Pune, Oct. 10, 2024 (GLOBE NEWSWIRE) — Cloud Compliance Market Size Analysis:
“According to a recent report by S&S Insider, the cloud compliance market was valued at US$31.2 billion in 2023 and is expected to reach US$115.98 billion by 2032, reflecting a strong CAGR of 16.63% over the forecast period from 2024 to 2032.”
Regulatory frameworks and demand for compliance solutions
As organizations continue to move to cloud environments, the importance of complying with various regulatory frameworks has become paramount. Governments around the world implement strict regulations, requiring companies to ensure that their cloud operations adhere to industry standards. For example, Europe's General Data Protection Regulation (GDPR) imposes strict guidelines for data handling and processing, forcing organizations to invest in robust cloud compliance solutions to avoid heavy fines and reputational damage. Organizations with a high level of non-compliance face an average cost of a data breach of $5.05 million, which is 12.6% higher than the average cost of a data breach, which is approximately $560,000. In 2023, more than half of risk and compliance professionals (53%) reported that their organizations have mature compliance programs, a significant increase from 38% in 2022.
Furthermore, the rise in data breaches and cyber threats has prompted companies to prioritize compliance to protect sensitive information. This growing awareness has led to increased demand for comprehensive cloud compliance solutions that help organizations effectively manage and mitigate compliance risks while maintaining operational efficiency.
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Analysis of the major players included in this report are:
Amazon Web Services (AWS) (AWS Compliance Center, AWS Audit Manager)Microsoft Azure (Azure Policy, Microsoft Compliance Manager)Google Cloud (Google Cloud Compliance Manager, Security Command Center)IBM (IBM Cloud Compliance Center, IBM Guardium)Oracle (Oracle ) Cloud Compliance, Oracle Cloud Guard)VMware (VMware CloudHealth, VMware Secure State)Cisco (Cisco Cloudlock, Cisco Umbrella)Palo Alto Networks (Prisma Cloud, Aperture)McAfee (MVISION Cloud, McAfee Total Protection for Data Loss Prevention)Symantec (Symantec CloudSOC , Symantec DLP Cloud) Check Point Software Technologies (CloudGuard, Dome9) Tenable (Tenable.io, Tenable.sc) Fortinet (FortiGate Cloud, FortiAnalyzer) Trend Micro (Trend Micro Cloud One, Deep Security) Splunk (Splunk Cloud, Splunk Enterprise Security Qualys (Qualys Cloud Platform, Qualys Web Application Scanning)Proofpoint (Proofpoint Cloud App Security Broker, Proofpoint Threat Protection)Thales Group (CipherTrust Cloud Key Manager, SafeNet Trusted Access)ServiceNow (ServiceNow GRC, ServiceNow Cloud Management)Zscaler (Zscaler Cloud Security, Internet access Zscaler) and others.
Scope of the Cloud Compliance Market report:
Report Attributes Details Market Size in 2023 US$31.20 Billion Market Size by 2032 US$115.98 Billion CAGR of 16.63% from 2024 to 2032 Base Year 2023 Forecast Period 2024-2032 Historical Data 2020-2022 Key Regional Coverage North America (United States, Canada, and Mexico) and Europe (East Asia Eastern Europe (Poland, Romania, Hungary, Turkey, and the rest of Eastern Europe) Western Europe (Germany, France, the United Kingdom, Italy, Spain, the Netherlands, Switzerland, Austria, and the rest of Western Europe)). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, rest of Asia Pacific), Middle East and Africa (Middle East (UAE, Egypt, Saudi Arabia, Qatar, rest of Middle East), Africa (Nigeria), South Africa, rest of Africa) and Latin America (Brazil, Argentina, Colombia and Rest of Latin America) Key Growth Drivers •Strict data protection laws such as GDPR, CCPA and HIPAA force organizations to adopt cloud compliance solutions to avoid heavy penalties and ensure data security.
•As more companies move to cloud environments, there is a growing need for automated compliance solutions to efficiently manage and streamline regulatory requirements
•Growing demand for compliance automation and increased awareness of cloud security risks
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Sector analysis
By component | The software sector leads the market
In 2023, the software segment of the cloud compliance market accounted for the highest share of revenue, at 58%. The increasing adoption of compliance management software is due to its ability to automate compliance processes, enhance monitoring capabilities, and simplify reporting procedures. Organizations leverage software solutions to ensure ongoing compliance with various regulations, enabling them to respond quickly to compliance audits and assessments.
The growth of the software sector is further fueled by technological advancements, which facilitate the integration of compliance solutions with existing cloud infrastructure. Features such as real-time compliance monitoring, automated reporting, and risk assessment tools are driving demand for cloud compliance software among organizations.
By End User | The BFSI segment dominates the market
The Banking, Financial Services and Insurance (BFSI) sector has emerged as the largest end-user of cloud compliance solutions, holding a significant revenue share of 23% in 2023. The BFSI sector faces stringent regulatory requirements and is subject to stringent compliance checks, making it essential for these Organizations implement robust cloud compliance frameworks.
As financial services become increasingly digitized, BFSI organizations are adopting cloud compliance solutions to effectively manage regulatory compliance, enhance data security, and mitigate risks associated with data breaches. The sector's commitment to maintaining compliance with regulations such as the Payment Card Industry Data Security Standard (PCI DSS) and Anti-Money Laundering (AML) regulations is driving demand for specialized cloud compliance solutions.
Cloud Compliance Market Segmentation Based on Product:
Depending on the component
Via application
Audit and compliance management Threat detection and remediation Monitoring activities and analytics Visibility and risk assessment
By cloud model
Infrastructure as a Service Platform as a Service Software as a Service by enterprise size
Large institutions
Small and Medium Enterprises (SMEs) by End User BFSIIT, Telecom, Healthcare, Manufacturing, Retail, E-Commerce, Government, Others
Regional Insights | North America leads the cloud compliance market
In 2023, North America maintained its dominant position in the cloud compliance market, capturing nearly 40% of the market share. The region's success can be attributed to its strong regulatory landscape and advanced technology infrastructure, which facilitate the adoption of cloud compliance solutions. In particular, the United States has seen significant investments in compliance technologies, driven by the need to comply with regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and the Sarbanes-Oxley Act (SOX). Furthermore, the US government has implemented initiatives aimed at strengthening data privacy and security, further enhancing demand for cloud compliance solutions.
The Asia Pacific (APAC) region is expected to witness the highest growth rates during the forecast period, supported by rapid digital transformation and increased regulatory scrutiny. Countries such as India, China and Australia are seeing a boom in cloud adoption, driving demand for compliance solutions as companies seek to navigate complex regulatory environments.
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Recent developments
In June 2024, AWS announced the launch of its new Cloud Compliance Management service, which seamlessly integrates with existing cloud infrastructures and provides automated compliance checks against regulatory standards. In April 2024, Microsoft expanded its compliance offerings by introducing enhanced reporting tools, enabling organizations to streamline their compliance reporting processes while maintaining regulatory compliance. In February 2024, IBM acquired a leading compliance software provider, strengthening its position in the cloud compliance market and enhancing its capabilities to deliver comprehensive compliance solutions to its customers.
Table of Contents – Main Key Points
1. Introduction
2. Executive summary
3. Research methodology
4. Analyze the impact of market dynamics
5. Statistical insights and trend reports
6. Competitive landscape
7. Cloud Compliance Market Segmentation by Components
8. Cloud Compliance Market Segmentation by Application
9. Cloud Compliance Market Segmentation, by Cloud Model
10. Cloud Compliance Market Segmentation by Organization Size
11. Cloud Compliance Market Segmentation by End User
12. Regional analysis
13. Company profiles
14. Use cases and best practices
15. Conclusion
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