The global indirect tax management market is anticipated to grow considerably, at a CAGR during the forecast period. The growth of the indirect tax management market is attributed to the growing adoption of this software and solutions in different verticals including Banking Financial Services and Insurance (BFSI) sector, Information Technology (IT) and telecom, energy & utilities, healthcare & life sciences, and others. The software solution offers several benefits over the manual calculation related to On-Premises taxation. The manual methods of indirect taxation are more costly and error-prone in comparison to the automatic solution method. Moreover, in some business verticals the enterprise resource system (ERP) systems lack the ability to determine accurate taxing, and are having only limited analytical reporting.
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The proper application of the indirect tax management solution simplifies the growing complexity of the indirect tax-related transactions. Furthermore, the volume of data is growing due to the increasing transaction related to the indirect tax are generating the demand for highly efficient indirect tax management solutions to manage and maintain such a huge amount of data in an efficient manner. This solution meets the changing requirements of businesses by ensuring compliance with the rules and regulations by meeting up the most up-to-date tax content. This solution enables different verticals to gain insights & devise smart tax strategies. The automation of tax management intends to meet the overall objectives of the corporate.
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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 taxation solutions to perform KYC and risk management, record management & OCR, business process management, and security & confidentiality. In energy & utilities these software solutions are used to calculate the property tax and so on.
Global Indirect Tax Management Market- Segmentation
By Type
- Cloud-Based
- On-Premises
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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