What Are The Global Growth Prospects And Demand Trends Shaping The Generative Artificial Intelligence (AI) In Corporate Tax Management Market?
How Much Growth Is Anticipated In The Generative Artificial Intelligence (AI) In Corporate Tax Management Market Size From 2025 To 2034?
The generative artificial intelligence (ai) in corporate tax management market size has grown exponentially in recent years. It will grow from $1.86 billion in 2024 to $2.43 billion in 2025 at a compound annual growth rate (CAGR) of 30.1%. The growth in the historic period can be attributed to the increasing adoption of AI by tax professionals, increasing transaction volume, increasing usage of web-based e-commerce, an increasing quantity of digital transactions, and increasing requirements for tax software.
The generative artificial intelligence (ai) in corporate tax management market size is expected to see exponential growth in the next few years. It will grow to $7.05 billion in 2029 at a compound annual growth rate (CAGR) of 30.5%. The growth in the forecast period can be attributed to evaluating industry-specific changes and generating forecasts based on financial statements, international tax policies, transfer pricing adjustments, employee compensation plans, and growing demand for automation. Major trends in the forecast period include predictive analytics for tax planning, technological advancements, enhanced fraud detection, cross-border tax optimization, and seamless integration with ERP systems.
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What Key Drivers Are Primarily Contributing To The Growth Of The Generative Artificial Intelligence (AI) In Corporate Tax Management Market?
The increasing corporate investments are expected to propel the growth of generative artificial intelligence (AI) in corporate tax management market going forward. Corporate investments are rising due to increasing confidence in economic recovery and the pursuit of innovation-driven growth opportunities. Generative AI corporate investment tax management helps by optimizing tax strategies, automating compliance processes, and providing data-driven insights for strategic decision-making, thereby reducing costs and improving financial efficiency. For instance, in March 2024, according to the Office for National Statistics, a UK-based national statistical institute of the UK, in Quarter 4 (October to December) 2023, UK business investment rose by 1.4%, marking a 2.8% increase compared to the same period in the previous year. Throughout 2023, annual business investment in the UK grew by 5.5%. Therefore, the increasing corporate investments are driving the growth of generative artificial intelligence (AI) in corporate tax management market.
What Are The Essential Segmentation Layers Examined Within The Generative Artificial Intelligence (AI) In Corporate Tax Management Market?
The generative artificial intelligence (ai) in corporate tax managementmarket covered in this report is segmented –
1) By Component: Services, Software
2) By Deployment Mode: Cloud, On-Premises
3) By Enterprise Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Tax Compliance, Tax Controversy Management, Tax Planning And Advisory, Tax Reporting, Other Applications
5) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Energy And Utilities, Healthcare And Pharmaceuticals, Information technology (IT) And Telecommunications, Manufacturing, Retail And E-Commerce, Other Industry Verticals
Subsegments:
1) By Services: Consulting Services, Implementation Services, Managed Services, Support And Maintenance Services
2) By Software: Tax Compliance Software, Tax Planning Software, Tax Reporting Software, Tax Research Software, Integrated Tax Management Software
What Trends Are Driving Change Across The Generative Artificial Intelligence (AI) In Corporate Tax Management Market Landscape?
Major companies operating in the generative AI in corporate tax management market are focusing on developing advanced solutions, such as artificial intelligence platforms, to enhance efficiency, accuracy, and compliance in tax reporting and planning processes. An artificial intelligence (AI) platform refers to a system or software that leverages AI technologies to handle various tax-related tasks. For instance, in September 2023, Ernst & Young Global Limited, a UK-based accounting company, launched EY.ai, a new unifying platform to help organizations confidently adopt artificial intelligence (AI). It offers unique features such as a modernized payroll care system using ChatGPT to efficiently handle complex payroll inquiries, a business intelligence platform that provides a comprehensive view of growth and risk through generative AI, and a secure large language model that supports various applications from conversational AI to product development.
Who Are The Prominent Industry Participants Shaping The Generative Artificial Intelligence (AI) In Corporate Tax Management Market?
Major companies operating in the generative artificial intelligence (AI) in corporate tax management market are Amazon Web Services Inc., Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers, Ernst & Young Global Limited, KPMG International Limited, SAP SE, Capgemini SE, BDO Global, Intuit Inc., RSM International, Thomson Reuters Corporation, Wolters Kluwer N.V., Baker Tilly International, Alvarez & Marsal Holdings LLC, Alteryx Inc., Avalara Inc., EisnerAmper LLP, Wipfli LLP, Marcum LLP, Vertex Inc., ClearTax Private Limited
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Which Regions Are Anticipated To Post The Highest CAGR In The Generative Artificial Intelligence (AI) In Corporate Tax Management Market?
North America was the largest region in the generative artificial intelligence (AI) in corporate tax management market in 2024. The regions covered in the generative artificial intelligence (AI) in corporate tax management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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