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Businesses have the power to add $414 billion in net new profits to the industry by increasing their cloud investments to enhance their organizational speed and capabilities, IT consulting firm Infosys found in its latest Cloud Radar Report.
Above: The financial services and insurance industries have the most to gain from cloud technology, with a potential profit gain of $151B. High tech and manufacturing come in second with $125B in potential profit gain.
Image Credit: Infosys
The Cloud Radar Report highlights the links between enterprise cloud adoption and business growth. Surveyed across 2,500 respondents from companies across the U.S., U.K., France, Germany, Australia, and New Zealand, the report covers a range of business performance goals related to cloud and found specific links to key organizational competencies such as speed to market and capabilities.
The report found that $414 billion net new profits can be added to the industry by moving to the cloud faster and growing business capabilities. The financial services and insurance industries stand to gain the most from cloud technology, with estimated profit gains of $151B followed by the high tech and manufacturing industries with an additional $125B in potential profits. Cloud has the potential to create massive productivity gains for organizations throughout industries, creating new profit and growth opportunities.
However, to unlock these profits, the report’s findings indicate that organizations need to have at least 60% of their systems in the cloud. Despite the recent acceleration in cloud adoption, fewer than one in five have crossed the 60% threshold to reap these profit benefits. Key characteristics of organizations that meet this threshold include a strong motivation to use cloud for business growth, specifically increasing speed to market, adding capabilities, and increasing scale. These organizations also demonstrated greater confidence in terms of cloud spending and were more likely to engage with three or more cloud service providers to place workloads optimally.
Infosys findings also reveal that the U.S. is dominating the charge to successfully deploy cloud technologies, as U.S. companies are among the top two performers with the strongest cloud performance, followed by the U.K. 43% of U.S. companies have progressed to the cloud, a percentage that is expected to rise to 55% by 2022.
Read the full Cloud Radar Report from Infosys.
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