The Business Research Company’s report on the Social Audit Services Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the social audit services market?
The growing corporate social responsibility is expected to propel the growth of the social audit services market going forward. Corporate social responsibility refers to a company’s commitment to operate ethically and socially responsibly. The growing social corporate responsibility is due to awareness of the corporate culture, employee attraction, retention, and reputation management. Social audit services help ensure that CSR initiatives are effective, transparent, and aligned with broader social and environmental objectives. Social audits provide a systematic assessment of a company’s CSR practices, evaluating how well its activities align with its stated CSR goals and commitments and identifying strengths and areas for improvement. For instance, in 2023, according to the Nonprofits Source, a US-based non-profit organization, corporate giving increased from $20.77 billion in 2021 to $29.48 billion in 2022. Therefore, growing corporate social responsibility is driving the growth of the social audit services market.
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How has the social audit services market size evolved, and what are the latest forecasts for its expansion?
The social audit services market size has grown rapidly in recent years. It will grow from $16.49 $ billion in 2024 to $19.36 $ billion in 2025 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to shift towards environment friendly alternatives, focus on getting social recognized certifications to raise business growth, growing investments in corporate social responsibility (CSR) programs, rising concerns over climatic variations due to varied industrial operations, and increasing investment in improving workplace.
The social audit services market size is expected to see rapid growth in the next few years. It will grow to $36.34 $ billion in 2029 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to the growing need for quality management services, growing corporate spending auditing, implementation of corporate social responsibility (CSR) programs across industries, the growing shift towards extending social as well as environmental responsibilities under business goals, and rise in occupational safety standards. Major trends in the forecast period include advancements with technology, enhancing public relations, increasing business profits, gaining customer base, and innovative launches.
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Which major companies dominate the social audit services market?
Major companies operating in the social audit services market are Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, Ernst & Young Global Limited, KPMG International Limited, BDO International Ltd., RSM International, Grant Thornton International Ltd., Baker Tilly International, Moore Global Network Limited, Intertek Group PLC, Marcum LLP, Forvis Mazars Group, TUV Nord AG, DQS CFS GmbH, Wipfli LLP, Sikich LLP, HQTS Group Ltd., Dixon Hughes Goodman LLP, SCS Global Services Inc., TÜV Rheinland AG, SGS Group, CSR Company International
What trends will shape the future of the sober living homes market?
Major companies operating in the social audit services market are focused on developing innovative solutions, such as social audit systems for farmers, to enhance transparency, improve compliance with social and environmental standards, and provide more accurate and actionable insights for stakeholders. Social audit systems for farmers focus on evaluating and enhancing the social, ecological, and economic aspects of agricultural practices. These systems aim to ensure that farming activities are conducted ethically, sustainably, and in a manner that benefits the farmers and their communities. For instance, in December 2022, Krishi Bhavan, an India-based agriculture development department and farmers’ welfare company, launched a social audit system to address farmer complaints more efficiently. The new system aims to expedite the complaint redressal process by engaging the community in monitoring and evaluating the department’s performance. This collaborative approach is expected to enhance transparency and accountability in the department’s functioning.
Which region dominates the social audit services market, and what factors contribute to its leadership?
Asia-Pacificwas the largest region in the social audit services market in 2024. The regions covered in the social audit services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the social audit services market segmented, and which segment holds the largest share?
The social audit servicesmarket covered in this report is segmented –
1) By Audit Type: Social And Quality Management, Occupational Health And Fire Safety, Ethical Trading, Social Impact Assessment, Corporate Social Responsibility, Climatic Change Assessment, Anti-Corruption Audits, Other Audit Types
2) By Application: Large Enterprises, Small And Medium Sized Enterprises
3) By End-Users: Food And Beverage, Oil And Gas, Apparels And Footwear Industry, Industrial Machinery, Banking, Financial Services And Insurance (BFSI), Retail, Telecom, Power Generation, Mining, Other End-Users
Subsegments:
1) Social And Quality Management: Quality Assurance Audits, Social Compliance Audits, Community Engagement Assessments
2) Occupational Health And Fire Safety: Health and Safety Audits, Fire Safety Assessments, Workplace Risk Assessments
3) Ethical Trading: Supplier Audits, Fair Trade Compliance, Labor Practices Assessments
4) Social Impact Assessment: Community Impact Studies, Stakeholder Analysis, Environmental Impact Assessments
5) Corporate Social Responsibility: CSR Strategy Audits, Sustainability Reporting Assessments, Philanthropy Evaluation
6) Climatic Change Assessment: Carbon Footprint Audits, Climate Risk Assessments, Resilience Evaluations
7) Anti-Corruption Audits: Fraud Risk Assessments, Whistleblower Policy Evaluations, Corruption Risk Assessments
8) Other Audit Types: Custom Audit Services, Industry-Specific Audits, Nonprofit Audits
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What defines the structure and scope of the social audit services market?
Social audit services refer to the evaluation and assessment of an organization’s social and ethical performance. These services aim to measure the impact of an organization’s activities on its stakeholders, including employees, customers, communities, and the environment. Social audit services help organizations identify areas for improvement, enhance their social responsibility practices, and build trust with stakeholders by demonstrating their commitment to ethical and sustainable practices.
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