Capital markets firms plan to accelerate their investment in public cloud technologies, with spending on off-premise computing set to consume 47% of IT budgets by 2019, up from 30% last year.
Over 90% of the 250 buy and sell-side institutions interviewed by Thomson Reuters for the survey, expect to be using public cloud for the majority of their market data needs in less than four years. A quarter (24%) expect to use public cloud for the majority of their market data needs within just one year.
The figures back up views in a recent paper produced by the DTCC, which asserts that the cost and value of cloud computing technologies is challenging long-standing justifications for provisioning and/or sustaining individually owned and managed data centres and that capabilities, resiliency and security of services provided by cloud vendors has surpassed on-site capabilities.
“The cloud offers a powerful set of tools for the financial community to manage their data needs, and opens up new opportunities to combine public and proprietary data at massive scale with tools like AI and machine learning to solve any number of problems,” says Brennan Carley, global head of enterprise proposition & product for the Financial & Risk business at Thomson Reuters. “Financial firms of all sizes can be more agile and innovative using the cloud, as they test investment strategies and enter new markets more quickly."
Thomson Reuters Financial & Risk recently announced plans to deliver all its financial data and tools in the cloud.