Confluent Global Report Reveals Data Streaming Boosts AI Development and Reduces Costs

In an era where responsiveness and real-time data access are pivotal for business success, Confluent, Inc., the trailblazer in data streaming technology, has released its 2024 Data Streaming Report: Breaking Down the Barriers to Business Agility & Innovation.

This comprehensive report highlights how organizations leverage data streaming to drive innovation, enhance AI adoption, improve operational agility, and power superior customer experiences. The findings are based on a survey of 4,110 IT leaders across 12 countries, including the UAE, emphasizing the integral role data streaming plays in unlocking the full potential of data for businesses.

In today's dynamic business environment, the speed and reliability of data are crucial. Organizations that rely on slow, inconsistent, or outdated data risk making poor decisions that can negatively impact their operations and customer satisfaction. Continuous data streaming allows businesses to derive timely insights, improve operational efficiency, and respond quickly to market changes. The report underscores that 82% of respondents in the EMEA region view data streaming as a strategic or significant priority in their IT investments for the coming year.

Shaun Clowes, Chief Product Officer at Confluent, highlights a common challenge: data silos. Many organizations have valuable data dispersed across various systems and applications, making it difficult to access and utilize effectively. Data streaming serves as a solution by connecting these disparate systems, enabling real-time data accessibility and enhancing decision-making processes and customer experiences.

A key takeaway from the report is how data streaming platforms facilitate faster adoption of artificial intelligence (AI), particularly generative AI (GenAI). For AI models to generate accurate and relevant outputs, they require real-time, trustworthy data in the correct format. Data streaming plays a crucial role in enriching AI workloads by providing a continuous stream of real-time data, thereby improving the quality and relevance of AI-generated results.

The survey reveals that 68% of respondents anticipate increased investments in GenAI over the next two years. Moreover, 59% acknowledge that data streaming platforms significantly advance AI initiatives by building a real-time data foundation. Furthermore, 91% of IT leaders highlight that data streaming platforms are essential for tracking data fed into AI models, ensuring proper governance and compliance.

Data streaming also addresses critical challenges related to data accessibility and management. The report indicates that many organizations are moving towards a data product approach, which involves creating live, refined, and fully governed data assets that are instantly discoverable and reusable across various use cases. This approach not only saves time and costs but also promotes more confident data sharing and robust risk management.

According to the survey, 91% of IT leaders are investing in data streaming platforms to achieve their data goals, including the creation of data products. Among these leaders, 72% report significant benefits from adopting a data product approach, with 97% recognizing the value of data products in facilitating data sharing across business units, and 89% noting improvements in cost allocation and risk management.

One of the most pressing issues for businesses today is managing and accessing their data efficiently. Data silos and governance-related problems can hinder real-time, data-driven operations. The 2024 Data Streaming Report highlights how data streaming platforms help organizations overcome these challenges by connecting various applications and systems, ensuring data is available in real-time wherever needed. This connectivity allows companies to focus on accelerating innovation rather than dealing with the complexities of point-to-point data connections.

The survey shows that 79% of EMEA IT leaders face multiple data-related challenges, including data silos and governance issues. Data streaming platforms address these problems by breaking down data silos (92% of respondents), improving data access (85%), and aiding in data discovery (84%). Additionally, 82% of IT leaders state that data streaming helps resolve governance-related challenges, ensuring that data is managed and utilized effectively across the organization.

As businesses strive to maximize the return on their technology investments, the report demonstrates that data streaming delivers substantial benefits across industries. Despite limited resources, organizations of all sizes report significant value from their data streaming investments. The survey reveals that 77% of EMEA IT leaders experience a return on investment (ROI) ranging from 2x to 10x from their data streaming initiatives.

Moreover, data streaming has a positive impact on various aspects of business operations. For instance, 61% of respondents note that data streaming enhances cybersecurity and data-driven operations, while 45% report that it enables product and service innovation through the use of AI and machine learning (ML). These benefits underscore the critical role of data streaming in driving business agility, innovation, and competitive advantage.

Confluent's 2024 Data Streaming Report provides valuable insights into how organizations can harness the power of real-time data to drive innovation, improve business agility, and enhance customer experiences. By addressing common challenges such as data silos and governance issues, data streaming platforms enable businesses to unlock the full potential of their data. As the demand for AI and data-driven decision-making continues to grow, data streaming will play an increasingly vital role in shaping the future of business.

The report highlights that investments in data streaming are not just about technology but about creating a strategic advantage in a rapidly evolving market. By leveraging continuous data streams, organizations can stay ahead of the curve, make informed decisions, and deliver superior products and services. As businesses navigate the complexities of the digital age, data streaming offers a pathway to greater agility, efficiency, and innovation, positioning them for long-term success.