Adoption of cloud services is moving at a slow pace, but Ovum analysts said vendors should take advantage of the revenue-generating opportunities the cloud offers in the future. "These steps include becoming an innovator in the development of cloud computing services, and creating and supporting cloud services ecosystems among various IT vendors," said John Madden, research director, Ovum.

Madden said service providers should keep up with the technology changes in order to avoid the negative impact of these developments and to stay in tune with customer interests. "Global systems integration firms in particular are worried that cloud services could irrevocably alter the SI business as we know it," he added.

But despite this potentially grim outlook, Madden said there's no reason to panic for the market for cloud services is still in its infancy stages. ""However, some customers that leverage cloud services in theory will no longer need an SI for complex, time-consuming and costly integration of their internal IT systems," he added. "Cloud services also could open up new opportunities for services providers to package SI services with consulting and outsourcing, as customers look for guidance and third-party expertise in the delivery of cloud services."