The company developed Slingshot, a Snowflake Data Cloud management system in house and launched Capital One Software in June. Enterprise IT spending on public cloud services is expected to overtake spending on traditional, on-prem computing by 2025, according to a February report by Gartner.Ĭapital One is invested in data management solutions, both for its needs and as a new line of business. In an April report, Gartner forecast a worldwide public cloud end-user spending increase of over 20% this year, to $494.7 billion, up from $410.9 billion in 2021. Overall cloud spend is growing, according to two recent Gartner reports. Multivendor use for applications and computing is expected to increase fourfold. In the next one to two years, 84% of data management professionals surveyed by Forrester expect their companies to house data with more than one provider.
To complicate matters, companies are relying on multiple vendors for storage and computing. Most cloud platforms charge separately for storage and computing. “Organizations pay not only for how much data they are using, but also how they are using that data,” Syed said via email. The added cost of these services can be overlooked until the bill is due. Storage costs mount.Īs modern analytics, visualization and processing applications are deployed and updated, more computing power is needed. Today’s data piles atop yesterday’s and becomes old data as newer streams are tapped. Spending on data-related services is difficult to predict in the cloud, an environment in which there are few fixed costs. Cloud migration promises access to vast amounts of computing power, expansive data storage, and, when not carefully managed, escalating costs.