Cloud computing is expected to generate more than €750 billion in the next five years for the European Union economy.
According to the Cloud Dividend report released by storage solutions maker EMC, the retail sector stands to earn more than double that of the manufacturing industry.
The study, which was conducted by the EMC and the Centre for Economics and Business Research, 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 while 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 Research stated, “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 new field is also likely to have a positive affect on the environment, as the cloud requires less energy than conventional IT solutions.