Generative Artificial Intelligence AI In Corporate Tax Management Global Market To Reach $5.46 Billion By 2028
Generative Artificial Intelligence (AI) In Corporate Tax Management Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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How Fast Is The Generative Artificial Intelligence AI In Corporate Tax Management Market2 Growing?
The generative artificial intelligence AI in corporate tax management market size has grown exponentially in recent years. It will grow from $1.43 billion in 2023 to $1.86 billion in 2024 at a compound annual growth rate CAGR of 30.7%. 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.
What Is the Anticipated Growth Rate and Market Size of the Generative Artificial Intelligence AI In Corporate Tax Management Market?
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 $5.46 billion in 2028 at a compound annual growth rate CAGR of 30.8%. 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.
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What Are Main Growth Factors Boosting The Market Growth?3
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.
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What Are The Current Trends in the Generative AI in Corporate Tax Management Market?
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.
How Is The Generative AI In Corporate Tax Management Market Segmented?
The generative artificial intelligence AI in corporate tax management market 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
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