Public Cloud Investment Barometer - 2019 Report
The Cloud: A silver lining for financial institutions?
As global financial businesses evolve to meet customer expectations, we explore the benefits and challenges of cloud adoption, and how the adoption of public cloud solutions have become central to business strategies.
We look at some of the current trends in cloud adoption to understand how financial institutions, both buyside and sellside, are investing in and transitioning towards public cloud solutions. Our survey results reveal the latest sentiment behind cloud technology, focusing both on the driving factors, and remaining barriers to adoption.
Read this report to discover the type of firms that are leading the way through full-scale adoption and utilisation of cloud technology, what can be gained from their experiences, and the impact of cloud computing on their businesses. Some key insights from the report include:
- 48% of financial services' IT budget will be invested in public cloud in 2020 up from 34% in 2018.
- 64% of firms believe that the Cloud will be significant, or transformational, for their sector over the next five to 10 years.
- 76% of firms say that their public cloud projects performed better than expected when it came to delivering an immediate cost reduction.
300Respondents to the survey
225C level respondents
75Market Data managers surveyed
53%Using market data in the public cloud
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Cloud providers are providing scale to financial institutions, which many of them didn’t have before. Ultimately, they are getting some significant benefits. We are seeing a maturing of that adoption. In some cases, they are cost of ownership benefits, as well as agility benefits.
Key findings from the public cloud report
91% of Hedge funds said that public cloud projects generated better than expected immediate cost reductions.
61% of heads of market data agreed that managing data privacy controls across multiple datasets in locations was their greatest data management challenge.
65% of respondents felt that short-term targets were the biggest operational barrier to projects.