Cloud computing could help boost the economy across Europe by 763 billion (650 billion) in the next five years.
So claims a report by the Centre for Economics and Business Research (CEBR) and EMC, which suggests the cost savings, reduced time to market and greater scope for business development provided by the cloud could help build up this figure through to 2015.
Adam Thilthorpe, director of professionalism for the British Computer Society, said: "IT is driving change through our private companies, public sector services and social lives. The benefits extend to wealth creation and employment opportunities for UKplc."
He added: "Cloud computing is playing a crucial role in this change which is not limited only to the cutting edge of new companies, but also to how traditional organisations and business models operate."
The main industries to benefit are distribution, retail and hotels, with a predicted total of 233 million, according to the research.
However, it also claimed that government and the health and education sectors could see the biggest influx in jobs thanks to the cloud, with more than 800 vacancies being created over the next five years.
"Our research into the impact of cloud computing has uncovered compelling economic benefits attached to the expected and predicted roll-out across various industry sectors," said Oliver Hogan, managing economist at CEBR.
He claimed banking, financial and business services would also be a strong sector. "Lower relative IT CapEx-to-labour ratios in this sector mean its share of the total benefits in EMEA isn't proportional to the sector's powerful contribution to overall GDP," he added.
Although these figures were across Europe, CEBR split the numbers down further and unfortunately the UK was not the biggest beneficiary from the technology.
The nation was in fourth place when it came to how much monetary benefit it would receive just under 118 million and was at the bottom of the pile when it came to job creation with 289 roles.
Germany was set to benefit most, according to the research, with economic benefits of 221 million and 789 jobs being created.
