The economic benefits of the cloud in Denmark, Finland and Norway

Cloud services are increasingly relevant in supporting business operations in Europe and represent a defining opportunity for business growth. Cloud adoption enables firms to scale up quickly, providing them with the means to innovate products, services, processes, and business models. Moreover, cloud computing technologies are key enablers of new disruptive technologies such as generative AI.  

The research question for this study is to quantify the role of the cloud as a force multiplier for businesses in Denmark, Finland, and Norway. In a set of three country studies, we quantify the value generated to the whole economy thanks to the adoption of cloud services. Furthermore, we quantify in particular the business benefits associated with the use of Amazon Web Services (AWS) cloud solutions. Our findings are based on a novel, Pan-Nordic online survey that reached around 900 firms across the three countries.

THE MAIN CONCLUSIONS OF OUR STUDIES

Denmark

In Demark, we find that cloud adoption among businesses can help generate:

• annual additional revenue ranging from DKK 158,000 for micro firms to more than 2.9 DKK million for large firms; and
• annual cost savings ranging from DKK 110,000 for micro firms to more than 2.6 DKK million for large firms.

We estimate that AWS cloud adoption, specifically, is associated to:

• overall economic value added for the entire Danish economy up to 6.5 DKK billion (0.23 per cent of national GDP); and
• over 9,200 jobs in young companies in Denmark.

Finland

In Finland, we find that cloud adoption among businesses can help generate:

• annual additional revenue ranging from EUR 4,000 for micro firms to more than EUR 500,000 for large firms; and
• annual cost savings ranging from EUR 5,000 for micro firms to more than EUR 500,000 for large firms.

We estimate that AWS cloud adoption, specifically, is associated to:

• up to 614 EUR million (0.24 per cent of national GDP) in overall economic value added for the entire Finnish economy; and
• over 15,800 jobs in young companies in Finland.

Norway

In Norway, we find that cloud adoption among businesses can help generate:

• annual additional revenue ranging from NOK 129,000 for micro firms to more than 5.4 NOK million for large firms; and
• annual cost savings ranging from NOK 128,000 for micro firms to more than 4.7 NOK million for large firms.

We estimate that AWS cloud adoption, specifically, is associated to:

• up to 12.4 NOK billion (0.19 per cent of national GDP) in economic value added for the entire Norwegian economy; and
• over 11,500 jobs in young companies in Norway.

In addition, the studies shed new light on the ways in which businesses of all shapes and sizes can leverage cloud not only to save costs and enhance revenues but also to accelerate innovation, boost productivity, ensure data security and achieve greater environmental sustainability. Among cloud business users surveyed for the study in the three Nordic countries:

• between 62 and 66% report that the cloud facilitates entry and expansion into new geographical markets
• between 62 and 68% report that the cloud reduces the time necessary to launch a product on the market
• between 66% and 69% consider the cloud to be more secure than traditional IT
• 68% recognise that the cloud improves their energy efficiency.

Finally, we find further value from the cloud can be unlocked by a) increasing the share of sophisticated cloud users, and b) increasing cloud adoption, particularly among small businesses.

Read our report

If you want to learn more about the economic impact of AWS in Denmark, download the full report in English or Danish. You can also find the Visual Executive Summary in English or Danish.

If you want to learn more about the economic impact of AWS in Finland, download the full report in English or Finnish. You can also find the Visual Executive Summary in English or Finnish.

If you want to learn more about the economic impact of AWS in Norway, download the full report in English or Norwegian. You can also find the Visual Executive Summary in English or Norwegian.

The study was commissioned by Amazon Web Services (AWS).