Cisco CEO: Two-thirds of enterprise companies won’t exist in 25 years

Fortune

Cisco CEO John Chambers doesn’t mince words when asked about the rapid transition of enterprise clients towards services that run in the cloud.

« Of the top 5 or 6 [top IT] players today, only 1 will exist in 5 years, » Chambers told Fortune’s Andy Serwer at Brainstorm Tech 2014 — a bold reference that presumably includes competitors HP [fortune-stock symbol= »HPQ »] and IBM [fortune-stock symbol= »IBM »]. Even more dire, he predicted that just one-third of all major enterprise companies will exist in 25 years, becoming casualties in what he recently called a « brutal consolidation » of IT. As more businesses and organizations migrate, they rely more and more on networking solutions like those offered by newer services like Rackspace [fortune-stock symbol= »RAX »].

The Cisco CEO wasn’t all doom and gloom, however. Over the last 2 years, Cisco [fortune-stock symbol= »CSCO »]. has set some extremely high goals for itself, including becoming the #1 IT company. It…

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