Cloud spending is on the rise once again as company budgets increase

Date:
Wed, 01 Mar 2023 11:42:46 +0000

Description:
Businesses are keen to migrate from on-prem to cloud, but only 50% of the costs relate to actual storage.

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New research has claimed that although cloud spending remains a top priority for many organizations, but theres a darker side to the investment that might be costing them unexpected money.

New Wasabi Technologies research as part of its 2023 Global Cloud Storage Index found that despite tightening budgets, it appears that companies are
now prepared to inject more money into technologies such as cloud storage as they move into the year ahead.

An overwhelming majority (83%) of respondents said that they were expecting
to increase the amount of data that they store in the public cloud next year, and subsequently, 81% had confirmed plans to increase public cloud storage budgets. Cloud spending on the rise

Of the surveys EMEA respondents, 83% said that they were expecting to
increase the amount of data that they store in the public cloud next year,
and subsequently, 81% had confirmed plans to increase public cloud storage budgets.

This follows an already cloud-centric 2022 - a year that saw 87% of the participants migrate from on-prem storage to the public cloud. Germany led
the way, while the UK trailed below the average indicating room for potential growth this year.

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Over half (52%) of the respondents reported exceeding their budgets on public cloud storage last year, and while some of the additional costs incurred came from increased storage and migration, price hikes and egress fees stung a significant number of businesses.

Todays enterprises are required to be agile, and the insights gained from
data lend a competitive advantage, said Andrew Smith, senior manager of strategy and market intelligence at Wasabi Technologies.

However, while the perceived value of enterprise data might be limitless, storing and accessing that data, on the other hand, has a very real cost. Unfortunately, the complexity and uncertainty of cloud storage fees can be a major challenge, and a key reason why more than half of organisations
exceeded their cloud storage budget in 2022. This highlights a significant pain point for enterprises, and an opportunity to improve as they assess
cloud storage spending for 2023.

Unfortunately, the complexity and uncertainty of cloud storage fees can be a major challenge, he added - and with an almost 50:50 distribution between
fees and storage when it comes to cloud spend, its clear that companies will need to pay close attention as they look to invest more in cloud. Need somewhere to store your data? Here are the best cloud backup tools



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Link to news story: https://www.techradar.com/news/cloud-spending-is-on-the-rise-once-again-as-com pany-budgets-increase


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