Cloud Tax Management Market Scope
Cloud tax management is a service that automates all tax filings and efficiently manage all tax and non-tax obligations with the help of software solutions. It includes a simplified workflow for the tax professionals to manage project, tasks, issues and obligations and create paperless work environment. It address tax compliance requirement for tax professionals.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Cloud Tax Management market throughout the predicted period.
Avalara (United States), Automatic Data Processing (United States), Wolters Kluwer NV (Netherlands), Thomson Reuters (Canada), Intuit (United States), H&R Block (United States), SAP SE (Germany), Blucora (United States), Drake Enterprises (United States) and TaxSlayer Pro LLC (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Tax Cloud (United States), Taxback International (Ireland), AdaptIT (South Africa), DAVO Technologies (United States), Sovos Compliance (United States), TaxJar (United States) and Vertex (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Cloud Tax Management market by Type (Indirect Tax and Direct Tax), by Application (Automated Registration, Automatic Tax Filings & Remittance, Audit Response and Indemnification and Others) and Region with country level break-up.
On the basis of geography, the market of Cloud Tax Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On February 06, 2019, Avalara, Inc., a leading provider of tax compliance automation software for businesses of all sizes, has announced that it has acquired Indix’s AI technology and expertise. Avalara believes it will offer the industry’s most accurate, up-to-date, and comprehensive source of global tax and product content when it combines the Indix AI expertise, technology, and content with Avalara’s tax expertise and compliance content.
In December 2019, Wolters Kluwer has introduced CCH Axcess Knowledge Coach, under its cloud-based tax preparation, compliance, and workflow management platform, CCH Axcess. This new solution provides auditors the flexibility of anywhere, anytime access, and improves the overall quality of auditing. and On February 13, 2019, TaxCloud, a leading online sales tax compliance service, and Bonanza, a seller-centric online marketplace focused on minimizing busywork for small businesses, has announced that they have partnered to offer TaxCloud services to Bonanza sellers to support their sales tax compliance.
On June 21, 2018, the United States Supreme Court issued its decision, clearing the way for many states to compel sales tax collection by remote retailers.
Market Trend
- Integration with Financial Modules
- Centralized Tax Compliance Management System
Market Drivers
- Increasing Volume of Financial Transactions across Industries owing to Digitalization
- Complex Nature of the Manual Taxation System
Opportunities
- Use of the Blockchain and Artificial Intelligence Technology
- Growing Demand from Large Business Firms
Restraints
- Data Confidentiality and Threat Issues
- Lack of Awareness among Individuals
Challenges
- Frequent Changes in Tax Laws and Regulations
Key Target Audience
Cloud Tax Management Service Providers, Software Developers, Government and Regulatory Bodies, Tax Consulting Firms, End-Use Industries and Others