Below are statements from articles detailing how cloud overspend is becoming more and more of a problem due to the lack of cost optimization approaches adopted by companies

Gartner

Through 2020, 80% of organizations will overshoot their cloud infrastructure as a service (IaaS) budgets, due to lack of cost optimization approaches.

Through 2020, 45% of organizations that perform lift-and-shift to cloud IaaS without optimization will be overprovisioned by as much as 55%, and will overspend by 70% during the first 18 months.

BUSINESS INSIDER

Given Gartner’s projection that data storage will be a $173 billion business in 2018, companies globally could save $62 billion in IT costs just by optimizing their workloads.

FORBES

Cloud users underestimate the amount of wasted cloud spent, the Rightscale survey author’s calculate. Respondents estimate 30 percent waste, while RightScale says the actual amount of waste comes closer to 35 percent. 

WALL STREET JOURNAL

By purchasing more cloud computing capacity than they really need – even as a deliberate strategy to safeguard against crashing key systems — or buying advanced reserves that they will never use, companies across all industries may be overspending on cloud services by an average of 42%.