Profiling 25,000 S3 Buckets: The Billion Dollar Opportunity for Cloudflare R2

Cloudflare's announcement of its S3 competitor, R2, has generated significant interest in the infrastructure community, with discussions centering on the potential benefits of migrating workloads from AWS to Cloudflare. A key concern for customers is understanding the opportunity cost and the likelihood of Cloudflare's long-term commitment to R2. Vantage has leveraged its dataset of AWS users to estimate a $1 billion annual revenue opportunity for Cloudflare, based on the analysis of 25,000 S3 buckets. The potential cost savings for customers migrating from S3 to R2 are significant, particularly in the Standard Storage, Intelligent Tiering - Frequent Access, and Reduced Redundancy tiers, which collectively represent 68% of S3 costs. However, a major consideration is the one-time egress fee charged by AWS, which could offset the savings. Vantage plans to offer tools to help users evaluate these savings and make informed decisions about transitioning to Cloudflare R2.