As this year comes to a close, it is time to take a closer look at the cloud computing statistics that have helped shape industries and businesses to see where we have been and where we are heading in the future.

It is amazing to see just how far cloud computing has come through the years. Cloud computing has become a necessity for businesses around the globe to help them run their companies effectively and efficiently while also saving time and money in the process, and these statistics show why.

94% of Companies Use Cloud Computing

The percentage of companies, small to large that utilize cloud computing has increased over the years, and as of 2023, it has risen to 94%. With the spike in businesses that work remotely or hybrid, cloud computing has become necessary for many companies. But while it has become a way of life, businesses also see that it can be the answer to saving time and money.

60% of C-Suites Claim Cloud Computing Increases Security

It is easy to assume saving money is a significant factor as to why businesses choose cloud computing, but it has been found that 60% of C-Suites have implemented cloud services because of the increased security rather than the cost savings, ease of maintenance, scalability, or speed. With the amount of human error that can be found in many of the services cloud computing takes over, it is no wonder that security might be a top priority to many executives.

54% of Small to Medium Businesses Spend Upwards of $1.2 Million on Cloud Spending a Year

It is not only large companies utilizing cloud services; every small and large business wants proper organization, management, and monitoring over their company. That being said, it was found that over half of the small to medium-sized businesses spend, in total, around $1.2 million on their cloud services every year. Each dollar is put toward the betterment of their business, but it is important to remember that even with the largest cloud budget, you could be wasting it without the right management.

32% of Cloud Budgets Went to Waste

Whether your cloud budget is at its minimum or you are setting aside a hefty amount, you should be carefully spending and monitoring your usage to ensure you are not wasting your money. It’s been found that 32% of budgets are going to waste. This could be because businesses are choosing plans that are not suited to their needs, they are not monitoring active and inactive resources, or they are spending money on entirely unnecessary areas. Having the proper tools and knowledge about your company’s needs can ensure every dime is utilized to its fullest potential.

Only 30% of Companies Know How Their Cloud Budget Is Spent

If you choose a cloud plan without properly assessing your business’s needs, you will likely spend money on resources you don’t need or be blind to where your money is actually going. That is why 30% of companies are unsure where their spending is going. Without having a team of FinOps professionals, engineers, financial advisors, and execs looking over the budget and the resources available, you will not be completely sure where your cloud budget is being spent. You need a proper team in place.

Having a team is where we come in. Don’t be blind to your spending or wasteful of your money any longer. If you want to be in total control of your cloud computing and its management, contact the team at FinOps Oversight.