The cloud computing market has been growing over the past few years, and one popular BBC host believes that it will play a big part in the U.K.'s economic recovery, according to Channel Web.

James Caan, the host of BBC's Dragons' Den, a show for fledgling entrepreneurs, told a Global Entrepreneurship Week panel in England that the cloud is here to stay and will not be a "passing fancy." He said the technology will offer hope for recovery in tough times. He said the cloud could play a big role, especially with more positions and jobs being created by its spread, according to the news source.

“And, for the first time, you can be a young person and start a business for £5,000 to £6,000," Caan said, according to the source. "It used to run into the hundreds of thousands. And you are able to do that because you are using cloud computing."

AT&T predicts that by 2020, large companies in the U.K. that use cloud computing could garner £1.2 billion of savings, equal to about $1.86 billion. The technology can also help save emissions equal to about 4 million passenger vehicles, according to the company's report.