PUBLISHER: The Business Research Company | PRODUCT CODE: 1711226
PUBLISHER: The Business Research Company | PRODUCT CODE: 1711226
Social audit services involve evaluating and assessing 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 assist organizations in identifying areas for improvement, enhancing their social responsibility practices, and building trust with stakeholders by showcasing their commitment to ethical and sustainable practices.
The primary types of social audit services include social and quality management, occupational health and fire safety, ethical trading, social impact assessment, corporate social responsibility, climate change assessment, anti-corruption audits, and others. Social and quality management involves evaluating an organization's compliance with social standards and the quality of its products or services, ensuring they meet customer and stakeholder expectations. These audits are applied across various sectors, such as large enterprises, small and medium-sized enterprises, and end-users in industries including food and beverage, oil and gas, apparel and footwear, industrial machinery, banking, financial services, and insurance (BFSI), retail, telecom, power generation, mining, and others.
The social audit services market research report is one of a series of new reports from The Business Research Company that provides social audit services market statistics, including social audit services industry global market size, regional shares, competitors with a social audit services market share, detailed social audit services market segments, market trends, and opportunities, and any further data you may need to thrive in the social audit services industry. This social audit services research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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.
The increasing focus on corporate social responsibility (CSR) is expected to drive the growth of the social audit services market in the future. CSR refers to a company's commitment to operate in an ethical and socially responsible manner. The growing emphasis on CSR is driven by heightened awareness of corporate culture, the need to attract and retain employees, and the importance of managing reputation. Social audit services ensure that CSR initiatives are effective, transparent, and aligned with broader social and environmental goals. They provide a systematic evaluation of a company's CSR practices, assessing how well its activities align with its stated CSR objectives and identifying strengths and areas for improvement. For example, in 2023, Nonprofits Source, a US-based non-profit organization, reported that corporate giving increased from $20.77 billion in 2021 to $29.48 billion in 2022. Consequently, the growing emphasis on CSR is propelling the growth of the social audit services market.
Leading companies in the social audit services market are focusing 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. These systems aim to evaluate and improve the social, ecological, and economic aspects of agricultural practices, ensuring that farming activities are conducted ethically and sustainably, benefiting both farmers and their communities. For instance, in December 2022, Krishi Bhavan, an India-based agriculture development department and farmers' welfare organization, introduced a social audit system designed to address farmer complaints more efficiently. This system aims to speed up the complaint resolution process by involving the community in monitoring and evaluating the department's performance, thereby enhancing transparency and accountability.
In September 2023, Kester Capital, a UK-based private equity firm, acquired GXP Engaged Auditing Services for an undisclosed amount. This acquisition is intended to broaden Kester Capital's service offerings and strengthen its market position. GXP Engaged Auditing Services GmbH, based in Germany, provides social audit services.
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., TUV Rheinland AG, SGS Group, CSR Company International
Asia-Pacific was the largest region in the social audit services market in 2023. The regions covered in the social audit services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the social audit services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The social audit services market includes revenues earned by entities by human rights audit, supplier social responsibility, and community impact assessment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Social Audit Services Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on social audit services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for social audit services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The social audit services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.