Study respondents, including IT leaders who represented businesses and organizations with a total of more than 2 million employees and $4 billion in annual revenue, said "the unknowns" of security were the most common concerns that stopped them from moving their operations to the cloud.
"Although businesses are continuing to adopt cloud rapidly to improve productivity, they still have concerns about security and how the cloud works," Harish Krishnamurthy, Insight Cloud's senior vice president, said in a prepared statement.
Study researchers noted that most respondents said they will embrace cloud technology "when they understand how a solution would impact the organization and when the benefits to the organization were seen as practical, obtainable and cost-effective."
Respondents also ranked the top reasons for considering cloud migrations:
- Increased productivity.
- Cost savings.
- Increased mobility.
- Increased revenue.
- Increased responsiveness to industry shifts.
"Our research highlighted that businesses are realizing improved efficiencies and cost savings as a result of adopting the cloud," Krishnamurthy said. "It is apparent that these two benefits are very important considerations influencing cloud adoption and migration. Interviewees noted that they had achieved significant cost reductions for their companies with transitions to the cloud."
Cloud security market is growing
While many businesses and organizations are skeptical about cloud security, the market for cloud security services and solutions is rapidly expanding.
The cloud security market could be worth more than $8.71 billion by 2019, and in addition to Microsoft and IBM, other technology companies soon could make moves to capitalize on this market's expected growth too.