Generative Artificial Intelligence (AI) in Corporate Tax Management Market Report 2024

This Generative Artificial Intelligence (AI) in Corporate Tax Management market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

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 during the historic period can be attributed to the rising adoption of AI by tax professionals, increasing transaction volumes, greater utilization of web-based e-commerce, a growing number of digital transactions, and heightened 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 $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 30.8%. The projected growth during the forecast period can be attributed to the evaluation of industry-specific changes and the generation of forecasts based on financial statements, international tax policies, transfer pricing adjustments, employee compensation plans, and an increasing demand for automation. Key trends anticipated during this period include the use of predictive analytics for tax planning, ongoing technological advancements, improved fraud detection methods, cross-border tax optimization, and seamless integration with ERP systems.

The increasing corporate investments are expected to significantly drive the growth of the generative artificial intelligence (AI) in corporate tax management market in the foreseeable future. This rise in corporate investments stems from growing confidence in economic recovery and a keen pursuit of innovation-driven growth opportunities. Generative AI plays a crucial role in corporate tax management by optimizing tax strategies, automating compliance processes, and providing data-driven insights that enhance strategic decision-making. This not only reduces costs but also improves financial efficiency. For instance, in March 2024, the Office for National Statistics, a UK-based national statistical institute, reported that UK business investment rose by 1.4% in Quarter 4 of 2023, representing 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%, illustrating the positive trend in corporate investment that supports the generative AI market in tax management.

Major companies in the generative AI in corporate tax management market are focusing on developing advanced solutions, such as AI platforms, to enhance efficiency, accuracy, and compliance in tax reporting and planning processes. An AI platform utilizes AI technologies to streamline various tax-related tasks. For example, in September 2023, Ernst & Young Global Limited, a UK-based accounting firm, launched EY.ai, a comprehensive platform designed to assist organizations in confidently adopting AI. This platform features a modernized payroll care system powered by ChatGPT to handle complex payroll inquiries efficiently, a business intelligence platform that offers a holistic view of growth and risk through generative AI, and a secure large language model that supports applications ranging from conversational AI to product development.

In October 2022, Guidehouse Inc., a US-based management consulting firm, acquired Grant Thornton LLP for an undisclosed amount. This acquisition is aimed at enhancing Guidehouse's expertise and offerings to help clients tackle their most complex challenges. Additionally, it reflects Guidehouse's strategy to expand its business by investing in strategic opportunities that enhance capabilities and drive growth, particularly in the area of corporate tax management using generative AI. Grant Thornton LLP is recognized for providing a wide range of tax services, including those utilizing generative AI technologies.

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.

North America was the largest region in the generative artificial intelligence (AI) in corporate tax management market in 2023. 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.

The countries covered in the generative artificial intelligence (AI) in corporate tax management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Generative artificial intelligence (AI) in corporate tax management refers to the application of advanced AI technologies that can create new data, insights, or solutions. In this context, generative AI employs sophisticated algorithms to automate compliance tasks, predict future tax liabilities, generate customized tax strategies, and detect anomalies, thereby enhancing efficiency and accuracy in managing complex tax-related processes.

The primary types of generative artificial intelligence (AI) in corporate tax management include services and software. Generative AI services involve utilizing AI models to automate, optimize, and enhance tax planning, compliance, and reporting processes through intelligent data analysis and predictive capabilities. Deployment options include cloud-based solutions and on-premises implementations, catering to both large enterprises and small to medium-sized enterprises (SMEs). Applications of generative AI in this domain encompass tax compliance, tax controversy management, tax planning and advisory, tax reporting, and more, serving various industry verticals such as banking, financial services, and insurance (BFSI), energy and utilities, healthcare and pharmaceuticals, information technology (IT) and telecommunications, manufacturing, retail, and e-commerce, among others.

The generative artificial intelligence (AI) in corporate tax management market research report is one of a series of new reports that provides generative artificial intelligence (AI) in corporate tax management market statistics, including the generative artificial intelligence (AI) in corporate tax management industry's global market size, regional shares, competitors with a generative artificial intelligence (AI) in corporate tax management market share, detailed generative artificial intelligence (AI) in corporate tax management market segments, market trends and opportunities, and any further data you may need to thrive in the generative artificial intelligence (AI) in corporate tax management industry. This generative artificial intelligence (AI) in corporate tax management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The generative artificial intelligence (AI) in corporate tax management market includes revenues earned by entities by providing services such as automated tax calculations, tax compliance and filing, risk assessment and audit support, scenario analysis and planning, and document management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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