As someone in that position right now, working in a company who pride themselves on their "Cloud Transformations", there are many things which people assume will cost jobs. This usually appears to end up wrong. However. What does happen, which is not accounted for in those studies is "career displacement and turbulence". This is particularly impacting on the more senior and more experienced engineers.
It's a bit like watching climate change happen out to 2100, but as everyone adapts and migrates around away from hotter parts to the now unfrozen poles the population doesn't decrease dramatically so it's okay then? Yes? No. It misses the turmoil of displacement, migration and many will fall along the way.
Cloud means many, many things. The "Cloud" I am talking about here is basically reselling AWS and Azure products.
AWS and Azure don't just "rent out" virtualised hardware, the provide massive swaths of "Codeless", "Serverless", "Application in a box", "Network in a box", "Security in a box" type components.
Developing one of these projects has nothing to do with software engineering. Nothing. It's just "Using a web application provided by AWS/Azure to configure a set of business components and applications also provided by AWS or Azure.
When you find something lower level to peak your interest you, it is usually found in integrating legacy systems into the new cloud arch, or migrating them.
The trouble is. It creates lots of jobs for the inexperienced "engineers" they pluck off the street with nothing buy an Azure certification.
Being an AWS Developer or an Azure developer and that is the headline on your CV... you are not an engineer. You are an application operator. You are not much more than an office clerk using Microsoft Office.
The work is boring, dull, and worthless. ALL of the components you will be using will be actual "real" open source components, but ALL of them will be abstracted away and renamed, protected behind APIs which force you to do things in the "AWS Way" or the "Azure way". Of course for every Az/AWS service you consume you pay for it. However, to intergrate outside the cloud costs twice as much. These cloud guys are smart. They know their market.
The trouble is that market does not know it's own business. When they do finally atriphy away all core engineers from their upper ranks and are left with 99% business goons in the upper half and the lower half is 99% AWS Home trained button pushers... they are 100% dependant on AWS. AWS (et. al) know this. It's exactly what they intend.
So if you actually want to develop software and not just "configure and integration" other peoples canned solutions, the number of sectors and businesses you can work in is diminishing rapidly.
You could go work for AWS/Azure, but, that for some reason makes me feel ill.
So right now I have some serious questions on the sustainability of my career right now. I don't know if my skills will not become neiche in the coming years.
Some people argue this is just natural progression. It's just the tech landscape mutating as it develops. You just need to keep learning the new things right? What has changed?
Cloud. Cloud is different. As I said above, they are not platforms designed to help you engineer software, they are platforms designed so that you don't need to engineer software.
While "Software Engineering" is a self-deprecating endeavour - we write software such that non engineers can do things the previous required engineers to do - I think this rapid "transformation to cloud" is going to move the market for actual "Software Engineers" out of the majority of "Business solution provider" type companies and SIs. Actually software engineering will move into more "neiche" markets and sectors and in provision of those cloud components within MS/IBM/AWS etc.
I have 11 years ideally. More realistically 18 years before I can retire. At the moment, I do not hold high hopes