Cloud Computing Worth €750 Billion To EU By 2015

Cloud computing is expected to generate more than €750 billion in the straightway five years for the European Union economy.

The study, which was conducted by the EMC and the Centre for Economics and Business Technology, focused on the impact of cloud computing on key industries in European nations of France, Spain, Germany, Italy and UK.

The retail and hotel sectors will gain the most from cloud computing by earning around €233 billion during the manufacturing industries will earn €98 billion and create 514,000 jobs.

Researchers estimated that by 2015 €763bn could be generated and millions of jobs created through the adoption of cloud computing over a range of industries in Europe's key economies.

Oliver Hogan, a managing economist at the Centre for Economics and Business Technology stated, "cloud computing is one of the major means of maximising ‘bang for buck’ in modern IT investment. It could as well be an important driver of European business investment that will, in turn, drive European economies forward."