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 reasons why cloud cost management is so important is because cloud services can quickly become expensive if not properly controlled. Without proper oversight, organizations may end up paying for unused resources, overprovisioned services, or unused storage space. These unnecessary expenses can add up quickly and eat into an organization’s budget.

By implementing cloud cost management strategies, businesses can track their usage and spending in real-time, enabling them to identify areas where cost savings can be made. This may involve rightsizing resources, automating processes, or setting limits on spending. By proactively managing their cloud costs, organizations can avoid unexpected bills and ensure that their cloud spending is aligned with their budget.

Furthermore, cloud cost management can also help organizations optimize their cloud resources. By identifying areas where resources are underutilized or inefficiently allocated, businesses can adjust their usage to reduce costs while still meeting their workload demands. This not only saves money but also ensures that resources are being used efficiently, which can improve overall performance and scalability.

Another important benefit of cloud cost management is the ability to forecast and budget for future spending. By analyzing historical data and trends, organizations can predict their future cloud costs and allocate resources accordingly. This helps businesses plan for growth and scale their infrastructure as needed without incurring unnecessary expenses.

Additionally, cloud cost management can also help organizations enforce cost accountability within their teams. By assigning budget limits and monitoring usage, businesses can ensure that employees are mindful of their cloud spending and are making cost-effective decisions. This encourages individuals to be more conscious of their usage and can help foster a culture of cost awareness within the organization.

In conclusion, cloud cost management is a critical component of successful cloud adoption. By actively monitoring, optimizing, and controlling cloud spending, businesses can maximize the value of their cloud investments and avoid unnecessary expenses. Implementing cloud cost management strategies enables organizations to track their usage, optimize resources, forecast future spending, and enforce cost accountability. Ultimately, effective cloud cost management empowers businesses to reap the benefits of the cloud while maintaining control over their budget.

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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