Customs Audit Market Share, Size, and Forecast 2023-2028

According to IMARC Group's latest research report, titled "Customs Audit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," The global customs audit market size reached US$ 8.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.2 Billion by 2028, exhibiting a growth rate (CAGR) of 3.2% during 2023-2028.

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Customs Audit Market Outlook:

A customs audit is a process in which an independent third party verifies the accuracy of a company's customs declarations and related records. It is commonly utilized to ensure compliance with applicable customs regulations and to reduce the risk of non-compliance. It is conducted in-house or by an external audit firm, in which customs officials or the audit firm review the company's customs declarations, documents, and records over a period to ensure they are complete and accurate. It also includes the review of the company's procedures, internal controls, and compliance program. The audit team may also visit the company's premises to review documents, inspect goods, and observe operations. At the end of the audit, the team submits a report that outlines their findings and any recommendations to improve the company's compliance with customs regulations.

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Global Customs Audit Market Trends:

The rising preference for efficient supply chains majorly drives the global market. This can be supported by the increasing investment towards the adoption of a proactive approach towards customs compliance. Coupled with this, the rising emphasis on customs audits for ensuring regulatory compliance, improving operational efficiency, and the need to reduce risks are major driving factors. Besides this, numerous companies are outsourcing certain parts of the audit process to third-party audit firms that can provide more cost-effective and efficient services is acting as another growth-inducing factor. Along with this, the widespread integration of advanced technology to reduce audit burden through automated processes and data analysis tools decreasing the amount of time dedicated to manual audit processes is contributing to the market.

With the increasing globalization and complex supply chains, customs authorities are under pressure to assess the accuracy of customs declarations and ensure compliance with customs regulations is impacting the market favorably. In line with this, the growing utilization of customs audits to protect government revenue by detecting undervaluation or fraudulent activities is also significantly supporting the market. Apart from this, numerous companies are adopting customs audit services to ensure that their international trade strategies are optimized for long-term success are positively influencing the demand. Furthermore, the emergence of e-audits and virtual audits that utilize electronic means to acquire evidence remotely is creating a positive market outlook.

Key Market Segmentation:

Competitive Landscape:

• 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.

Type Insights:

• Customs Advisory Services
• Customs Audit Services

Breakup by Region:

• North America (United States, Canada)
• Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.