According to HTF Market Intelligence, the Global Cloud Tax Management market to witness a CAGR of 13.5% during forecast period of 2023-2028. Global Cloud Tax Management Market Breakdown by Application (Large Enterprise, Small and Medium Enterprise (SMEs)) by Type (Public Cloud, Private Cloud, Hybrid Cloud) by Service type (Tax Compliance, Tax Planning, Tax Reporting and Analytics) by Industry Vertical (Retail and E-commerce, BFSI, Manufacturing, Healthcare, Others) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Cloud Tax Management market size is estimated to increase by USD 1.75 Billion at a CAGR of 13.5% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 14.14 Billion.
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The Cloud Tax Management Market refers to the segment of the financial technology industry that provides software solutions and platforms for businesses and individuals to manage their tax-related processes, calculations, filings, and compliance activities using cloud-based technologies. It encompasses a range of services aimed at simplifying tax management and ensuring accurate and timely tax reporting.
Cloud Tax Management market – Key Segment Analysis
The market share growth by the Public Cloud segment will be significant during the forecast period. The segment is driven by the Efficiency Gains: Cloud tax management solutions offer streamlined processes, reducing manual efforts and improving accuracy.
Cloud Tax Management market – Competition Analysis
The global Cloud Tax Management market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are Avalara (United States), Vertex, Inc. (United States), Sovos (United States), Thomson Reuters (Canada), TaxJar (United States), CCH Tagetik (Italy), Ryan, LLC (United States), Taxamo (Ireland), Billentis (Switzerland), Wolters Kluwer (Netherlands), TaxCloud (United States), Taxback International (Ireland).
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Cloud Tax Management
Market Drivers
- Efficiency Gains: Cloud tax management solutions offer streamlined processes, reducing manual efforts and improving accuracy.
Market Trend
- Adoption of Cloud Technology: Increasing adoption of cloud computing solutions for tax management due to their scalability, accessibility, and cost-efficiency.
Market Opportunities
- SME Adoption: Small and medium-sized enterprises (SMEs) can benefit from affordable cloud tax management solutions that were previously accessible mainly to larger enterprises.
Market Restraints
- Data Security Concerns: Storing sensitive tax data in the cloud raises security and privacy concerns.
Market Challenges
- Customization Needs: Businesses often require tailored tax solutions to meet their specific industry and jurisdictional needs.
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What key data is demonstrated in this Cloud Tax Management market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Cloud Tax Management market between 2023 and 2028
- Precise estimation of the size of the Cloud Tax Management market and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Value in dollar term and growth of the market industry across APAC, Europe, North America, South America, and Middle East and Africa; further broken down by major country within region.
- Thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Cloud Tax Management market players
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
• Political (Political policy and stability as well as trade, fiscal, and taxation policies)
• Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
• Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
• Technological (Changes in digital or mobile technology, automation, research, and development)
• Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
• Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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