Cloud computing could give the top five EU economies a 763bn-euro (£645bn; $1tn) boost over five years, a report has said.

The report, by the Centre for Economics and Business Research has said that the widespread adoption of cloud computing could also create 2.4m jobs.

The CEBR report, commissioned by EMC - a data storage and IT storage firm, suggests that the rapid uptake of cloud computing service offerings will make them progressively cheaper as economies of scale take hold and service offerings increasingly mature.

The company is just one of many pushing into the sector, all saying that 2011 will be the year of the cloud, when the technology will find mainstream adoption.

The authors of the CEBR study acknowledge that their findings are based on assumptions and as of now no-one really knows the full impact that cloud will have on businesses.