I don’t have data to back this up, so this is an educated assertion at best. I see three reasons why migration to the cloud may be going through a transitory slowdown. I’ve also seen some recent data points that seem to bear this out, and it makes logical sense based on where we are in market maturation.
First, we can’t keep up the mad dash to the cloud that was driven by the pandemic. Those who thought that cloud adoption would slow down during the restrictions placed on businesses found the opposite. Indeed, public clouds are largely pandemic-proof when compared to physical data centers that could not be accessed during the lockdowns and quarantines. That, in conjunction with the explosion of remote work programs, had many governments and Global 2000 companies rush to the cloud.