Aug 2018 - Market Forecast - Doc # US43266818
Worldwide Corporate Tax Management Applications Forecast 2018–2022: Tax Management Evolving into Value Center
By: Kevin PermenterSenior Research Analyst, Enterprise Applications, Jordan JewellSenior Research Analyst, Digital Commerce and Enterprise Applications, Mickey North RizzaProgram Vice President, Enterprise Applications and Digital Commerce
This IDC study examines the market for corporate tax management applications, which is growing at a strong pace (with a CAGR of 6.5%, it's expected to reach $2.8 billion by 2022). Demand for public cloud (CAGR of 19.9%) is clearly outpacing that of on-premise/other software (CAGR of 0.9%), with businesses of all sizes and industries adopting tax applications in the cloud. Today's cloud-enabled tax compliance software providers provide tools to cope with the ever-increasing volume of online transactions and the constantly evolving tax regulations in the United States and beyond.
"The corporate tax landscape is growing more and more complex. Organizations are turning to cloud technology to maintain tax compliance amid this complexity. Tax software vendors looking to keep pace must continue to build out advance features based on innovative technology to remain competitive in this evolving market," said Kevin M. Permenter, senior research analyst, Enterprise Applications at IDC.