Wolters Kluwer's AI Integration Strategy Gains Momentum as Industry Adoption Soars

Wolters Kluwer report shows AI use in tax firms jumps from 9% to 41%, driven by regulation and talent gaps. The company advances its Expert AI strategy and new global tech hub.

A new industry report from Wolters Kluwer reveals a seismic shift in the adoption of artificial intelligence within the tax and accounting profession. The findings, published today, highlight a transformation that also underscores the company's own strategic direction.

Rapid Industry Transformation

The data shows a dramatic acceleration in the use of AI-powered tools. While only 9% of tax and accounting firms utilized such technology in 2024, that figure has now surged to 41%. This fourfold increase in a short period is attributed to three primary drivers: escalating regulatory complexity, a persistent shortage of skilled professionals, and heightened client expectations. Approximately 75% of surveyed firms anticipate that pressure for proactive advisory services and faster results will significantly alter their service models during the current fiscal year.

Strategic Response and Platform Development

In response to this accelerating trend, Wolters Kluwer is executing its "Expert AI" strategy. Central to this approach are its CCH Axcess and UpToDate platforms, which emphasize multi-model orchestration and human validation. This design is a deliberate contrast to generic AI tools lacking domain-specific expertise. Supporting this technological push, the company recently inaugurated its largest global engineering center to date in Pune, India. This facility is tasked with advancing solutions like the Libra Legal AI Workspace, which was recently launched across nine European markets.

Financial Resilience in a Competitive Landscape

The company's financial profile provides a stable foundation, with 83% of group revenue classified as recurring. Market analysts view this characteristic as a defensive strength within an increasingly competitive environment. Competition is intensifying, notably from well-funded entrants like OpenEvidence, which recently secured $250 million in capital. Wolters Kluwer counters this challenge by leveraging its deep domain expertise in tax and accounting.

A share buyback program of up to €500 million, announced in February, is ongoing for the current fiscal year. Market experts project moderate growth in earnings and revenue, alongside a sustained high return on equity. This outlook coincides with the company's continued transition toward cloud-based, AI-integrated software solutions.