PUBLISHER: Grand View Research | PRODUCT CODE: 1363289
PUBLISHER: Grand View Research | PRODUCT CODE: 1363289
The global tax management software market size is expected to reach USD 39.71 billion by 2030, growing at a CAGR of 10.1% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc.. The growing emphasis on the digitalization of tax audits and tax management driven by the COVID-19 pandemic is anticipated to drive the market's growth over the forecast period. Furthermore, the rising demand for automating taxation, including tax compliance, is fueling the market's growth. The rising investments by venture capital firms into tax management software providers are another major factor driving the growth of the market. For instance, in April 2023, TaxCloud, a sales tax compliance platform provider for e-commerce businesses, announced that it raised USD 20 million through a growth equity round led by Camber Partners, a growth equity firm. The company aimed to utilize these funds to offer service to its customers and expand its product offerings while boosting marketing efforts, and sales operations.
Tax management software enables businesses to increase their efficiency by reducing the time and effort required for managing taxation. Furthermore, many tax management software tools come with various features of expense tracking, invoice creation, payroll management, and report generation, among others. Thus, such benefits are expected to drive the market growth. The global pandemic has been favorable to market growth. The remote work culture and social distancing led to the digitalization of taxation across the globe. As a result of this digitalization, the online tax filing feature enabled market players to penetrate their products into the market. Furthermore, the rising use of the internet and growing cloud infrastructure bodes well for the growth of the market.