Cloud-driven digital plays can create transformational business value: Study

The pandemic has accelerated digital transformation at 59% of surveyed organizations, reported the IBM Institute for Business Value, in collaboration with Oxford Economics. Some sources even cite a 6-year acceleration?with huge budget increases to support it and to build the infrastructure it requires: cloud computing.

Cloud computing has become a huge global industry, with 2020 revenues of USD 219 billion, and industry analysts expect those revenues to grow to $791 billion by 2028.

One report even estimated it to be a USD1 trillion-dollar market by 2030. It is by far the biggest investment in ?emerging technologies? underway in large enterprises.

Key takeaways

Untapped potential remains 79% of stakeholders in enterprise cloud adoption require comprehensive, advanced cloud capabilities to power their highest priority digital plays. But they have yet to fully realize cloud?s full transformational power.

While 73% of respondents say cloud-driven digitization of products and services is delivering positive, transformational performance improvements?at scale.

Hybrid cloud/multicloud has won the race to become the dominant architecture for cloud service delivery. The percentage of respondents claiming a single public cloud as their primary archetype dropped from 16% in 2019 to 2% in 2021, setting the stage for the next wave of innovation in cloud-driven business transformation.

Better operating model design and development practices are strongly associated with better business performance. 69% of respondents attribute ?sustained improvements at enterprise scale? and ?material and accelerating improvements at enterprise scale? to their digital/ business/IT operating environment.

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