Cloud adoption could generate $797bn in Africa, Europe by 2030
TLDR
- McKinsey report: Cloud computing could unlock $797 billion in value for African and European businesses by 2030.
- African companies have 45% workloads in public cloud, leading North America and China.
- Key industries such as banking, telecoms, and oil and gas have the most to gain, but regulatory barriers and talent shortages remain challenges.
Cloud computing could unlock $797 billion in value for businesses in Africa and Europe by 2030, a new report from McKinsey & Company finds. That explains the recent wave of foreign investments pouring into African data centers, the physical infrastructure required to power cloud operations.
The management consulting firm's survey of over 50 major African companies found they already have an average of 45% of their workloads in the public cloud - on par or ahead of adoption rates in North America and China.
"Early indications show that Africa is moving quickly onto cloud, and there are no signs of slowing down," said Sven Blumberg, a senior partner at McKinsey.
Key Takeaways
McKinsey projects the global cloud opportunity to reach $3 trillion, with a significant portion of that value up for grabs in Africa and Europe. Key industries like banking, telecoms, and oil and gas stand to benefit the most. However, the report also highlighted barriers like regulatory constraints and talent shortages that African businesses must overcome to fully capitalize on the cloud's potential. Collaboration between organizations, regulators, and service providers will be crucial, the authors said.
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