An organization that is using AWS exclusively for its cloud needs, will definitely find CloudFormation more convenient. Enterprises that have 3rd party infra or service dependencies would be better off with Terraform’s cloud agnostic approach. Comfort with a particular language/syntax or GUI familiarity should also be considered.
Whatever decision you make, remember to factor in future needs as well. While your current infrastructure will definitely impact your choice, you should also look at the long term implications of both IaC toolsets.
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https://teleglobals.com/terraform-or-cloudformation-which-one-is-right-for-you/