How Cloud Technology Makes Trading a Hassle-Free Experience?
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| Photo by Artem Podrez from Pexels |
Cloud technology has changed the way businesses are getting conducted in today’s day and age. Data has become an essential part of business nowadays, and that’s where cloud services have come in handy. They have revolutionized the way data is being stored and processed. It has also allowed organizations to make informed business decisions.
Now, you would be thinking that on what basis we’re giving so much importance to the cloud or why are we creating such hype about it? So, let me present you some statistics related to it:
- Public cloud services are expected to grow by 22% in 2022, i.e., $482 billion.
- The global cloud computing market size will reach $832.1 billion by 2025.
- There will be more than 100 Zettabytes of data stored in the cloud by 2025.
All these statistics indicate one common thing that the future belongs to cloud services. The major reason behind that is the vast amount of data being produced day in and day out. Be it retail, healthcare, banking, finance, trading, government services, or any other sector; cloud services have a huge role to play in it.
In this blog, we will explore the benefits of cloud services in trading and how they make the whole experience hassle-free. So, let’s get started.
Benefits of Cloud Services in Trading
1. Data Security
Trading is a business that happens in a matter of minutes, and any loss of essential data can cost millions of dollars to the traders. That’s why it’s critical to opt for a service that can ensure the security of your trading data, and cloud services do precisely that. There are maximum security features in cloud services and a quick data restoration mechanism in case of failure.
2. Flexible Costing
Costing is always an issue for traditional trading systems as you need to buy the maximum computing capacity. However, there are times when you don’t need peak capacity, but you also need to pay for the idle time. That’s where cloud services come in handy. You can pay as per the usage of the system and upscale or downscale the computing capacity as per the need.
3. Optimization of Resources
With cloud services in play, you can achieve more with fewer resources. The trading organization that implements cloud-based services can reduce staff and infrastructure costs significantly. Your computing requirements will be taken care of by the cloud provider. Thus, in this manner, the trading firms can optimize their resources and achieve maximum performance by focusing on operations that matter more.
4. Ease of Access
Accessibility and convenience are two primary reasons for trading firms to move towards cloud services. First, you want real-time access to the data, and cloud computing makes it happen. Second, cloud computing is a faster and simpler option than the traditional data center, where accessing the data in real-time was a huge challenge. That’s why the cloud is the best option.
5. Increased Reliability and Efficiency
In the world of trading, reliability and efficiency are not optional. It’s a necessity that has to be fulfilled. That’s where cloud services have a massive role to play. With technological advancement, cloud computing distributes the work across many servers. Traders and users of cloud computing power can keep the data secured and access it safely irrespective of the traffic as well. This ensures the robustness of operations that leads to increased reliability and efficiency.
6. Next-Level Customer Experience
Customers are critical to any business, and providing them with world-class services is necessary. Traditionally, trading services have lagged when it comes to providing diversified customer service. But, by providing tradiging-as-a-service platform, it becomes more out-of-the-box to meet all the operational needs and customer expectations. Also, the execution time of operations will become faster and downtime will be minimal.
7. Greater Collaboration and Control
Nowadays, in the age of globalization, remote work culture is the preferred mode of operation. In this kind of environment, trading companies want a system where they can share data with individuals in-house or externally in a collaborative manner. Traders can share ideas and make innovative strategies for different kinds of investment on the go now.
Use Cases of Cloud Services in Trading
1. Retail Trading
Nowadays, services from the eCommerce industry are always in huge demand. As you know, retail trading requires you to manage a vast amount of data efficiently. It also requires you to scale up or scale down the computing resources as per the website traffic. In this kind of scenario, cloud computing can be your best bet. You only need to pay for the number of cloud instances you have utilized. It also allows you to access your data from anywhere in the world.
2. Forex Market
The Forex market is where the exchange of currencies happens 24 hours and for almost 5 days every week. With the help of a solid networking system, currencies get traded across the globe. In this scenario, you need a robust computing infrastructure for storing and processing colossal chunks of data. In this case, the cloud can meet all your infrastructure needs and provide accessibility to all the traders and brokers around the globe with the utmost ease.
3. Cryptocurrency Exchange
Cryptocurrency is a different alternate universe altogether, and therefore, it requires cloud computing even more than traditional financial services. For example, the average stock market has a specific duration to operate but cryptocurrency trading is open 24*7. Also, this market is far more volatile with changes. In this scenario, moving to the cloud can be a great option as it ensures the security and reliability of your essential data and has a robust backup mechanism.
Conclusion
Trading is a business that has evolved to a new level, especially with globalization taking place in the last couple of decades. However, with the advancement of technologies, the trading market also needs to evolve its system.
That’s where cloud services have a massive role to play. With characteristics like scalability, reliability, security, high availability, computing power, etc., the trading industry can be sharp, user-friendly, and robust than ever before.
In this blog, we have discussed the role of the cloud in trading and how it can make the process hassle-free. We hope these benefits inspire you to leverage cloud computing for your trading solutions. Thank You.!
Author Bio: Hardik Shah works as a Tech Consultant at Simform. He leads large-scale mobility programs that cover platforms, solutions, governance, standardization, and best practices. Connect with him to discuss the best practices of software methodologies @hsshah_.