Cloud Cost Management Statistics


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Cloud Cost Management Statistics 2023: Facts about Cloud Cost Management outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Cloud Cost Management, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Cloud Cost Management Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Cloud Cost Management Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 26 Cloud Cost Management Statistics on this page 🙂

Cloud Cost Management “Latest” Statistics

  • End-user expenditure on public cloud services will reach $396 billion in 2021 and increase by 21.7% to reach $482 billion in 2022.[1]
  • According to Gartner, public cloud investment will account for over 45% of total commercial IT spending by 2026, up from less than 17% in that year.[1]
  • Flexera revealed that there was a proportion equated to $10 billion in lost public cloud expenditures and that most businesses also 15% underestimated their waste.[1]
  • Even more brazenly, up to 70% of cloud cost expenditures are squandered.[1]
  • 73% of cloud decision makers rank optimizing current cloud use for cost savings as their top goal.[1]
  • The revelation followed news that the typical corporation wastes 35% of its expenditure on cloud computing.[1]
  • 32% of IT expenditures will be devoted to the cloud by 2021, which provides important insights into the increase in cloud use and associated IT budgets.[2]
  • About 70% of those surveyed said that their companies have paid public cloud charges that were up to 62% more than they had originally expected.[3]
  • In 2024, total global expenditure on cloud computing—including hardware, software, and ancillary services—will exceed $1 trillion, maintaining a compound annual growth rate of 16%.[3]
  • Enterprise businesses saw a 3% increase in cloud expenditure levels in March 2020, but a 23% increase in cloud investment in May 2020.[3]
  • Cloud spending in 2020 is expected to be 20%–40% above budget.[3]
  • The struggling small company sector exhibited a steady decline in cloud expenditure levels after increasing spending by 7% in March.[3]
  • Expenditure management is the top cloud-related concern for over 80% out of ten businesses.[4]
  • 43% of respondents do not have automatic or manual rules to utilize the least expensive cloud service, and another 38% do not have procedures to use the least expensive regions of their cloud provider.[5]
  • Respondents indicated maximizing cloud utilization to save money is their top objective for the third year in a row, with 64% of respondents stating it is their top project for 2019.[5]
  • Spending on private cloud services increased by 8% in 2019 compared to 2018.[5]
  • Enterprise usage of hybrid cloud increased from 51% in 2018 to 58% in 2019, showing that the use of hybrid cloud is still growing.[5]

Cloud Cost Management “Other” Statistics

  • According to the Flexera State of the Cloud study, AWS customers use reserved instances and savings plans, just 36% and 31%, respectively.[4]
  • AWS is used by 61% of respondents, down three percentage points from last year.[5]
  • Another 29% of businesses lack automated or manual procedures to stop operations after hours; 20% of respondents lack procedures for right-sizing their instances and 27% lack strategies for getting rid of idle storage.[5]
  • Google Cloud comes in third with 19% of the market, followed by VMware Cloud on AWS and IBM cloud, each of which took in 12%.[5]
  • A Container-as-a-Service increased by 42% from 26% to 37%, while machine learning increased by 44% from 18% to 26%.[5]
  • Just 10% of Google Cloud customers employ committed usage discounts, a comparable discount option that Microsoft Azure calls reserved instances, while only 23% of Microsoft Azure users use reserved instances.[5]
  • Relational Database-as-a-Service is the most prevalent, with 53% of respondents using service offers, followed by 43% of respondents who use push alerts and 40% of respondents who use data warehousing.[5]
  • The two PaaS services which have grown by 50% in the last year are serverless and stream processing.[5]
  • 52% also spend $1.2 million or more on Azure, showing that Azure has for the first time in the survey’s eleven-year history bridged the gap.[6]

Also Read

How Useful is Cloud Cost Management

One of the key advantages of cloud cost management is the ability to effectively monitor and control spending on cloud services. With the pay-as-you-go model that most cloud providers offer, organizations can scale their resources up or down based on their needs. This agility allows for increased efficiency and cost savings as businesses only pay for what they use.

Furthermore, cloud cost management tools provide visibility into usage and spending, helping organizations make informed decisions about their cloud resources. By tracking expenditures and setting budget limits, businesses can prevent overspending and optimize their cloud spending for maximum ROI. These tools also enable businesses to identify unused or underutilized resources, allowing for cost-saving opportunities through resource optimization.

In addition to cost savings, efficient cloud cost management can also improve overall operational efficiency. By automating cost allocation and tracking, organizations can eliminate manual processes and reduce the risk of human errors. This leads to more accurate financial reporting and better resource utilization, ultimately enhancing the overall performance of the business.

Moreover, effective cloud cost management enables businesses to align their IT spending with strategic objectives. By understanding how cloud resources are being utilized, organizations can better prioritize investments and allocate resources where they will have the most significant impact. This strategic alignment not only maximizes returns but also ensures that IT resources are being used effectively to support business goals.

However, despite the many benefits of cloud cost management, challenges still exist. Cloud cost management can be complex, especially for organizations with numerous cloud resources and providers. Managing costs across multiple cloud platforms and services requires advanced tools and expertise, making it challenging for some organizations to effectively optimize their cloud spending.

Additionally, there is often a lack of visibility and control over cloud spending, leading to cost overruns and budget surprises. Without proper monitoring and governance in place, organizations risk overspending on cloud services and jeopardizing their financial health. This lack of cost transparency can also hinder decision-making and lead to missed opportunities for cost optimization.

Overall, the importance of cloud cost management cannot be underestimated in today’s digital age. With the increasing adoption of cloud services and the rising costs associated with cloud computing, organizations must prioritize effective cost management to ensure financial sustainability and operational excellence. By implementing robust cost management strategies, businesses can not only control spending but also optimize resources, improve efficiency, and align IT investments with strategic objectives.

Reference

  1. anodot – https://www.anodot.com/blog/cloud-cost-management/
  2. capgemini – https://www.capgemini.com/insights/expert-perspectives/why-its-the-time-to-prioritize-cloud-cost-management/
  3. cfo – https://www.cfo.com/corporate-finance/2021/02/special-report-cloud-control/
  4. ciodive – https://www.ciodive.com/news/cloud-cost-management/624229/
  5. datacenterknowledge – https://www.datacenterknowledge.com/cloud/survey-most-companies-are-failing-cloud-cost-management
  6. flexera – https://www.flexera.com/blog/cloud/cloud-computing-trends-2022-state-of-the-cloud-report/

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