Europe will earn over $1 trillion on cloud services in five years.

The authors of a report from the CEBR (Centre for Economics and Business Research) concluded that the growing popularity of cloud computing services will allow businesses to earn up to $1 trillion or €763 billion in revenue from cloud services over the next five years.

This figure equates to 2.4 million new jobs and savings on the deployment of complex IT infrastructure, which will ultimately lead to a reduction in the cost of ownership of IT systems for end users.

At the same time, the report's authors also highlight the challenges of cloud technologies, particularly their dependence on the internet. Furthermore, the experts believe that users are not yet ready to migrate their data to the cloud.