According to the latest report by IMARC Group, titled “Customs Audit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the customs audit market size reached US$ 8.3 Billion in 2022. Customs audit refers to the examination of business records and accounts to ensure compliance with relevant legislation and revenue requirements. It includes verification of declarations, documents, entries, import or export licenses, authorizations, certifications, and permissions. A customs audit ensures regulatory compliance, identifies operational inefficiencies, illegal activities, prevents fraud, and minimizes the evasion of taxes, tariffs, and other government duties. It involves independent and unbiased verification of all the information of financial and non-financial nature, including environment, intellectual property, narcotics, standards, and safety laws. As a result, customs audit is widely performed for businesses engaging in manufacturing, stocking, clearing, forwarding, selling, and warehousing of imported or exported goods.
Customs Audit Market Trends:
The rising demand for efficient supply chains across the globe is one of the primary factors driving the market growth. Customs audit aid businesses in increasing operational efficiency, lowering inventory and overhead costs, reducing the risk of non-compliance, improving risk management, and ensuring accuracy and completeness of documents, which, in turn, facilitate trades, prevent penalties, improve delivery schedules, and minimize disruptions in the supply chain. In addition to this, the rising demand for customs audit and compliance due to increasing global trade and cross-border shipments is acting as another growth-inducing factor. Furthermore, the implementation of stringent government regulations to strengthen customs laws, prevent illegal import and export activities and check evasion of customs duties is providing an impetus to the market growth. Apart from this, the integration of machine learning (ML) and advanced analytics tools in custom audits to improve fraud detection, minimize revenue leakage, enhance transparency, and analyze large volumes of data for anomalies is positively influencing the market growth. Additionally, the introduction of virtual audits that allows audit teams to share and receive data, conduct interviews, and review documents from remote locations is favoring the market growth. Moreover, the widespread adoption of for customs audit services to help organizations manage compliances, provide expert assistance, train employees, and address potential issues due to the rising complexity of customs procedures is creating a positive outlook for the market. Other factors, including the rising number of free trade agreements (FTAs), the introduction of advanced customs audit software, and shifting business focus to improve operational activities, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 10.2 Billion by 2028, exhibiting a CAGR of 3.2% during 2023-2028.
- On the basis of type, the market has been divided into customs advisory services and customs audit services. Among these, customs audit services hold the majority market share.
- On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa. At present, North America dominates the market.
- The competitive landscape of the industry has also been examined, with some of the key players being Baker Tilly International Ltd., BDO International Ltd., Deloitte Touche Tohmatsu Ltd., Ernst & Young Global Ltd., Grant Thornton International Ltd, KPMG International Ltd., Larkin Trade International, PricewaterhouseCoopers LLP, Ryan LLC, Schenker AG, World Wide Customs Brokers Ltd., etc.
|Base Year of the Analysis
| Historical Period
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Baker Tilly International Ltd., BDO International Ltd., Deloitte Touche Tohmatsu Ltd., Ernst & Young Global Ltd., Grant Thornton International Ltd, KPMG International Ltd., Larkin Trade International, PricewaterhouseCoopers LLP, Ryan LLC, Schenker AG, World Wide Customs Brokers Ltd., etc.
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