As the cloud computing industry continues to expand worldwide, China is expected to see rapid growth in cloud revenues, according to a study conducted by market research firm CCID Consulting.

According to the study, the Chinese cloud computing market is expected to be worth more than $9.2 billion by the end of 2012. In 2009, the market was worth approximately $1.4 billion. CCID predicts a compound annual growth rate of 87.4 percent.

The study's predictions were presented at the recent IT Market China 2011 Annual Conference, held by CCID.

Presenters at the conference suggested cloud computing in China offers several important opportunities. Cloud computing can enhance the development of information infrastructure, bolster IT applications, support small- and medium-sized businesses and promote the reform of traditional industries, presenters claimed.

Furthermore, cloud computing enables users to benefit from pooled IT resources, potentially resulting in a significant reduction in costs for customers.

China is not the only region anticipated to experience strong cloud growth in the coming years. According to another recent study, cloud computing will lead to revenue of more than $1 trillion across a range of industries in key European economies by 2015.