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.