The bulk of the trading in the $6.6 trillion-a-day foreign exchange markets is expected to focus on cloud technology over the next five years, according to a survey conducted by fintech firm Integral.

Two-thirds of 94 heads and senior managers in currency trading at banks and buy-side institutions — surveyed between September 2020 and January 2021 — expect to adopt the secure and cost-effective cloud-based solutions to “a significant degree.” That’s compared to just 26% now.

Cloud technology, as against the widely used on-premise technology in foreign exchange trading, is hardly a new concept, with companies increasingly using it to make data management more cost-effective, centralized, and efficient.

COVID-19, in part, has accelerated this trend.

“As the COVID-19 pandemic took hold in 2020, market participants realized that a remote working environment is not only a reality, but one that isn’t going away in the near term,” Integral said in a statement.

In other key findings, the survey participants see shares of electronic trading over voice trading in foreign exchange markets jumping another 11% to 83% by the end of 2021.

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