Social Audit Services Market 2024 - By Size, Share, Trends, Growth Analysis And Outlook By 2033

The Business Research Company recently released a comprehensive report on the Global Social Audit Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 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 $31.07 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Social Audit Services Market 2024 Key Insights:

• 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%.
• Growing Corporate Social Responsibility On The Growth Of The Social Audit Services Market
• Innovative Launches And Collaborative Approaches In The Social Audit Services
• Asia-Pacific was the largest region in the social audit services market in 2023

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