Report: Cloud computing to benefit EU economy by more than $1 trillion

According to a recent study commissioned by EMC and the Center for Economics and Business Research, cloud computing will boost the European Union’s economy by more than $1 trillion during the next five years.

The biggest beneficiaries of the managed IT service will be retailers, which are expected to gain more than twice the benefits as manufacturers. According to the study’s researchers, cloud computing will create more than $318.5 billion in value among the EU’s distribution, retail and hotels sectors.

Manufacturing, on the other hand, would benefit by nearly $133 billion, the lowest of any sector analyzed by the study. However, the technology would create roughly 514,000 new jobs across Europe. Banking, financial and business services will also see significant benefits, while the public job sector could grow by as much as 800,000 jobs due to the managed IT service.

In the U.S., cloud computing has seen significant adoption rates and increased use among several sectors. Both the White House and Pentagon have begun investing in the technology to increase efficiency and lower IT service costs.