Tax Management Software Market is projected to experience a robust CAGR of 10.43%

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NOIDA, UTTAR PARDESH, INDIA, February 1, 2024 /EINPresswire.com/ — According to a new study published by Knowledge Sourcing Intelligence, the tax management software market is projected to grow at a CAGR of 10.43% between 2022 and 2029. One of the key growth drivers to propel the tax management software market is the increasing volume of transactions taking place in real time. The tax management software market can experience significant growth due to the driving force of increasing transaction activity in various industries, which is increasing due to factors such as the rising digitalization of business operations. Digitalization has led several organisations to opt towards technological advancements and solutions to streamline their tax-related processes. Due to this, there has been an increase in demand for cutting-edge software platforms that are designed to automate and manage crucial financial documents such as tax returns, reports, and payments. Another factor that leads to the increase in growth for transactions is the digitalization of payment systems. As per the Reserve Bank of India, the total digital payments that had taken place during the FY 2022-23 accounted for 1,139,381.68 lakhs in volume. This increase in digital payment systems can provide necessary fuel for the growth of tax management systems, due to the increased inflow of payments and transactions to the commercial banks and the central bank as well. Hence, the increase in the volume of transactions will be expected to provide a significant boost to the tax management software market during the forecast period. There are many product launches and developments that are taking place in the tax management software market during the forecast period. For instance, as of February 2023, BitPay and ZenLedger announced the partnership for providing simple crypto tax filing to all BitPay users. ZenLedger is known to be the sole provider of forensic accounting and taxation software for cryptocurrencies to the IRS, offering advanced features that can manage crypto taxes in minutes. The benefits of the software include the import of transactions straight from the BitPay wallet, calculation on a cost basis, fair market value, and gain/losses, tax loss-harvesting, chat and phone support provided by ZenLedger, and automatic generation of crypto tax documents. Access sample report or view details: https://www.knowledge-sourcing.com/report/tax-management-software-market The tax management software market, based on enterprise type, is categorized into two types- large, and SMEs. Tax management systems are commonly used by all kinds of enterprises due to the increase in the overall transactions and payments taking place in the market. The tax management software market, based on deployment, is categorized into two types- cloud and on-premise. Cloud software is software that employees and employers can use through a connected network. This network will be connected to the main server, through which the tax management software will handle computing and calculation processes, and then provide the result to the connected devices in the network. The tax management software market, based on end-users, is categorized into seven types- consumer electronics, media and entertainment, automotive, retail and e-commerce, IT and telecom, education, and others. Tax management software is commonly used for e-commerce and retail due to the number of transactions occurring, but is increasing in application in several other sectors such as consumer electronics, and many others. The Asia Pacific region is expected to witness significant growth in the tax management software market during the forecasted period. The factor that affects the market is the increase in total payments and transactions taking place in the market. As per the Reserve Bank of India, there has been a significant increase in the total volume of payments that are taking place in the country, which include digital payments, and retail payments. For FY 2022-23, the total volume of payments accounted for 1,146,490.96 lakhs, an increase from 97,704.41 lakhs in November 2022. This increase in transactions will require more advanced tax management systems that can manage and facilitate the creation of tax returns, audit reports, and payments in the banks and companies. The reason for the increase in the transaction volume can also be due to factors such as the introduction of digital payments, which include the UPI in India. The introduction of digital payments eased the payment methods and allowed faster and easier flow of currency from individuals to organizations/ businesses. Therefore, the increase in transactions will increase the requirement for tax management systems that can handle transaction information in large quantities in minimum time. This is expected to increase the growth of the transaction management software market during the forecast period. The research includes several key players from the tax management software market, such as Avalara Inc., Wolters Kluwer N.V., Vertex Inc., Intuit Inc., Thomas Reuters Corporation, TaxSlayer LLC, and HRB Digital LLC. The market analytics report segments the tax management software market using the following criteria: • By Enterprise Type: o Large o SMEs • By Deployment: o Cloud o On-premise • By End-User: o Consumer Electronics o Media and Entertainment o Automotive o Retail and e-commerce o IT and Telecom o Education o Others • By Geography: o North America • United States • Canada • Mexico o South America • Brazil • Argentina • Others o Europe • United Kingdom • Germany • France • Spain • Others o Middle East and Africa • Saudi Arabia • UAE • Israel • Others o Asia Pacific • Japan • China • India • South Korea • Indonesia • Thailand • Others Companies Mentioned: • Avalara Inc. • Thomas Reuters Corporation • Wolters Kluwer N.V. • Vertex Inc. • Intuit Inc. • TaxSlayer LLC • HRB Digital LLC Explore More Reports: • Encryption Software Market: https://www.knowledge-sourcing.com/report/encryption-software-market • Event Management Software Market: https://www.knowledge-sourcing.com/report/event-management-software-market • Travel Management Software Market: https://www.knowledge-sourcing.com/report/travel-management-software-marketAnkit Mishra Knowledge Sourcing Intelligence LLP +1 850-250-1698 email us here Visit us on social media: Facebook Twitter LinkedIn

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