I think Cloud has never been a question of costs — it’s generally about not having to become operational experts in house and maintain that expertise as it’s not a core business function (hard for SMEs for example, to retain talent outside of overhaul and project cycles), overall desire by senior management to single source vendor management, and a “throat to choke” that keeps you from losing your job if problems arise.
These are the drivers I’ve seen, with cost a distant third, fourth or fifth. Can’t wait to see what happens this economic cycle.