But, be wary of hidden cloud charges. According to a new study, cloud expenditure remains a top priority for many organizations. There is a darker side to the investment that might cost them extra money.

According to Wasabi Technologies 2023 Global Cloud Storage Index, despite tightened budgets, firms look to be ready to invest more money in technologies such as cloud backup and storage solutions in the coming year.

A majority around 83% of respondents reported that they expected to expand the cloud storage online backup data they store next year. Moreover, 81% had confirmed plans to raise public server backup cloud storage expenditures.

Cloud expenditure is increasing

According to the survey’s EMEA respondents, 83% anticipate expanding the quantity of data they store in the cloud next year. Moreover, 81% have confirmed plans to increase expenditures for cloud storage backup for business.

This comes on the heels of a cloud-centric 2022. 87% of participants migrated from on-premises storage to cloud storage and backup services. Germany topped the way, while the UK followed behind, signaling possible development this year.

Cloud adoption has been fueled by more robust infrastructure, the elimination of the need to replace obsolete gear, and scalability. Companies focused considerable attention on data protection, security, and compliance aspects while selecting a certain provider.

Nearly half of the respondents reported exceeding their budgets for public cloud storage last year, Furthermore, some added costs resulted from the expansion of storage and migration, price increases, and egress fees.

Wasabi Technologies claims, today’s organizations are obliged to be flexible, and the insights acquired from data provide a competitive edge.

Yet, while the apparent value of organizational data may be boundless, keeping and accessing that data has a very real cost. Sadly, the complexity and volatility of cloud storage prices may be a significant barrier. It is also the reason why more than half of organizations will exceed their cloud storage budget in 2022. This underlines a big pain issue for organizations as they plan their cloud storage investment for 2023.

However, the complexity and ambiguity of cloud storage prices may be a huge barrier. Cloud expenditures are nearly 50:50 split between fees and storage. So, businesses will need to pay particular attention as they invest in cloud computing.

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