The global cloud tax management software market is estimated to grow considerably during the forecast period. The cloud tax management software market growth is attributed to the growing adoption of the cloud computing in different verticals including BFSI sector, IT and telecom, energy & utilities, healthcare & life science, and others. The deployment of the conventional on-premise service-based systems for the improvement of the business enterprise’s capabilities and expansion of new capabilities takes time. Furthermore, the use of the cloud platform assists the organization to reduce its overall operational cost. Cloud services eliminated the wait to run the application after its deployment, which results in time-saving and more efficient work.
Further, with the increasing amount of data generated through IoT, many enterprises have shifted their data to the cloud storage by choosing service providers. Therefore, the demand for cloud-based services among enterprises has been growing significantly in developed economies globally. For instance, according to Eurostat, around 26% of EU enterprises used cloud computing in 2018, primarily for e-mails and storage of files, as compared to 21% in 2016. Likewise, there is significant adoption of cloud-based services across several countries, such as the US, China and India owing to the significant rise in the demand for cloud-based services by SMEs.
To enhance their reach and access in the decentralized environment, the BFSI sector has to manage a wide variety of customers in several regions under different rules and regulations. As a result, a document management system for the BFSI industry is much more complex and critical. Additionally, this sector makes use of large clouds to save their information, therefore these organizations are actively adopting cloud tax management solutions to performKYC and risk management,record management & OCR, business process management, and security & confidentiality. In energy & utilities cloud tax management software solutions are used to calculate the property tax. In the healthcare &life science sector the cloud tax management solution is used to manage the service tax, goods & service tax, and property tax among others.
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Current Market Trends Covered in the Market Report
- Significant adoption of cloud services across the globe
- Partnerships and collaborations – key drivers of competition in this market
- Shifting of the service-centric population to server-centric population.
- Asia-Pacific to show lucrative growth during the forecasted year.
- North America held the major share in the cloud tax management market.
Global Cloud Tax Management Software Market- Segmentation
By Type
- Direct Tax
- Indirect Tax
By Vertical
- Banking Financial Services and Insurance (BFSI)
- Information Technology (IT) and Telecom
- Energy & Utilities
- Healthcare & LifeScience
- Government
- Retail and Consumer Goods
- Others
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