Despite worries that Britain’s vote to leave the European Union could cast a pall on information technology spending, one part of the IT industry is likely to keep shining: cloud computing.

That’s according to a new report today from the Deutsche Bank IT research team of Karl Keirstead, Alex Tout and Ross Sandler. They spoke with about 20 Amazon Web Services partners at last week’s AWS Summit in London.

The gist: “The Brexit vote so far has NOT had any material impact on demand for AWS in Europe, despite the fact that the depreciation of the pound has resulted in a de facto AWS price increase for UK customers,” they wrote. That’s because the cost of using AWS at the outset is quite low compared with on-premise investments to do the same thing, they said.

What’s more, the planned AWS London data center launch at the end of this year or early next year would take care of possible U.K. data sovereignty concerns. Amazon itself still plans to build out a U.K. cloud services region, Gavin Jackson, the managing director of AWS in the U.K. and Ireland, said last week at the AWS Summit.

The situation looks grimmer for traditional data center gear and managed hosting arrangements. Keirstead et. al. said they have heard of delays for those deals.

There are risks to cloud vendors, though, chiefly from large enterprises that might defer spending on internal efforts to move platforms or otherwise modernize their infrastructure ahead of a move to AWS. But the team said cloud cost savings are likely to offset that risk. “Any impact on AWS should be very small and the Brexit and the economic aftermath might even end up being a catalyst for AWS/Azure adoption,” they wrote.

Deutsche Bank analysts aren’t the only ones who are relatively optimistic. Forrester Research Inc. said a few days ago that it believes it will be business as usual for most of Europe’s public cloud workloads.

“Most workloads will continue, largely unaffected by the political repositioning,” wrote senior analyst Paul Miller. “Brexit doesn’t break most of the cloud-based usage models already in place. … If those cloud-based workloads are valuable enough to the business, they will survive Brexit.”

The sanguine outlook comes amid recent assumptions that Brexit won’t affect the overall U.S. economy either. The International Monetary Fund said today that it expects a “negligible” impact on U.S. growth. U.S. stocks today hit a record high as well.

As the clear leader in cloud computing in Europe as well as in the U.S., AWS stands to benefit the most from post-Brexit deals. But Deutsche Bank still has buy ratings on the two most prominent cloud rivals, Microsoft and Google.

Image from Pixabay