Report Code: A10391 | Pages: NA | Jul 2023 | 2335 Views | ||
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Pandemic disrupted the entire world and affected many industries.
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Request Now !Presently, the banking industry is characterized by digitalization as banks and other financial institutions have gone through major digital shift in recent years. This has also resulted in growth of big data in banking and financial services. In addition, rise in number of financial transactions has led banks to adopt tax management software to improve their work efficiency. This technology helps financial institutions to report and pay their taxes. The major goal of banking tax management software is to ensure cost savings and provide more convenient options to users to pay their tax.
The global banking tax management software market is segmented on the basis of component, tax type, deployment mode, enterprise size, and region. Based on component, the banking tax management software market is bifurcated into software and service. In terms of tax type, the market is categorized into direct tax and indirect tax. On the basis of deployment mode, the market is divided into on-premise and cloud. In terms of enterprise size, the market is fragmented into large enterprises and small & medium-sized enterprises (SMEs). Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global banking tax management software industry include WEB GST, CosmoLex, Tipalti AP Automation, Timesheets, TaxRates, Zoho Corporation Pvt. Ltd., FreshBooks, Checkmark Inc., IRS Solutions Software, Patriot Software, OfiPro, and CenterPoint Payroll Software. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global banking tax management software market.Â
Need for automated solutions to manage large transactional data in the banking industry and growth emphasis on centralized taxation system for economic development are some of the major factors that drive the banking tax management software market. In addition, increase in volume of financial transactions, rise in demand for technologically advanced platforms, and growth in demand for simplifying tax compliances and automation also drive the market growth.Â
However, several operational complexities associated with this software hinder the banking tax management software market growth. Â On the contrary, untapped demand from developing economies, such as India and China, are expected to create lucrative opportunities for the industry.Â
Advanced technologies are widely adopted by tax management software vendors as they offer improved capabilities to enhance focus on enforcement and tax payer compliance for better customer-centric services. Â Increase in reliance on digital and e-payment methods also drive the adoption of artificial intelligence techniques for tax management software industries.Â
Manufacturers have been focusing on launch of new products in developing countries. Developing economies have recorded revolutionary steps in banking digitalization, and adoption of tax management software is one of them. Countries, such as India, China, and Japan are known for large number of tax payers and hence, higher demand for tax management software is recorded among banks in these countries. Â
New products for specific applications as there are varying demands based on utilization. In addition, key vendors have been investing significantly in research and development activities to enhance cloud based solutions, which can enable organizations among banks in these countries to configure tax rates and perform tax accounting through a platform.
Key Benefits of the Report
This study presents analytical depiction of the global banking tax management software market forecast along with the current trends and future estimations to determine the imminent investment pockets.  Â
COVID-19 Scenario Analysis
Questions Answered in the Banking Tax Management Software Market Research Report
Banking Tax Management Software Market Report Highlights
Aspects | Details |
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By Component |
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By Deployment Mode |
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By Enterprise Size |
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By Region |
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Key Market Players | Timesheets, OfiPro, FreshBooks, Checkmark Inc., CosmoLex, Tipalti AP Automation, CenterPoint Payroll Software, WEB GST, TaxRates, IRS Solutions Software, Zoho Corporation Pvt. Ltd., Patriot Software |
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