Cloud storage was analyzed in a recent report by Wasabi Technologies.

According to the report, 93% of organizations plan to grow their public cloud storage capacity in 2024. This rate of capacity increase is up 9 points from last year’s survey (which indicated 84% expected an increase). 

More than half of respondents say they exceeded their budgeted spend on public cloud storage. The main reasons for budget excess include using more storage than they planned (42%) and migrating more apps and data to the cloud than planned (45%). Ninety-percent of respondents expect their cloud storage budgets to increase in 2024, up from 84% in 2023, in part due to new data security, backup and recovery requirements, with 95% of C-level respondents saying they expect cloud storage budgets to increase in 2024.

On average, 47% of cloud storage billing is allocated to data and usage fees (including API calls, operations, egress, retrieval, etc.), this finding aligns with last year’s results, indicating that organizations continue to struggle with complex and material fee charges. Fifty-three percent of respondents exceeded budgeted spend for cloud object storage in 2023, 2 points higher than the previous year’s average (52%).

The number of respondents self-identifying as “cloud-first” in 2024 (42%) – increased from 2023, illustrating a continued shift towards cloud IT services adoption when it comes to infrastructure solutions, including storage.

Read the full report here.