Every industry is going to face / implement a degree of cost cutting, that's unavoidable. However the control and scalability of cloud within an ethos of cost cutting is attractive for this exact reason. A business can enter that market and know they have a very flexible amount of control over their expenditure. You need to keep in mind its only a minatory of companies who have migrated to cloud, the majority have plans, but had never made the crossover as yet. With necessity being the mother of all invention, this adoption will only accelerate now