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Cloud computing 'worth 750bn euros'

Millions of new jobs could be created by cloud adoption

Millions of new jobs could be created and Europe's economy could gain more than 750 billion euros from adoption of cloud computing over the next five years, according to a report.

A study by data storage firm EMC and the Centre for Economics and Business Research (cebr) estimates that the retail and hospitality sectors will be the biggest beneficiaries of the new technology, earning around 233 billion euros.

It is also expected to generate around 98 billion euros for the manufacturing industry and add 514,000 new jobs Europe-wide.

Oliver Hogan, managing economist for cebr, said: "Cloud computing is one of the major means of maximising 'bang for buck' in modern IT investment.

"It could also be an important driver of European business investment that will, in turn, drive European economies forward."

The forecast is based on the estimated levels of adoption by major industries in France, Spain, Germany, Italy and UK.

The report said the benefits of cloud computing are likely to extend to the environment by way of reduced energy consumption.

Copyright Press Association 2011

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