A new MarketsandMarkets report revealed the global cloud computing in education market could be worth more than $12 billion by 2019.

The report, Cloud Computing in Education Market by Service Model (SaaS, PaaS, IaaS), by Deployment Model (Private Cloud, Public Cloud, Hybrid Cloud, and Community Cloud), by User Type (K-12, Higher Education) – Worldwide Market Forecasts and Analysis (2014-2019), showed this market could expand at a compound annual growth rate (CAGR) of 19.9 percent over the next five years.

Researchers estimated the global cloud computing in education market will be worth $12.38 billion by 2019, up from $5.05 billion this year.

North America is expected to be the biggest market, while Europe and Asia-Pacific (APAC) are expected to experience increased market traction between 2014 and 2019.

What is the future of cloud computing in education?

MarketsandMarkets pointed out cloud computing “is revolutionizing the education sector by saving money, space and time for students, teachers and administrators,” and schools are already using cloud solutions in several ways.

The Los Angeles Unified School District (LAUSD), for example, is one of many school districts that leverages Dropbox for cloud-based storage.

Dropbox announced in May that it would provide a cloud-based storage solution to more than 640,000 students and 30,000 teachers across 900 LAUSD schools.

CDW‘s (CDW’s) 2013 State of the Cloud Report also offered insights into the future of cloud computing for colleges and universities.

The report showed 48 percent of higher education respondents prioritized moving to the cloud because their employees were using cloud applications and mobile devices.

Cloud computing could help colleges and universities save money as well, according to the report.

Higher education IT professionals said they expected to save an average of 20 percent between 2013 and 2017 thanks to cloud apps and services.

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