The indirect tax management market is projected to grow at a considerable CAGR of around 12% during the forecast period (2019-2025). The ongoing globalization, increasing competition, an ever-increasing regulatory compliance burden have created a need for advanced software that can maintain all the indirect tax legislation to maintain continuity of the business processes. The continuous increase in the number of financial transactions in different industrial verticals is further driving the growth of the global indirect tax management market. Furthermore, the intensity and volume of the indirect taxes are more, therefore there exists a requirement for highly advanced software to perform faster and more accurate calculations. The indirect tax management software provides a standard single platform for effective tax management and to determine compliance responsibilities.

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The indirect tax management market is classified on the basis of deployment type and vertical. Based on type, the market is bifurcated into cloud-based and on-premises indirect tax management software. Based on the deployment type, the on-premises segment is estimated to hold considerable market share during the forecast period. Cloud-based indirect tax management solutions are anticipated to grow at a significant growth rate during the forecast period. The growth is attributed to the rising adoption of cloud services across the globe owing to its cost efficiency and other benefits. Based on the verticals, the market is segmented into Banking Financial Services and Insurance (BFSI), Information Technology (IT) and telecom, energy & utilities, healthcare & life sciences, government, retail and consumer goods, and others.

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The indirect tax management software solution offers several advantages over the conventional method of manual calculation related to taxation. The manual methods of indirect taxation are more error-prone and costly in comparison to the highly advanced automatic solution method. The proper utilization of the indirect tax management solution simplifies the growing complexity of the indirect tax-related transactions. This solution meets the changing requirements of businesses by ensuring compliance with the rules and regulations by meeting up the most up-to-date tax content. This solution enables different verticals to gain insights & devise smart tax strategies. The automation of tax management intends to meet the overall objectives of the corporate.

Global Indirect tax management Market – Segmentation
By Application 
Food and Beverages
Chemical
Pharmaceutical
Others
Global Indirect tax management Market – Segmentation by Region 
North America 
United States
Canada
Europe
Germany
United Kingdom
France
Spain
Italy
Rest of Europe
Asia-Pacific 
China
Japan
India
Rest of Asia-Pacific
Rest of the World

Company Profiles

Acumatica, Inc.
Avalara, Inc.
Blucora, Inc.
CrowdReason, LLC
Drake Enterprises, Inc.
H&R Block, Inc.
Intuit, Inc.
Oracle Corp.
Paychex, Inc.
Rethink Solutions, Inc.
Sage Intacct Inc.
SAP SE
SAXTAX Software
Shoeboxed, Inc.
Sovos Compliance, LLC
Wolters Kluwer N.V.

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