What is Digital Transformation in Tax Technology Market?
In the past few years, the digital wave has become stronger and the business case for the adoption of new technologies in the tax function has gained further momentum, the digital transformation can significantly improve the lives of tax administrators and taxpayers. The revolutionary IT platform Goods and Digital Transformation in Tax Technology offers a common platform for registration, return filing and e-payment, it enhances the number and types of taxpayer services, engaging citizens. Tax gaps remain a big problem for many countries, According to the Global Financial Integrity, estimates that developing countries lose nearly USD 1 trillion a year to illicit financial flows and The most recent IRS gross tax gap projected a loss of USD458 billion in the U.S. in one year
The market study is being classified by Type (On-Premise and Cloud), by Application (Small and Medium Businesses(SMBS) and Enterprises) and major geographies with country level break-up.
Avalara(United States), Ryan(United States), The Sage Group (United Kingdom), Sovos Compliance(United States), Taxjar (United States), Thomson Reuters(Canada), Vertex (United States), Wolters Kluwer (CCH Incorporated) (Netherlands), KPMG Global (Switzerland) and IBM(United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Xero (New Zealand) and APEX Analytix (United States).
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Digital Transformation in Tax Technology market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Digital Transformation in Tax Technology market by Type, Application and Region.
On the basis of geography, the market of Digital Transformation in Tax Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing use of digital transformation in Tax Technology of Tax authorities owing to harnessing the power of new technologies such as big data and advanced analytics to improve tax administration
- Tax authorities are increasingly becoming digital and getting closer to the source data to better understand taxpayer trends and ensure better compliance
- The emergence of the Certain technology trends, including Big Data, analytics, artificial intelligence (AI), machine learning, the Internet of Things (IoT) are all having a huge impact on tax administrations
- Tax law changes are struggling to keep pace with technological changes and new laws are increasingly being enforced
- Digitalization and emerging technologies have opened the factors of growth opportunities for businesses, and for tax administrators
- The increased collaboration among various government agencies, resulting in the swift exchange of information using digital means
- The cost of deployment and maintenance of large applications
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Digital Transformation in Tax Technology Provider, Government Regulatory and Research Organizations and End-Use Industry
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