Cloud computing poised to be next big job creator

According to a new report sponsored by SAP, cloud hosting services have the potential to become a larger job generator in the United States than the internet in its developmental years.

The study surveyed 11 cloud hosting companies and found that they added 80,000 jobs in 2010, and that the employment growth rate was almost five times that of the tech sector overall. In addition, of the companies surveyed, revenues are projected to increase by an average of $20 billion annually over the next five years.

Venture capital investments also appear to be assisting cloud technology with job creation. Capital investments, projected to be around $30 billion over five years, has the potential to add 213,000 jobs alone. Depending on emerging technologies, this number may rise even higher, paving the way for more opportunities that can revive the American labor market.

Cloud technology could also be a job creator outside of its own sector. The report finds that cloud infrastructure services could save U.S. businesses as much as $625 billion over five years.

"The study confirms that cloud computing can have a significant impact at every key growth stage of the business life cycle," said Jacqueline Vanacek, SAP vice president.

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