There may be certain situations where cloud computing solutions do not reduce costs for a company but they will make operations easier and better. Claranet product director Martin Saunders said to Cloud Times that the cloud isn't about purchasing hardware and infrastructure, but there will still be costs related to labor, electricity and other considerations that companies cannot forget about.

According to a recent IDG Enterprise Cloud Computing study, a third of information technology budgets are already being spent of cloud based services. Joe McKendrick, an independent researcher, wrote on Forbes that this trend will continue to grow as well.

"The fact that cloud now comprises more than one-third slice of IT budgets suggests the computing approach has gained serious traction within enterprises," He wrote on the website. "And cloud isn’t just being brought in to enhance applications or to save money. One-fourth of respondents from the business side, in fact, report they believe cloud will play a critical role in shaping business strategy."

Cloud Times said the European Union is looking at how much the cloud will save, and they believe there will be at least 10 percent of costs reduced and 2.5 million jobs created.