The Latin America, Middle East and Africa Tax Management Market would witness market growth of 14.6% CAGR during the forecast period (2021-2027).
Every industry is being impacted by digitalization, and every business process is evolving at a rapid pace. Financial transactions are transitioning from cash to cashless as a result of digitization. The rise in the number of smartphones and internet users is one of the main reasons for increasing digitalization. Digitalization is being promoted by a number of governments around the world. For example, the Indian government has launched a program dubbed 'Digital India,' which promotes digital transactions. As a result, digitization is expected to drive the tax management market during the forecasting period.
Moreover, the widespread usage of web-based e-commerce and banking systems has increased the volume of online transactions around the world. This rise in online digital transactions is expected to enhance demand for various tax administration systems for sales tax, GST, and service tax, thus propelling the growth of the market.
Effective tax administration aids the formal registration of governments and corporations, resulting in higher general taxation and tax collections. Tajikistan's administration, for example, has made tax reform a top priority as it works toward its economic goals. In 2013, Tajikistan initiated the Tax Reform Project, which aimed to make the country's tax system more competitive, transparent, and service-oriented. Infrastructure modernization and the installation of a single tax administration system have increased the efficiency of tax officers and taxpayers.
The higher demand for these solutions in the regional market is mostly due to an increase in the use of tax software by SMEs and large businesses to manage tax filings and financial transactions. Moreover, the Brazilian government created a monetary framework to make tax collection easier for micro and small firms.
The Brazil market dominated the LAMEA Tax Management Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $716.1 million by 2027. The Argentina market is exhibiting a CAGR of 15.2% during (2021 - 2027). Additionally, The UAE market would witness a CAGR of 14.3% during (2021 - 2027).
Based on Component, the market is segmented into Software and Services. Based on Tax Type, the market is segmented into Indirect Tax and Direct Tax. Based on Deployment Type, the market is segmented into Cloud and On-premise. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises (SMEs). Based on End User, the market is segmented into BFSI, IT & Telecom, Retail, Healthcare, Energy & Utilities, Manufacturing, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Tax Management Market is Predict to reach $33.9 Billion by 2027, at a CAGR of 10.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Avalara, Inc., Blucora, Inc., H&R Block, Inc., Sovos Compliance, LLC, Vertex, Inc., ADP, Inc., SAP SE, Intuit, Inc., Thomson Reuters Corporation, and Wolters Kluwer N.V.
By Component
By Tax Type
By Deployment Mode
By Organization Size
By End User
By Country
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