Earlier this year, we spoke with 500 industry professionals about the current trends, challenges, and strategic responses shaping the future of cloud economics. TechRadar covered findings from this white paper, including the dissatisfaction with pricing strategies, the impact on smaller businesses and alternatives to the hyperscalers.
Our latest white paper, The Cost of Cloud 2024, explores the rising costs of cloud services, drawing on extensive research and insights from our global survey. The findings reveal significant challenges businesses face in managing cloud expenses, with 59% of organizations experiencing an increase in cloud bills over the past year. Based on these findings, Civo's CEO, Mark Boost, made some key observations:
"Inflationary pressures and the rush to deploy AI have likely been key external factors in increasing cloud spend over the previous year, but pricing complexity can still increase costs unnecessarily for individual customers."
Smaller organizations felt this financial strain the most, with 32% of companies with fewer than 50 employees facing monthly cloud bills exceeding $10,000, and some reaching as high as $5 million. Emphasizing the need for more transparent and cost-effective cloud solutions, Mark Boost added, "Simplified services without egress fees that truly enable interoperability can help businesses make the most out of all the cloud has to offer."
Adapting strategies is crucial when navigating these challenges. Our latest report delves deeper into these insights. To learn more, check out the TechRadar article here and access the full report here.