Rise of the Digital Economy Across Regions has Propelled the Growth of the Tax Management Market in North America!
- Himanshu Patni
- November 24, 2023
- NEWS, TELECOM & IT
- Tax Management Market, Tax Management Market Share, Tax Management Market Size, Tax Management Market Trends
- 0 Comments
The rapid growth of the digital economy has created unique tax challenges. Tax management helps digital businesses navigate issues related to cross-border transactions, digital taxation, e-commerce taxation, and intellectual property rights to ensure compliance and optimize their tax positions. The digital economy refers to economic activities that are conducted through digital technologies and platforms, such as e-commerce, online services, and digital communication. The growth of the digital economy has significantly transformed business operations and created new challenges and complexities in tax management. With the increasing digitization of transactions and cross-border activities, businesses face unique tax considerations and compliance requirements. In response to these challenges, the demand for specialized tax management has grown, particularly in North America, which is a major hub for technology and digital innovation.
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However, tax regulations are continuously evolving to keep pace with the digital economy. Governments are introducing new laws and regulations to address the tax challenges posed by digital transactions, cross-border e-commerce, and digital service providers. This dynamic regulatory environment creates a need for expert tax management to ensure compliance and optimize tax strategies.
Further, the North America Tax Management Market is expected to grow at a strong CAGR of 11.1% during the forecast period (2022-2030). North America, particularly the United States, has been at the forefront of technological advancements for decades. The region has a strong culture of innovation, with numerous world-renowned technology companies, research institutions, and startups driving technological breakthroughs.
North America Tax Management Market Revenue (2021-2030) – USD Mn.
· Based on type, the market is bifurcated into direct tax management, and indirect tax management. Among these, the indirect tax management segment holds the highest share of the market as Indirect tax laws, such as value-added tax (VAT), goods and services tax (GST), and sales tax, are subject to frequent changes and updates by governments.
· Based on deployment, the market is bifurcated into on-premise, and cloud. The factors like scalability and flexibility, remote accessibility, and data security and privacy are growing the demand of this segment in the market.
· Based on the enterprise size, the market is bifurcated into large enterprises, and small-medium enterprises. Among these, the large enterprise segment is leading the market due to growing need for large enterprises to navigate complex tax environments, optimize tax efficiency, manage risks, ensure compliance, and align tax strategies with corporate objectives and stakeholder expectations.
· Based on verticals, the market is segmented into BFSI, healthcare, retail, manufacturing, energy and utilities, and others. Among these the BFSI segment is holding the highest share in the market.
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Global Tax Management Segmentation
Market Insight, by Type
o Direct Tax Management
o Indirect Tax Management
Market Insight, by Deployment
o On-Premise
o Cloud
Market Insight, by Enterprise Size
o Large Enterprises
o Small-Medium Enterprises
Market Insight, by Vertical
o BFSI
o Healthcare
o Retail
o Manufacturing
o Energy and Utilities
o Others
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of APAC
· Rest of the World
Top Company Profiles
· Bank of America Corporation
· PwC.
· Deloitte
· CSC Consulting Group
· Tickmark, Inc.
· Accenture.
· Taxscouts
· Cognizant
· JPMorgan Chase & Co.
· Citigroup