Pune, India, March 15, 2021 (GLOBE NEWSWIRE) — The global tax management software market size is projected to reach USD 11.19 billion by the end of 2026. The increasing demand for automated software will have a direct impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Tax Management Software Market Size, Share & Industry Analysis, By Component (Software, Professional Services), By Deployment (On-Premises, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Vertical (BFSI, Healthcare, Retail, Manufacturing, Energy and Utilities, and Others), and Regional Forecast, 2019-2026,” the market was worth USD 5.24 in 2018 and will exhibit a CAGR of 10.4% during the forecast period, 2019-2026.
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Tax management software is a system that is used to manage the huge amount of data in software offices and industries across the world. The use of automated concepts has led to optimum efficiency in data management. The high investments in the development of efficient tax management software will contribute to the growth of the market in the coming years. The high investments have yielded a few exceptional products in recent years. Tax management software is used to perform several purposes such as filing returns and operate within the compliances set by governing bodies across the world. The properties of these products have helped companies save financial resources as well as time. The presence of several large scale companies will have a positive impact on the growth of the market in the foreseeable future.
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High Investments by Major Companies Have led to an Increase in the Number of Product Launches
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of product launches has made a huge impact on the growth of the market. In July 2016, Thomson Reuters announced the launch of a new tax technology platform. The company unveiled ‘ONESOURCE,' a platform that will help companies perform all functions associated with tax filing at …
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