Cloud is no longer a technology of the future; it is a driver of the U.S. economy today. Companies use Cloud computing services for everyday operations, including secure data storage and efficient processing – even if they may not be aware of the technology’s full potential. As the private sector continues to innovate and drive economic growth with new uses of data, Cloud is emerging as a vital enabler for economic growth from artificial intelligence and data analytics to financial services and Blockchain-enabled trade platforms.
One of the Trump Administration’s key objectives, as outlined in the National Security Strategy, is to prioritize emerging technology as a critical tool of economic growth and security, allowing the United States to maintain its competitive advantage. Cloud is one example of a technology used by businesses to modernize their architecture and keep pace with customer expectations for immediacy and personalization. Cloud service providers have growing importance in the ecosystem of the digital economy. According to Gartner, Inc., the worldwide public Cloud services market is projected to grow 17.5 percent in 2019 to total $214.3 billion, up from $182.4 billion in 2018. Cloud technology is estimated to have contributed $214 billion to GDP and supports 2.5 million high-quality American jobs.
Expanding our understanding of Cloud trajectory is essential to ensuring it continues to be a driver of economic growth. In order do so, our most recent, in a series of Innovation Roundtables, was with executives from big tech companies, startups, and financial services firms offering Cloud solutions. Representatives from my team in the Bureau of Economic and Business Affairs discussed how companies are leveraging Cloud to jumpstart new innovative data services. Through this conversation, we gained a deeper understanding of the potential global economic impact as more governments, businesses, and organizations move to Cloud. We explored how Cloud services are changing the way startups use data, resulting in better jobs for the American workforce. Everyone around the table agreed on the need for companies and governments to work together to help ensure the free flow of data across borders.
The United States is actively committed to empowering researchers, technical experts, and business leaders in emerging technologies, and we’re fully prepared to engage in tremendous opportunities to shape the future. My Bureau advocates for the creation of environments that enable U.S. companies to thrive by shaping economic and security policy at home and abroad. In order to execute our mission in a way that catalyzes economic growth, we ensure that policymakers work closely with companies to better understand their challenges and opportunities. America has always been the leader in global innovation, and we will continue to empower our private sector to maintain that status.
About the Author: Manisha Singh serves as the Assistant Secretary of State for Economic and Business Affairs at the U.S. Department of State.