Tax Tech Market 2024 - By Size, Share, Trends,
Growth Analysis And Outlook By 2030

The global Tax Tech Market will
grow from USD 18.53 billion in 2024 to USD 36.72 billion by 2030 at a
compounded annual growth rate (CAGR) of 12.1% during the forecast period, according to new research report by
MarketsandMarkets™

The accelerated rise of international commerce and e-commerce
substantially drives the complexity of tax compliance among businesses with
global operations. Each country has different tax laws, VAT/GST systems, and
digital reporting mandates, which challenge manual handling. Cross-border
trade, digital services, and various treatments of taxes are also adding to the
complexity. Therefore, companies are adopting centralized tax technology
platforms that provide scalable and automated solutions to manage various tax
requirements effectively. The systems help achieve global tax compliance,
reduce mistakes, and increase operations visibility. Precision, consistency,
and flexibility in a fast-paced global landscape are some of the primary
drivers of using sophisticated tax tech solutions.

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List of Top Tax Tech Market Companies

·      
Wolters
Kluwer (Netherlands)

·      
H&R
Block (US)

·      
Avalara
(US)

·      
Vertex.inc
(US)

·      
Thomson
Reuters (Canada)

·      
SAP
(Germany)

·      
ADP
(US)

·      
Sovos
(US)

·      
Intuit
(US)

·      
Xero
(New Zealand)

Based on the offering, the solutions segment is expected to
hold the largest market share during the forecast period.

Based on the offering, the solutions segment is expected to
hold the largest market share in the tax tech market during the forecast period
due to the growing demand for automation, compliance, and real-time tax
reporting across industries. Organizations in more significant quantities are
implementing tax software solutions to automate tax calculations, manage
regulatory updates, and reduce manual errors. These solutions provide advanced
features such as e-filing, audit support, analytics, and system integration
with enterprises, enabling business houses to make tax operations more accurate
and efficient. With governments worldwide adopting complex and dynamic taxation
regulations, firms are turning towards robust digital solutions to ensure
on-time compliance and minimize financial risk. The rise of cloud-based tax
solutions drives further adoption, offering scalability, security, and cost
savings. The increased need for digital transformation in finance teams and the
necessity to maintain transparency in taxation practices are a few of the key
drivers fueling the dominance of the solutions segment in this market.

Based on the vertical type, the IT & telecom segment is
expected to grow at the highest CAGR during the forecast period.

The IT & Telecom sector is expected to grow in the tax
tech market, with the highest CAGR during the forecast period. This growth
follows as businesses within this industry scale up their digitalization
initiatives and come under increased pressure to remain compliant with changing
tax laws across various geographies. With massive amounts of data and frequent
cross-border payments, IT & Telecom firms are adopting advanced taxation
technologies like AI-based tools, cloud solutions, and automated reporting platforms
to simplify complex tax processes and minimize chances of error. These
solutions not only save time but also help companies maintain agility in the
face of a fast-changing regulatory environment. Therefore, the need for more
innovative, scalable tax tech is increasing rapidly in this segment and is, as
such, a key factor driving market expansion.

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Based on the regions, the Middle East & Africa is
expected to grow at the second-highest CAGR during the forecast period.

Middle East & Africa is anticipated to register the
second-highest CAGR in the tax tech industry over the forecast period, led by
extensive government-initiated digital tax reforms and rising adoption of
e-invoicing and compliance solutions. Egypt, Nigeria, and Kenya are
transforming Africa with solutions such as ETA's e-receipt system, FIRS's
TaxPro Max, and KRA's eTIMS to enhance tax transparency and prevent evasion. In
the Middle East, UAE's EmaraTax and Saudi Arabia's ZATCA-led e-invoicing demonstrate
a healthy regulatory pace towards real-time, networked tax systems. The Gulf
nations of Bahrain and Oman are in catch-up mode, too, making investments in
platforms with SAP and PwC as partners. South Africa has consistently
progressed with SARS's electronic customs and eFiling enhancements. As
infrastructure enhances and informal economies go digital, the region offers
robust growth opportunities for tax tech suppliers, placing MEA in a
fast-evolving position as a hub for advanced tax administration solutions.

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