Technavio, a tech-focused market research firm, has published a new report on the global customs audit market, which is expected to grow at a CAGR of more than 5% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the market into the following key regions: the Americas, APAC, and EMEA.
|
GEOGRAPHICAL REGIONS |
MARKET SHARE 2015 (%) |
|
Americas |
39.42% |
|
EMEA |
37.54% |
|
APAC |
23.04% |
Source: Technavio
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Top three contributors for the global customs audit market are elaborated below
Customs audit market in the Americas: The Americas dominated the global market for custom’s audit during 2016 by accounting for more than 39% of the overall market share. The market’s growth in this region is fueled by the need to comply with customs initiatives to enhance the security.
According to Abhay Sinha, a lead analyst at Technavio, “The emergence of new customs regulations such as voluntary disclosure is propelling the demand for professional customs service providers in the global customs audit market. Such regulations set a voluntary disclosure mechanism in place under which companies that import or export goods, voluntarily report violations to the customs department and accept the penalty.”
Customs audit market in EMEA: The EU is currently experiencing a strong trade flow. Furthermore, the FTAs with South Korea and Singapore have boosted the bilateral trade between these countries and the EU. Further introduction of such FTAs is likely to fuel the demand for professional service providers.
Customs audit market in APAC: APAC accounted for around 23% of the overall market share from the global customs audit market in 2016. Growing favorable economic conditions in China is resulting in increased trade activities in the country, subsequently propelling the demand for professional customs audit services. The flourishing import and export sector in Japan is also expected to play a key role in spurring the demand for customs audit service providers in the region.
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The top leading vendors operating in the global customs audit market are:
- EY
- Deloitte
- KPMG
- PwC
Other prominent vendors in the market include Affiliated Customs Brokers, BDO, Farrow, Grant Thornton, Larkin Trade International, Ryan, Tiger Logistics, UPS Supply Chain Solutions, World Wide Customs Brokers, and XPO Logistics.
A more detailed analysis is available in the Technavio report titled, ‘Global Customs Audit Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Trade Management Software Market 2016-2020
- Global Trade Finance Market 2016-2020
- Global Automated Trading Market 2016-2020
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