Are you one of the millions of users and business owners that feel you’re paying too much for public cloud storage? 2023 has seen a large spike in public cloud storage costs by big tech giants Amazon, Microsoft, and Google. Thanks to the rising cost of energy around the globe. Major cloud providers have risen prices by almost a 33% in the last year. Cloud storage is typically thought of as a highly cost-effective and scalable solution for businesses to pay for only the storage they use. Lately, affordable cloud storage seems like a thing of the past. If you’re in the market for affordable cloud storage or wondering why you’ve been paying so much for AWS, Azure, or Google Cloud, continue reading below.
What is Public Cloud Storage
Public cloud storage refers to the storage of data on remote servers managed by third-party providers, which are made available to users over the internet. The users can access, store, and share their data with others using a web interface or an API provided by the cloud service provider. This type of storage is considered “public” because it is available to anyone who wants to use it, as opposed to private cloud storage, which is exclusively dedicated to one organization or entity. Public cloud storage is typically offered on a pay-per-use or subscription basis, and it is highly scalable, flexible, and cost-effective. It has become an increasingly popular option for businesses and individuals looking for reliable and secure storage solutions without having to invest in expensive hardware and infrastructure.
The Pandemic Cloud Boom
During the height of the Covid-19 Pandemic, cloud storage boomed in popularity. At the time, scores of employees were working from home and commuting via Zoom to the office. While Zoom and other communication channels helped facilitate office communication across the country for remote workers, cloud storage allowed employees to collaborate in real-time on different projects and access critical company data from home. The cloud market boomed during the early pandemic days, and it continues to grow by and continues to over one-third each quarter. Experts called cloud technology the savior of the pandemic for how it allowed employees to work remotely.
Post-Pandemic Price Surge
Public cloud storage prices have increased in 2023 for several reasons, including rising energy costs, increasing interest rates, and ever-expanding infrastructure costs. The cost of borrowing has gone up and energy costs have reached record levels, making the cost of maintaining the public cloud infrastructure incredibly expensive. This cost is passed on to the customers, resulting in higher prices. Additionally, the top seven “hyper scalers” (Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform (GCP), Alibaba Cloud, IBM Cloud, Oracle Cloud, and Tencent Cloud) are estimated to spend $140 billion on capital expenditures this year, including buildings, networking gear, and other IT equipment, making it the largest deployment of capital in an industry. All of these factors have contributed to the significant price increase in public cloud storage.
How to Find Affordable Cloud Storage
For those shopping for affordable cloud storage, look outside the “top seven hyper scalers” to independent data centers and cloud providers, like Thin-nology. Thin-nology offers reliable and affordable cloud storage services, both public and private. Unlike the big tech giants, Thin-nology provides customized and scalable solutions that meet the specific needs of businesses of all sizes.
With our Aurora Cloud Services, you only paying for exactly what you need. With a transparent pricing model and no hidden costs or surprise fees, it’s easy to see how you can save with Thin-nology. Additionally, we offer exceptional customer service, with a team of experts always available to answer your questions and provide support. Choosing Thin-nology as your cloud storage provider ensures you get personalized and cost-effective solutions that cater to your unique business needs.