Cloud still a priority for big corporations, says report by TCS

Cloud remains a long-term investment priority for 70% of major corporations, despite current macro headwinds and the recent slowing of growth of global cloud providers, said a study by Tata Consultancy Services (TCS) released Thursday.

The global survey of 972 senior executives reveals that innovation is a major driver of cloud investment although 36% of respondents said that they overinvested in cloud over the past three years. A fourth of the respondents say they have changed or are considering changing their cloud strategy due to insufficient ROI.

Around 75% of respondents invested in AI and machine learning capabilities over the past two years, while 78% plan to do so over the coming 12-24 months. Both technologies are highly dependent on access to large amounts of data and scalability through the cloud.