Does your 2024 IT budget account for cloud waste?

Did you know that the global public cloud spending is expected to total $679 Billion in 2024 as per a recent report from Gartner? Furthermore, a recent survey by Everest Group revealed that 82% of global organizations struggle with more than 10% of their cloud spend getting wasted, out of which 68% experience more than 20%. It further found that 38% of organizations experience more than 30% of their cloud spend getting wasted. This waste is often due to overprovisioning of resources, inefficient usage of resources, and a lack of cost optimization measures. With the sheer magnitude and the accelerated use of the cloud as a business enabler, Cloud waste is the next big problem companies may be looking at in 2024 and beyond.