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 main benefits of using cloud services is the ability to scale resources up and down based on demand. This allows businesses to only pay for the resources they use, eliminating the need for upfront investment in on-premises hardware. However, if not managed properly, this scalability can lead to unnecessary costs due to overprovisioning or underutilization of resources.

Cloud cost management involves tracking and optimizing cloud spending to ensure that businesses are not overspending on resources they do not need. By analyzing usage patterns and optimizing resource allocation, organizations can reduce costs while still meeting their performance and availability requirements.

Furthermore, cloud cost management helps businesses gain insights into their cloud spending, enabling them to make informed decisions about where to allocate resources. By accurately tracking costs, organizations can identify areas of inefficiency and take corrective actions to optimize spending.

Another important aspect of cloud cost management is the ability to predict future costs and budget accordingly. By forecasting future usage and costs, businesses can create realistic budgets and avoid unexpected charges or overspending. This helps organizations plan effectively and ensure they are maximizing the value they get from their cloud investments.

Moreover, cloud cost management helps businesses identify opportunities for cost savings and optimization. By analyzing usage data and performance metrics, organizations can identify areas where they can reduce costs without compromising performance. This might include rightsizing resources, utilizing discount programs, or leveraging cost optimization tools provided by cloud service providers.

In addition, cloud cost management also plays a crucial role in ensuring compliance with regulatory requirements and internal policies. By tracking spending and monitoring resource usage, organizations can ensure they are meeting their compliance requirements and are not exposing themselves to unnecessary risks.

Overall, cloud cost management is a critical component of any organization’s cloud strategy. By effectively managing cloud costs, businesses can optimize their spending, make informed decisions, and ensure they are getting the best value from their cloud investments. With the right tools and practices in place, businesses can take full advantage of the benefits of cloud computing while minimizing costs and maximizing efficiency.

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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