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.
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.
- Bloomberg has this article
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