What we are seeing in the market

Organizations with a cloud-enabled IT operating model have been less prone to disruption of their business operations during the COVID-19 pandemic. The breadth of cloud technologies and related services is ever growing.

Market overview


of organizations now use some form of cloud technology.

Market overview


US dollars were spent on cloud IT services globally in 2019, the highest invested area of any IT third-party service.

Market overview


of IT spending is forecasted to be allocated to cloud technologies by 2023, as enterprises focus on customer experience and operational-led digital transformation initiatives.

Market overview


of organizations that employ cloud technology use a hybrid cloud approach.

Market overview


of organizations have seen a slight (31%) or significant (26%) rise in their use of cloud services as a direct result of COVID-19.

Your ongoing cloud journey

The journey to the cloud is not one that should be rushed, nor is the right solution for your business always a fully “cloud-native” approach.

We typically recommend financial services institutions (FSIs) follow a “cloud–first” path to support business agility, optimized migration and cost reduction, all driven by risk appetite-informed decision-making.

To capitalize on the benefits of a cloud transformation, FSIs should revisit other IT initiatives and align them to an overall cloud-first enterprise IT strategy.

Going to the cloud: EY three-phased approach


How we can help

Our portfolio of high-demand services is designed to support your cloud strategy and address your security and regulatory compliance requirements in a holistic and impactful way.


Benefits of working with EY

We bring to bear a wealth of experience with our world-class cloud capabilities, technology professionals and robust qualifications.

Extensive capabilities & experience

  • $1 billion investment in client technology
  • Risk-based approach to transitions into cloud ecosystems
  • Proficient in the holistic evaluation and management of costs involved with each stage of the cloud adoption journey
  • Sector-specific industry knowledge combined with deep technical skills, nearshore and offshore delivery scale, and proven delivery methodologies
  • Deep understanding of technology and security risks, cloud technologies and services, industry-leading risk practices and regulatory compliance expectations
  • Experience conducting cloud optimization assessments to identify cost-saving opportunities and maximize ROI over the long term
  • Integrated transformation capabilities combining domain, strategy, technical and delivery experience
  • Deep financial and technical knowledge with extensive experience assisting our clients with large-scale business and technology cloud transformations
  • Experience partnering with our clients’ third-party software and services providers to deliver solutions in complex ecosystems including multiple projects at many of the world’s largest insurance companies

Global resources

  • 300k professionals working out of 700+ locations in 150 countries across 6 continents
  • 15,000+ professionals in our global delivery team
  • 1,000+ IT professionals focused on architecture and design
  • The EY cloud transformation practice has 100+ AWS and Azure certified architects with financial services experience

Outstanding credentials

  • #1 leaders in global business transformation by Forrester Research
  • #1 in innovation services
  • #1 in IT services for banking, securities and insurance
  • Recognized as a leader in 2020 IDC Worldwide Cloud Services
  • Digital transformation and resiliency industry leaders

Show resources

Contact us by location


Contact us by location

  • Bahamas

    Ernst & Young
    P.O. Box N-3231
    Nassau - Bahamas

    Phone: +1 242 502 6000
    Fax: +1 242 502 6095


  • Bermuda

    EY Bermuda Ltd.
    3 Bermudiana Road
    Hamilton, HM08

    Phone: +1 441 295 7000
    Fax: +1 441 295 5193


  • British Virgin Islands

    Ernst & Young Ltd.
    Ritter House
    Wickhams Cay 2
    Road Town
    Tortola VG1110, British Virgin Islands

    Phone: +1 284 852 5450
    Fax: +1 284 852 5451


  • Cayman Islands

    EY Cayman Ltd.
    62 Forum Lane
    Camana Bay
    P.O. Box 510
    Grand Cayman
    Cayman Islands

    Phone: +1 345 949 8444
    Fax: +345 949 8529



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