Cloud computing could save EU economies 645bn over next five years

The report, written by the Centre for Economics and Business Research and commissioned by data storage and solutions company EMC, reveals that the five biggest economies in the European Union could jointly save £645 billion over the next five years by switching some of their services to the cloud.

This means that instead of building and managing its IT infrastructure on a per-office basis, companies will rent data storage in vast data firms, and invest in computing power and software services accessed via web-enabled devices, rather than stored on individual computer systems.