Final answer:
Real-time financial market data platforms are software applications provided as services, classified under FinTech solutions, designed to offer immediate access to market data for informed decision-making in financial trading.
Step-by-step explanation:
Real-time Financial Market Data Platforms
Platforms for real-time financial market data are typically sophisticated software applications provided as a service. These platforms function on both software and hardware but are predominantly software-based. They can be classified as FinTech solutions, which is an amalgamation of financial services and technology. The financial market data platforms are designed with the purpose or capability to provide immediate access to market data, enabling monitoring and trading in the financial markets.
The primary business reason for the deployment of such platforms is to ensure that users, such as day traders, investors, and financial institutions, receive a real-time view of the markets for informed decision-making which is crucial in financial trading. These platforms provide functionalities ranging from real-time quotes and news to sophisticated analytical tools for market analysis. The prompt and accurate information available through these platforms supports strategies like high-frequency trading, where every millisecond can make a significant difference in the outcome of trades.