolters Kluwer N.V.
10.10.1 Company Overview
10.10.2 Financial Analysis
10.10.3 Segmental and Regional Analysis
10.10.4 Recent strategies and developments:
10.10.4.1 Partnerships, Collaborations, and Agreements:
10.10.4.2 Acquisitions and Mergers:

Companies Mentioned

  • Avalara, Inc.
  • Blucora, Inc.
  • H&R Block, Inc.
  • Sovos Compliance, LLC
  • Vertex, Inc.
  • ADP, Inc.
  • SAP SE
  • Intuit, Inc.
  • Thomson Reuters Corporation
  • Wolters Kluwer N.V.

Methodology

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