Social Audit Services Market Report 2024

This Social Audit Services market 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 social audit services market size has grown rapidly in recent years. It will grow from $14.11 billion in 2023 to $16.49 billion in 2024 at a compound annual growth rate (CAGR) of 16.9%. The growth during the historic period can be attributed to a shift towards environmentally friendly alternatives, a focus on obtaining socially recognized certifications to boost business growth, increased investments in corporate social responsibility (CSR) programs, rising concerns about climate change due to diverse industrial activities, and growing investments in enhancing workplace conditions.

The social audit services market size is expected to see rapid growth in the next few years. It will grow to $31.07 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth during the forecast period can be attributed to the increasing demand for quality management services, rising corporate spending on audits, the implementation of corporate social responsibility (CSR) programs across various industries, a growing focus on integrating social and environmental responsibilities into business objectives, and heightened occupational safety standards. Key trends expected during this period include technological advancements, improvements in public relations, rising business profits, expanding customer bases, and innovative product 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., TÜV 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.

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 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 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.

This product will be delivered within 3-5 business days.