The cloud economy of the United States has tripled since the early 2000s, and a further $214 billion was added to the nation’s domestic gross product in 2017, a new report released by the Internet Association has revealed.
The report attempts to measure cloud computing’s macroeconomic impacts and compiles cloud and economic data in 2002 when the biggest titans of the industry today, such as Amazon Web Services, Rackspace, and Google were in their infancy. In 2017, the expanding cloud industry added no fewer than 2.15 million jobs to the economy of the United States, the report claims.
Christopher Hooton, the chief economist of the Internet Association, says that the rapid adoption of the cloud has contributed significantly to the US economy and that expanding the understanding of its macroeconomic impacts is vital to ensure that it will continue to be an important economic driver. Hooton adds that the cloud sector in the US is now a rival to the likes of the agriculture, hunting, fishing, and forestry industries put together, and is continuing to grow daily.
While the cloud computing industry is booming, it operates differently to the grow-and-plateau pattern of growth exhibited by more traditional industries and has grown in an exponential manner in a similar way to the internet’s growth among Americans. The public sector has been slower to adopt the cloud, but in the 2018 fiscal year, defence and civilian agencies spent $6.5 billion on cloud services, and cloud technology is now a government mainstay.