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Is cloud hosting the best option?

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Yes. To host your application all by yourself in your servers takes a lot of cost, maintenance and back up strategies. Hosting on the cloud makes your life easier. You do not need to worry about security. It's a lot cheaper. You do not have to maintain your servers. You have all the configurations...
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Yes.

To host your application all by yourself in your servers takes a lot of cost, maintenance and back up strategies. 

Hosting on the cloud makes your life easier. 

You do not need to worry about security. 

It's a lot cheaper.

You do not have to maintain your servers.

You have all the configurations on clicks.

You do not need to worry about scaling. Cloud provides scaling on demand based on your data traffic. You can scale in and scale out anytime or just automate it.

Cloud provides a lot of features for upgrading your application with zero downtime.

You do not have even worry about downtime when the servers go down for any reason. Cloud's load balancers usually take care of that and launch new servers with the application.

Cloud provides a lot of services that you can integrate such as deploying servers in different regions for disaster recovery, integrating with storage services, identity services, etc...

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