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With the projection of a $150.1 billion cloud computing world market by 2013, what are emerging markets doing to get a piece of this pie? Cloud computing is finally growing in developed nations. Many companies are gradually moving more applications to cloud data centers where they can take advantage of pooling of computing resources, more efficient use of data processing power and increased flexibility. Cloud computing could have a huge impact on societies and economies in developing countries as well.

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While cloud computing provides benefits to many technical areas of business, cloud storage technology is also being used for forecasting methods in the agriculture industry. In a time when water sources are being depleted faster than they can be renewed, farmers need to find processes designed to conserve valuable water supplies. Cloud computing technology has allowed them to do just this.

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One of the great things about capitalism is that it encourages entrepreneurship and fuels the creation of disruptive technologies. The tech industry has been a breeding ground for these new technologies and one of their latest creations is cloud computing. Like any new technology, early leaders benefit greatly - usually at the expense of slower, older competitors. Cloud computing touches many industries within the technology sector and each one will be affected in different ways.

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Now that you know more about the basics of cloud computing, we can begin to take a look at some of the risks and benefits businesses encounter when using the cloud. As cloud based applications grow, businesses have numerous opportunities to take advantage of this new technology. With smartphones, tablets, and personal computers, businesses can easily access their cloud storage data from virtually anywhere. The benefits might seem undeniable at first—decreased data storage costs and integration across all areas of a business. However, some may wonder whether the benefits of cloud computing outweigh the risks.

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This week’s globalEDGE blog series will delve into a topic that is becoming a major buzzword in the global business world.  Cloud computing may be the future of information technology, with countless ramifications on the future of industries, businesses, and individuals.  While the cloud also has implications for the general public, we will focus instead on the “private” cloud- how it is utilized by world governments, multinational corporations and other major players in the world economy.  Throughout the week we will look more closely at risks and benefits, impacts on specific global industries, and financial implications of the cloud.