Verizon's Bailey: Cloud services will be a $150B market by 2020

Verizon Communications (NYSE: VZ) believes that its big bet on the cloud will pay off as it predicts that the market segment will grow from about $10 billion now to a $150 billion market by the year 2020.   

Kerry Bailey, Terremark

Bailey

This prediction comes on the heels of Verizon's Terremark division opening a new data center in Amsterdam to deal with data center and managed services growth in Europe.

Speaking during a press conference in Amsterdam, Kerry Bailey, group president of Verizon unit Terremark Worldwide, said that while he recognizes that there are a lot of new companies coming into the cloud services space, "We think we'll have a pretty big share of that."  

In 2011 alone, Verizon spent "well over $2 billion" on beefing up its cloud portfolio purchasing both cloud service provider Terremark and cloud software vendor CloudSwitch.

For more:
- Bloomberg has this article

Special Report: Terremark's Bailey: CIOs need to rationalize applications when developing cloud strategy

Related articles:
Verizon's Terremark lights up new NAP in Amsterdam
UPDATED: Verizon adds CloudSwitch to its ever-growing cloud portfolio
Verizon's cloud initiatives could be a stock accelerator

Suggested Articles

Huawei's quarterly revenue growth expanded at a slower rate due to U.S. sanctions and the impact of Covid-19 on its consumer sector.

Verizon Business has added VNS Application Edge into its Virtual Network Services portfolio to fuel enterprises' edge and cloud deployments.

The industry was a bit surprised this week when Juniper Networks pulled the trigger on Boston-area startup 128 Technology for $450 million in cash.