Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Verizon Predicts Cloud Services Market at $150 Billion in 2020

Don't Miss Out —
Follow us on:

Sept. 21 (Bloomberg) -- Verizon Communications Inc., the second-largest U.S. phone company, expects that the total market for cloud computing services will grow to $150 billion by 2020 from about $10 billion now.

“We think we’ll have a pretty big share of that,” Kerry Bailey, group president of Verizon unit Terremark Worldwide, said during a press meeting in Amsterdam today. “A lot of companies are moving into this space.”

The market for cloud services will grow by $90 billion in the next four years, Bailey forecast. Verizon has spent “well over $2 billion” on cloud technology this year, after acquiring information-technology services company Terremark and CloudSwitch, a provider of software, according to Bailey.

Cloud computing allows users to store data and programs on offsite computers and access them via the Internet. Verizon will open its flagship datacenter for Europe in Amsterdam tomorrow.

To contact the reporter on this story: Maaike Noordhuis in Amsterdam at mnoordhuis@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.