Market Snapshot:
In the past few years, the digital wave has become stronger and the business case for the adoption of new technologies in the tax function has gained further momentum, the digital transformation can significantly improve the lives of tax administrators and taxpayers. The revolutionary IT platform Goods and Digital Transformation in Tax Technology offers a common platform for registration, return filing and e-payment, it enhances the number and types of taxpayer services, engaging citizens. Tax gaps remain a big problem for many countries, According to the Global Financial Integrity, estimates that developing countries lose nearly USD 1 trillion a year to illicit financial flows and The most recent IRS gross tax gap projected a loss of USD458 billion in the U.S. in one year
Highlights from Digital Transformation in Tax Technology Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The key Players profiled in the report are Avalara(United States), Ryan(United States), The Sage Group (United Kingdom), Sovos Compliance(United States), Taxjar (United States), Thomson Reuters(Canada), Vertex (United States), Wolters Kluwer (CCH Incorporated) (Netherlands), KPMG Global (Switzerland), IBM(United States) and Tax Systems (United Kingdom). Additionally, other players that are part of this comprehensive study are Xero (New Zealand) and APEX Analytix (United States).
Geographic Breakdown and Segment Analysis
The Global Digital Transformation in Tax Technology market presents a comprehensive analysis of the Digital Transformation in Tax Technology market by end-user/application (Small and Medium Enterprises and Large Enterprises), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Digital Transformation in Tax Technology industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Digital Transformation in Tax Technology market
Analyst at AMA have segmented the market study of Global Digital Transformation in Tax Technology market by Type, Application and Region.
Influencing Trend:
The emergence of the Certain technology trends, including Big Data, analytics, artificial intelligence (AI), machine learning, the Internet of Things (IoT) are all having a huge impact on tax administrations
Market Growth Drivers:
Increasing use of digital transformation in Tax Technology of Tax authorities owing to harnessing the power of new technologies such as big data and advanced analytics to improve tax administration and Tax authorities are increasingly becoming digital and getting closer to the source data to better understand taxpayer trends and ensure better compliance
Challenges:
The cost of deployment and maintenance of large applications
Restraints:
Tax law changes are struggling to keep pace with technological changes and new laws are increasingly being enforced
Opportunities:
Digitalization and emerging technologies have opened the factors of growth opportunities for businesses, and for tax administrators and The increased collaboration among various government agencies, resulting in the swift exchange of information using digital means
Market Developments Activities:
In September 2023, Accenture, a technology consulting firm, partnered with Tax Agility, a provider of cloud-based tax software, to develop and implement automated tax processes for businesses. This collaboration aims to reduce the time and resources required for tax compliance, allowing businesses to focus on core operations.
In July 2023, Intuit, a major player in tax and financial software, acquired Mailchimp, a leading email marketing platform. This move aims to integrate email marketing and financial tools, offering businesses a more comprehensive solution for managing taxes and customer relationships.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Digital Transformation in Tax Technology Provider, Government Regulatory and Research Organizations and End-Use Industry