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Increasing Demand for Improving Occupational Workplace Safety Standard Drives the Social Audit Services Market Forward

HYDERABAD, TELANGANA, INDIA, November 28, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Social Audit Services Market size is forecast to reach $27.3 billion by 2026, growing at a CAGR of 17.1% from 2021 to 2026. Social Audit Services has emerged as a major initiative implemented by varied end-use sectors towards monitoring or tracking their organisational growth through social impact assessment ensuring identification of vendor positioning grid, business positioning grid and related models. In addition, growing social awareness among industries, shift towards environment friendly alternatives as well as focus on getting social recognized certifications to raise business growth have been attributing the market growth. Growing investments in corporate social responsibility (CSR) programs, rising concerns over climatic variations due to varied industrial operations along with increasing investment in improving workplace or occupational safety standards are set to drive the market growth of social audit services in the long run. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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https://www.industryarc.com/Report/19328/social-audit-services-market.html

Key takeaways:

1. Healthcare & Pharmaceutical industry is analyzed to grow with the highest CAGR during 2021-2026 owing to illicit trade of pharma products, growing need for quality management services and others.

2. APAC Social Audit Services market held the largest share in 2020, due to rising concerns related to industrial safety and an increase in counterfeit or illicit trading activities.

3. Increasing demand towards improving occupational workplace safety standards along with growing concerns over climatic change owing to diverse industrial work processes is analyzed to drive the market growth of social audit services during the forecast period 2021-2026.

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Segmental Analysis:

1. Corporate Social Responsibility (CSR) segment is analyzed to grow with the highest CAGR of 9.2% in the global social audit services market during the forecast period 2021-2026.

2. In August 2021, Northern Coal Fields Limited (NCL) had revealed its plan of investing Rs. 132.75 Crore towards corporate social responsibility activities in the current financial year. Such initiatives from government owned mining and refining companies is set to drive the market forward in the coming time.

3. Healthcare & Pharmaceutical sector is analyzed to witness the fastest growth with the CAGR of 7.5% in the global social auditing services market during 2021-2026. Illicit trade of various pharma products, rise in supply chain disruptions as well as need for quality management services attribute to the market growth of social auditing across healthcare industry.

3. APAC region had dominated the global social audit services market with a share of 35% in 2020, and is anticipated to have a significant growth during the forecast period 2021-2026. Growing concerns related to industrial safety, rising rate of counterfeit or illicit trades as well as need for monitoring social responsibility programs initiated by the industries have attributed towards the market growth.

Competitive Landscape:

The top 5 players in the Social Audit Services industry are -

1. Intertek

2. SCS Global Services

3. TUV Rheinland

4. CSR Company International

5. Bureau Veritas

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