How Has the Social Audit Services Market Size Evolved in Recent Years?
The social audit services market has seen considerable growth due to a variety of factors.
• The market size of social audit services has seen a swift expansion recently. The market is expected to rise from $16.49 billion in 2024 to $19.36 billion in 2025 with a compound annual growth rate (CAGR) of 17.4%.
The historical growth of the market is attributed to movements towards environment-friendly options, a concentration on obtaining socially recognized certifications to enhance business expansion, increasing investments in corporate social responsibility (CSR) programs, heightened worries about climate variations from diverse industrial operations, and a rise in investment towards enhancing workplaces.
What Are The Predictions for The Social Audit Services Market in the Coming Years?
The social audit services market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of social audit services is projected to experience significant expansion. It is projected to swell to $36.34 billion by 2029, boasting a compound annual growth rate (CAGR) of 17.1%.
Factors contributing to this anticipated growth include the rising demand for high-quality management services, an increase in corporate spending on auditing, the proliferation of corporate social responsibility (CSR) programs across various sectors, a rigorous focus on integrating social and environmental responsibilities into business objectives, and a surge in occupational safety standards. Key trends expected during this forecast period encompass breakthroughs in technology, better public relations, a surge in business profits, expanding customer reach, and innovative product launches.
Which Drivers Are Accelerating Growth In The Social Audit Services Market?
The expansion of corporate social responsibility (CSR) is anticipated to stimulate the social audit services market's growth. CSR is a business's pledge to conduct itself in an ethical and socially responsible manner. The increase in corporate social responsibility is attributed to the growing cognizance of corporate culture, the lure and retention of employees, and the management of the company's reputation. Social audit services aid in verifying that CSR initiatives are efficient, transparent, and in line with wider societal and environmental goals. They provide a structured review of a firm's CSR activities, assessing how its actions align with its declared CSR objectives and commitments, and recognizing strengths along with areas of betterment. For example, Nonprofits Source, a non-profit organization based in the United States, reported that corporate donations rose from $20.77 billion in 2021 to $29.48 billion in 2022. Therefore, the swell in corporate social responsibility is fueling the growth of the social audit services market.
What Are The Core Segments Of The Global Social Audit Services Market?
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 New Trends Are Influencing The Social Audit Services Market?
Leading firms in the social audit services sector are concentrating on the creation of innovative approaches, such as social inspection systems designed for farmers to boost transparency, strengthen conformity with social and environmental standards, and offer more precise and relevant data for stakeholders. The social audit systems targeted at farmers put emphasis on reviewing and improving the social, ecological, and financial aspects of farming methods. The objective of these systems is to ensure that the agricultural activities are carried out ethically, sustainably, and in a way that benefits the farmers and their communities. For example, Krishi Bhavan, an Indian agricultural development department and farmers’ welfare organization, unveiled a social audit system in December 2022 to resolve farmers' issues more effectively. The recent system aspires to quicken the process of addressing complaints by involving the community in monitoring and assessing the performance of the department. This joint effort is predicted to increase transparency and responsibility in the department's operations.
Who Are the Key Players In 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 Are The Regional Insights Into The Social Audit Services Market?
Asia-Pacific was 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.
