Indirect Tax Management Market

Segmentation by Deployment Type (Cloud-Based, and On-Premise); and by Vertical (Banking Financial Services and Insurance (BFSI), Information Technology (IT) and Telecom, Energy & Utilities, Healthcare, Government, Retail, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Report ID: 3524 | Published On: Feb 07, 2023
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Global Indirect Tax Management Market Regional Synopsis

On the basis of geographical analysis, the global indirect tax management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of the growing usage of tax management software, and rapid growth of the BFSI industry. According to the Indian Brand Equity Foundation, during FY16-FY20, deposits grew at a CAGR of 13.93% and reached USD 1.93 trillion by FY20, and bank credit and deposits stood at USD 1.48 trillion and USD 2.08 trillion respectively. Apart from these, frequent regulatory changes in India and China are also expected to drive the region’s market growth in the future. Additionally, the market in North America is projected to grab the largest share over the forecast period, which can be credited to the continuous changes in tax regulations, well-developed IT infrastructure, and presence of prominent market players in the region.

The global indirect tax management market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Indirect Tax Management Market
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Major Macro-Economic Indicators Impacting the Market Growth

Research Expenditure

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Market Segmentation

Our in-depth analysis of the global indirect tax management market includes the following segments:

By Deployment Type

  • Cloud-Based
  • On-Premise

By Vertical

  • Banking Financial Services and Insurance (BFSI)
  • Information Technology (IT) and Telecom
  • Energy & Utilities
  • Healthcare
  • Government
  • Retail
  • Others

Growth Drivers

  • Increasing Adoption of Electronic Accounting Across the Globe
  • Growing Investments in Digital Solutions


  • Lack of Standardization in Tax Laws

Research Expenditure
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Top Featured Companies Dominating the Market

    • SAP SE
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Wolters Kluwer N.V
    • Alvara, Inc.
    • Thomson Reuters Corporation
    • Sovos Compliance, LLC
    • Drake Enterprises, Inc.
    • Canopy Tax, Inc.
    • DAVO Technologies, LLC
    • TPS Unlimited, Inc.
    • Intuit Inc.

In The News

·   October 2019- Wolters Kluwer announced the launch of its redesigned CCH SalesTax use tax and sales compliance platform, which is a robust cloud-based tax solution. It is designed to help companies effectively manage indirect tax regulatory requirements in North American continent.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the indirect tax management market?

Ans: The major growth drivers for the market are increasing adoption of electronic accounting across the globe and growing investments in digital solutions.

2) What would be the CAGR of indirect tax management market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the indirect tax management market growth?

Ans: Lack of standardization in tax laws is estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of indirect tax management market in future?

Ans: Asia Pacific will provide more business opportunities for market growth owing to the growing usage of tax management software, and rapid growth of the BFSI industry.

5) Who are the major players dominating the indirect tax management market?

Ans: The major players in the market are SAP SE, Wolters Kluwer N.V, Alvara, Inc., Thomson Reuters Corporation, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the indirect tax management market?

Ans: The market is segmented by deployment type, vertical, and by region.

8) Which segment captures the largest market size in the deployment type segment in the indirect tax management market?

Ans: The cloud-based segment is anticipated to hold largest market size in value and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.

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