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Growing need for compliance automation in large enterprises is one of the key factors driving market revenue growth
— Emergen Research
VANCOUVER, BC, CANADA, May 16, 2023 /EINPresswire.com/ — The Cloud Compliance Market size reached USD 22.57 Billion in 2021 and is expected to register a revenue CAGR of 15.6% during the forecast period according to the latest analysis by Emergen Research. Growing need for compliance automation in large enterprises is a key factor driving revenue growth of the market. As businesses expand, they frequently use a variety of products in several cloud environments, each with a different set of security constraints. Tools like Cloud Security Posture Management (CSPM), Cloud Workload Protection Platform (CWPP), and Cloud Access Security Broker (CASB) are used by security teams to secure cloud infrastructure. However, this strategy introduces integration challenges and visibility gaps. It is challenging to identify and address security flaws and vulnerabilities because of how interconnected and dependent everything is. To solve these problems and strengthen their overall security posture, the businesses, therefore, require a single solution. A cloud security platform called Cloud-Native Application Protection Platform (CNAPP) integrates the features of other cloud security products like CSPM, CWPP, and CASB. For contemporary businesses with cloud-native workloads, it aims to replace numerous different tools with a single comprehensive solution. Thus, CNAPP aids in defining uniform security policies across the cloud architecture, gaining visibility, and managing risk.
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However, the security of the cloud infrastructure is the responsibility of Content Security Policies (CSPs). However, the data, networks, programs, and operating systems that are stored in the cloud are the users responsibility. It’s a prevalent misperception, nevertheless, that cloud providers are solely responsible for compliance. Many new firms that move their operations to the cloud frequently believe that once their data is there, the vendor is responsible for keeping it compliantly stored. Since some IT workers fail to comprehend their role to manage their portion of the shared responsibility, there are substantial gaps in cloud security and compliance coverage as a result of this misunderstanding.
Some Key Highlights From the Report
The software segment is expected to register a significant revenue growth rate over the forecast period. The fact that cloud compliance software is hosted off-site, either by the vendor or a third party, eliminates the need for on-site installation and configuration. Cloud compliance software’s initial setup is swift, especially when compared to on-premises solutions.
The audit & compliance management segment is expected to register a substantial revenue growth rate over the forecast period. Industry norms and governing laws are getting stricter as technology becomes more and more pervasive. Compliance management is essential since non-compliance can result in monetary and legal penalties, security lapses, and harm to a company’s reputation.
The BFSI segment is expected to register moderate growth over the forecast period. Cloud-based solutions give financial institutions a method to alter their Anti-Money Laundering (AML) processes in order to prevent that result and comply with current and upcoming AML rules.
Market in Asia Pacific is expected to register a considerable revenue growth rate. The expansion of the regional market is expected to be aided by factors like the rising importance of cloud services, the integration of IT applications and services, the proliferation of mobile and connected devices, and the shift of content and advertising to the online space during the forecast period. Businesses from a variety of end-user industries are gradually adopting these technologies to understand the demands of their customers and make sure that their product offerings are in accordance with those needs to stay one step ahead of their competitors.
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On November 01, 2021, By becoming a member of the Microsoft Intelligent Security Association for integrations with Microsoft Azure services, Sonrai Security, a recognized pioneer in enterprise cloud security, expanded its partnership with Microsoft. Sonrai Security removes the identity and data risks discovered by the unique Sonrai Dig technology, enabling businesses to constantly safeguard workloads in Azure deployments. In order to monitor unused or unneeded permissions in their cloud deployments using Sonrai and to proactively address possible security threats within the Azure Sentinel console, Sonrai Dig interacts with Azure Sentinel.
Emergen Research has segmented the cloud compliance market on the basis of component, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2019–2030)
Services
Software
Application Outlook (Revenue, USD Billion; 2019–2030)
Threat Detection & Remediation
Visibility & Risk Assessment
Audit & Compliance Management
Others
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End-Use Outlook (Revenue, USD Billion; 2019–2030)
BFSI
Healthcare
Retail
Education
Government
Others
Regional Outlook (Revenue, USD Billion; 2019–2030)
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key reasons to buy the Global Cloud Compliance Market report:
The latest report comprehensively studies the global Cloud Compliance market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products & services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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