Cloud Compliance Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Application; By Cloud Model; By Organization Size; By Vertical; By Region; Segment Forecast, 2023-2032
- Published Date:Mar-2023
- Pages: 118
- Format: PDF
- Report ID: PM3109
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global cloud compliance market was valued at USD 32.77 billion in 2022 and is expected to grow at a CAGR of 14.71% during the forecast period. The rise in cyber security crimes will create new opportunities for market growth. The cybercrime charges increased from 12,317 in 2016 to 50,035 in 2020, according to the National Crime Records Bureau (NCRB). In 2021, ransomware attacks affected one-fourth of Indian businesses. This is more than the 21% average for the world. The frequency of cybercrime incidents has consistently risen over the last five years. With the increased information and communication technology usage in India, cybercrime is on the rise (ICT). The capacity of law enforcement to investigate cybercrime is still confined, despite this worrying development. This will further create plenty of opportunities for the growth of the Cloud Compliance Market throughout the forecast period.
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Increased cloud compliance awareness will fuel the market's growth in the upcoming years. The widespread adoption of cloud technology is driving the development of the market as organizations seek to ensure that their data and systems remain secure and compliant in the cloud. The increasing number of regulations and standards organizations must comply with drives the demand for cloud compliance solutions. Many organizations are undergoing a digital transformation, which involves moving their systems and data to the cloud. For instance, General Electric, Apple, eBay, Netflix, Kroger, and Pinterest moved to the cloud. Netflix built its visual effects division in 2021 to enable collaboration between animation artists and other effects editors using AWS. This shift has increased the need for cloud compliance solutions that can help ensure that data remains secure and protected during the transition.
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Industry Dynamics
Growth Drivers
The growing significance of online applications is one of the primary forces driving cloud compliance market expansion. The emergence of new technologies and the increasing adoption of loT are also driving the use of cloud compliance solutions. Most large businesses have implemented a multi-cloud strategy to fully capitalize on the benefits of moving to the cloud. However, this change raises two important issues: complexity and inefficient data management. This is especially true for large corporations with data centers spread out worldwide that must abide by many different countries' regulatory laws.
IT specialists can compare the security posture of an organization's current environment to best practices, laws, and compliance frameworks using cloud compliance automation, which helps them manage hundreds of settings across accounts and locations. Additionally, improving automation capabilities improves productivity by eliminating time-consuming manual procedures, human error, and streamlining data.
Report Segmentation
The market is primarily segmented based on component, application, cloud model, organization size, vertical and region.
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By Component |
By Application |
By Cloud Model |
By Organization |
By Vertical |
By Region |
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Managed Services in Service Segment is expected to witness fastest growth over projection period
During the projected period, the managed services subsegment is anticipated to experience the highest growth rate. Managed service providers offer consultation, tools, and solutions to maintain compliance and keep enterprises' clouds operating effectively. Businesses can delegate routine but crucial management tasks, such as security and compliance, to professionals whose primary responsibility is to guarantee the success and safety of managed cloud environments by using managed services. Services focus on providing customers with timely software upgrades, training and skill development, and assistance integrating these with other information technology (IT) solutions. Organizational demand for supporting services is anticipated to rise with the widespread adoption of cloud compliance solutions.
Saas Model accounted for the largest market share in 2022
The Software-as-a-Service (SaaS) market sector is anticipated to hold a bigger market share in a cloud model. Software as a service allows businesses to subscribe to programs without needing internal employee maintenance. Enterprises are drawn to SaaS security solutions by features like DLP, compliance and industry regulation solutions, and advanced malware prevention. The widespread adoption of SaaS solutions has increased the demand for cloud compliance solutions, as organizations must ensure that their data and applications comply with various regulations and standards.
SaaS solutions are known for their ease of use, and cloud compliance solutions are no exception. With SaaS, organizations can easily manage compliance needs without worrying about the underlying infrastructure. SaaS solutions offer scalability, allowing organizations to expand their compliance needs as they grow. This is particularly important for organizations that comply with multiple regulations and standards. SaaS solutions are typically more cost-effective than traditional on-premise solutions, making them more accessible for organizations of all sizes. This has led to an increase in organizations adopting cloud compliance solutions.
Large Enterprises is expected to hold the significant revenue share in 2022
Large enterprises held the largest revenue share. Large enterprises are companies with more than 1,000 employees. Due to the numerous cloud apps they employ that are vulnerable to cyberattacks, these businesses were early users of cloud compliance software and related services. Given the size of these businesses and the variety of IT infrastructures they use, maintaining security and compliance across numerous business apps can be challenging.
Large enterprises must comply with various regulations, such as data privacy laws, that govern the handling and protection of sensitive data. This has created a strong demand for cloud compliance solutions to help organizations ensure their data remains secure and protected. Many large enterprises are undergoing a digital transformation, which involves moving their systems and data to the cloud.
This shift has increased the need for cloud compliance solutions that can help ensure that sensitive data remains secure and protected during the transition. Large enterprises generate and store large amounts of data, which can be challenging to manage. Cloud compliance solutions can help organizations manage their data more effectively, ensuring it remains secure and always protected.
Healthcare is expected to witness fastest growth over forecast period
The health care sector is predicted to experience the highest CAGR during the projection period. The vertical has historically been warier of novel deployment techniques, especially when they include the cloud. Beyond clinical treatment, patient care is paramount in the healthcare industry. The adoption of cloud compliance software solutions in the healthcare industry is driven by the growing need to protect patient privacy and personal information and comply with data security and privacy regulations.
The healthcare industry is transforming digitally, with many organizations moving their systems and data to the cloud. This shift has increased the need for cloud compliance solutions that can help ensure that patient data remains secure and protected. The healthcare industry requires high interoperability between different systems and applications. Cloud compliance solutions can help ensure that data is transmitted securely and accurately, which is essential for interoperability. By leveraging cloud solutions, healthcare organizations can reduce their IT costs and free up resources that can be invested in other areas, such as patient care. Cloud solutions can help healthcare organizations comply with regulations while reducing costs.
The demand in North America is expected to witness largest revenue share in 2022
North America is projected to have the largest revenue share in the global market. The increasing adoption of cloud technology drives the demand for cloud compliance solutions. Stringent regulations will further fuel the market's growth in the upcoming years. North America has strict rules and laws regarding data privacy and security, fueling growth. For instance, Children's Online Privacy Protection Act is the law implemented in the US to protect children's online data from the websites and services that handle children's data. As technology is evolving, children are more used to taking electronic gadgets, creating importance to governing data by the government by enforcing strict regulations.
Asia Pacific is expected to witness a higher growth rate in the upcoming years. This region's effective government regulations and technological advancements generate a higher growth potential for the cloud compliance industry. Regarding cloud compliance software and services, Asia Pacific is the region expanding fastest as it is a cost-saving option. Adoption necessitates just one technology migration to the cloud, which lowers total operational costs for government technology and boosts efficiency in using technology resources. For instance, the Land Transport Authority of Singapore recorded that 60% of expenses are saved by switching from an on-premises system to the cloud.
Competitive Insight
Some of the major players operating in the global market include Microsoft, IBM, Check Point, AT&T, Broadcom, Qualys, Nutanix, Sophos, Oracle and Palo Alto Networks.
Recent Developments
- In January 2023, IBM introduced “IBM Partner Plus”, to interact with its business partners through its unmatched access to IBM resources, rewards, and specialized support to help them advance their technical knowledge and shorten time to market.
Cloud Compliance Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 37.52 billion |
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Revenue forecast in 2032 |
USD 129.03 billion |
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CAGR |
14.71% from 2023 - 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments covered |
By Component, By Application, By Cloud Model, By Organization Size, By Vertical, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Microsoft, IBM, Check Point, AT&T, Broadcom, Qualys, Nutanix, Sophos, Oracle and Palo Alto Networks. |
FAQ's
The cloud compliance market report covering key segments are component, application, cloud model, organization size, vertical and region.
Cloud Compliance Market Size Worth 129.03 Billion By 2032.
The global cloud compliance market expected to grow at a CAGR of 14.7% during the forecast period.
North America is leading the global market.
Key driving factors in cloud compliance market are emergence of new technologies and the increasing adoption of loT.
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