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Customs Audit Market Growing at 5.15% CAGR to 2021

Monday, January 9, 2017 6:33
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Latest News On customs audit market global research rReport 2016 adds on The analysts forecast the global customs audit market to grow at a CAGR of 5.15% during the period 2017-2021.

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One of the key growth stimulators in the global customs audit market is the severe penalties imposed by authorities for trade-related transgressions. As smuggling and security concerns are increasing, customs professionals are making regulations stringent, propelling the growth of the market. Also, companies focus on enhancing supply chain efficiency, which has prompted them to employ customs brokers to simplify the process.

 This report covers the present scenario and the growth prospects of the global customs audit market for 2017-2021. To calculate the market size, This report considers the revenue generated from the following services:

  • Audit
  • Advisory

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Commenting on the customs audit market report, an analyst said: “New customs regulations like voluntary disclosures are likely to increase the role of professional customs service providers in the global customs audit market. These regulations provide a voluntary disclosure mechanism, in which companies that import/export goods, voluntarily report violations to the customs department and accept the penalty. Voluntary disclosure leads to a lenient treatment or reduced administrative penalties. This encourages companies to adopt routine internal control process to improve compliance and allay the concerns about heavy penalties. Voluntary disclosure of significant issues requires the involvement of senior management at the global and/or regional level. The introduction of these regulations prompts companies to adopt a formal process for customs audit. The internal control process involves review of daily import/export declaration errors, discrepancies in processing trade customs handbook, and errors identified during periodic compliance reviews and in due diligence.”

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The following companies are the key players in the global customs audit market 2017-2021: EY, Deloitte, KPMG, and PwC. Other Prominent Vendors in the market are: Affiliated Customs Brokers, BDO, Farrow, Grant Thornton, Larkin Trade International, Ryan, Tiger Logistics, UPS Supply Chain Solutions, World Wide Customs Brokers, and XPO Logistics

The report, Global Customs Audit Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

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