Strategic investments in cloud migration, cloud-native projects and related cyber and machine learning services deliver outsized impact on market valuation and shareholder returns, according to a Deloitte report published Tuesday. The consulting firm analyzed the financial statements and technology spending of more than 4,500 companies over a 10-year period.

Spending on cloud acts as a force multiplier, the report found, adding long-term value to investments in automation, cyber, IoT and other individual technologies. Cloud investments yielded roughly three-times the market value compared to cyber investments alone, the analysis found.

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