Cloud Cost Overruns: IT Leaders Brace for Spending to Surpass $1 Trillion by 2026, Forrester Finds

Now, I want to hit some specific technology views.  

Per Channel Insider, At the 2024 Channel Partners Conference & Expo, IT partners and industry forecasters discussed the evolving landscape of IT service delivery. Despite economic headwinds, the IT market is projected to grow at 6.2%, with businesses and governments estimated to spend $4.94 trillion on IT and telecommunications in 2024. C

According to research conducted by Forrester, IT leaders expect their cloud costs to exceed budgets, with public cloud spending forecasted to reach over $1tn globally by 2026. The survey found that cloud workloads and costs are expected to grow rapidly over the next two years. Excessive storage, overconsumption of network bandwidth, and a lack of integration strategy and efficient cloud architectures contribute to rising cloud costs. The report suggests that cloud architecture integration and modernization initiatives can help reduce cloud spend and improve cost management.

Pinpoint Search Group has released its Q1 2024 cybersecurity funding report, showing an increase in the number of transactions compared to Q1 2023 despite a decrease in total funding raised. The report suggests that the increased interest in later-stage rounds could indicate better times ahead for cybersecurity funding.

Cybersecurity is cooling as an investment space.   We’ll keep an eye there, but there are only so many cybersecurity companies needed.    And let’s not sleep on “the cloud” continuing to sweep up customer investment.