Cognizant Eyes Digital Adoption and Cloud Migration to Boost Revenue in 2021
Even during the harshest months of our biggest humanitarian crisis, cloud migration grew significantly in 2020. Cloud Migration services are one of the pillars of digital transformation journeys. Others are AIOPs, Information Security, and IT Automation. Cognizant is one of the leading providers of Cloud migration services. In their latest announcement following the Q1 2021 results, CEO Brian Humphries laid the roadmap for the future in Cloud migration.
According to independent research, the global cloud migration services market was valued at USD 119.13 billion in 2020 and is expected to reach USD 448.34 billion by 2026. With enterprises looking at ‘sustainable Cloud’ with Edge and Multicloud capabilities, there’s a lot happening in the Cloud Migration industry with a strategic focus on AI ML, RPA, and Security. Cognizant leads the way in this industry with its existing talent and skill pool.
Brian said, “In the first quarter, we successfully executed our strategy of embracing digital, investing in international expansion, and repositioning the Cognizant brand. Cloud migration and digital adoption create a significant opportunity for Cognizant in the coming years.”
Cognizant® Cloud Migration accelerates your cloud adoption journey with a seamless, low-risk, security-centric and cost-optimized approach that addresses your migration challenges.
In their latest Q1 2021 results, Cognizant declared their revenue of $4.4 billion grew 4.2% year-over-year. Nearly $700 Million was deployed in acquisitions, share repurchases and dividends to transform the Cloud migration business.