Confluent, Inc., a data streaming technology company, has released its 2024 Data Streaming Report: Breaking Down the Barriers to Business Agility & Innovation. The comprehensive report examines how data streaming is driving innovation, accelerating AI adoption, enhancing business agility, enriching customer experiences, and addressing data accessibility and management challenges. Surveying 4,110 IT leaders across 12 countries, including the UAE, the report underscores the crucial role of data streaming in unlocking the full potential of business data.
The Importance of Responsiveness in Business Success
In today’s fast-paced business environment, responsiveness is essential. Outdated, inconsistent, or ungoverned data can be a major obstacle, leading to poor decision-making. Continuous data streaming is vital for gaining customer insights, optimizing business operations, and enabling quick, informed actions. According to the report, 82% of EMEA respondents consider data streaming a strategic or important IT investment priority this year.
“Data often resides in separate systems and applications, making it challenging for organizations to fully leverage one of their most valuable assets,” said Shaun Clowes, Chief Product Officer at Confluent. “Data streaming serves as the central nervous system for businesses, connecting systems and applications for real-time data access and better decision-making.”
Key Findings for the EMEA Region
Accelerating AI Adoption with Data Streaming
The report highlights that data streaming is essential for the effective deployment of AI technologies. For AI models to deliver accurate and relevant results, the data must be reliable, properly formatted, and real-time. Retrieval augmented generation (RAG) has become a popular method for building AI-enabled applications by linking general-purpose LLM models to domain-specific data, ensuring granular access controls, and minimizing errors. Data streaming provides the continuous, contextual data necessary for RAG-enabled workloads and AI applications.
– 68% predict increased investments in GenAI over the next two years.
– 59% report that data streaming platforms significantly drive AI advancements by providing a real-time data foundation.
– 91% emphasize the role of data streaming platforms in tracking data for model governance.
Simplifying Data Product Development and Promoting Cost Savings
Organizations are increasingly organizing their data into data products—live, refined, fully governed, and reusable data assets. This approach simplifies data access, enhances reusability, and results in cost and time savings.
– 91% of IT leaders are investing in data streaming platforms for data product creation.
– 72% report significant benefits from adopting a data product approach.
– 97% acknowledge the importance of data products in facilitating confident data sharing.
– 89% note improved cost allocation based on usage metrics.
– 89% highlight enhanced risk management.
Addressing Data Silos and Accessibility Challenges
Data streaming platforms play a crucial role in overcoming data silos and accessibility challenges. By connecting applications and systems, these platforms ensure real-time data availability, enabling organizations to focus on innovation rather than managing complex connections.
– 79% of EMEA IT leaders face three or more data-related challenges, including data silos and governance issues.
– 92% believe data streaming helps break down data silos.
– 85% say data streaming improves data access.
– 84% find that data streaming aids in data discovery.
– 82% state that data streaming addresses governance-related challenges.
Realizing Significant Business Benefits
Proving the ROI of tech investments is more critical than ever. The report shows that data streaming delivers substantial benefits across industries, helping organizations achieve significant returns despite limited resources.
– 77% of EMEA IT leaders report a 2x to 10x return on data streaming investments.
– 61% note improvements in cybersecurity and data-driven operations.
– 45% have enabled product and service innovation through AI/ML.
Confluent’s 2024 Data Streaming Report clearly demonstrates the transformative power of data streaming in modern business, highlighting its role in enhancing AI capabilities, streamlining data management, and delivering robust business outcomes.
