From economic uncertainty actually spurring an increase in cloud usage this year to organizations overspending their public cloud budget by 18 percent on average, there are some major cloud computing trends that all businesses should know in 2023.

“Economic uncertainty is driving a reduction in corporate spending, but the need for innovation and increased revenues remains high—and the cloud represents an engine of innovation,” said Flexera in its new 2023 State of the Cloud Report.

CRN breaks down six of the most interesting results from Flexera’s new cloud report which includes: businesses top cloud challenges in 2023, public cloud overspending, cloud waste, hybrid cloud, policies to optimize cloud costs and if companies plan to spend more or less in cloud computing during a time of economic uncertainty.

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Cloud ‘Will Weather Economic Storms’

Before jumping into the survey results, it’s important to know that the state of the cloud market in 2023 is solid, according to Flexera’s finding, as most businesses spend millions each month on cloud computing.

Despite a global pandemic, IT layoffs and an uncertain economy ahead, cloud computing is still on the rise.

“While organizations of all sizes are prioritizing every dollar of spend, the cloud and technology will weather economic storms,” said Flexera. “Those enterprises that remain focused on digital transformation, seizing new opportunities and evolving strategic initiatives through a cost-conscious lens will be better positioned for success than their competitors.”

Flexera’s new report surveyed 750 executive leaders and IT professionals on a global basis, with the majority of respondents coming from the United States and Europe. Approximately 67 percent of respondents were in organizations with over 2,000 employees, while 11 percent of businesses surveyed had more than 100,000 employees.

With enterprises in the U.S. and Europe representing a large portion of those surveyed, the results of Flexera’s 2023 State of the Cloud Report are important to track cloud market trends.

Here are six important cloud market trend results channel partners, investors, vendors and customers should know in 2023.