Confluent survey: 90% of respondents say data streaming platforms can lead to more product and service innovation in AI and ML development
86% of respondents cite data streaming as a strategic or important priority for IT investments in 2024
For 91% of respondents, data streaming platforms are critical or important for achieving data-related goals
Mountain View, Calif. - June 5, 2024 - Confluent, Inc. (NASDAQ:CFLT), the data streaming pioneer, unveiled its 2024 Data Streaming Report: Breaking Down the Barriers to Business Agility & Innovation. The report dives into how organizations use data streaming to innovate, accelerate AI adoption, improve business agility, power customer experiences, and overcome data accessibility and management challenges. Based on a survey of 4,110 IT leaders across 12 countries, the report shows the pivotal role data streaming plays in helping businesses maximize the full potential of their data.
Responsiveness is the key to success in today’s dynamic business landscape - slow, inconsistent, outdated, or ungoverned data is detrimental to success because it’s unreliable and can lead to bad decision-making. It's imperative to leverage continuously streaming data to discover customer learnings, improve business operations, and find insights so organizations can act efficiently and quickly. In fact, 86% of respondents cite data streaming as a strategic or important priority in IT investments this year.
“Many organizations have data siloed away in different systems and applications, making it impossible to find and benefit from one of their most critical business assets - their data,” said Shaun Clowes, Chief Product Officer at Confluent. “Data streaming acts as the central nervous system for businesses by connecting systems and applications so real-time data can be easily accessed for decision making and improving business processes and customer experiences.”
Key takeaways from the report include:
Data Streaming Platforms Power Faster AI Adoption
GenAI is top of mind for many companies, but for AI models to generate accurate and relevant results, the data must be trustworthy, in the right format, and as real-time as possible. Retrieval augmented generation (RAG) has emerged as a common pattern for building GenAI-enabled applications by connecting general-purpose LLM models to domain-specific data while allowing granular access controls and minimizing hallucinations. Data streaming enriches RAG-enabled workloads with trustworthy and contextual data by tapping into a continuous stream of real-time data from systems that power the business. Data streaming can efficiently transform data into the right format to be used by vector databases for AI applications.
Data Streaming Simplifies the Development of Data Products and Encourages Reusability and Cost Savings
As organizations look to broaden and simplify data access and reusability, more are thinking about organizing their data into data products. Data products are live, refined, fully governed, and ready-to-use data assets that are instantly discoverable, contextualized, trustworthy, and reusable for many use cases. Data products allow organizations to reuse data across a variety of use cases to save costs and time.
Data Streaming Platforms Prevent Data Silos and Solve Data Accessibility Challenges
Tackling data access and management challenges head-on is crucial for businesses to maximize success in a data-driven world. The 2024 Data Streaming Report shows that data streaming platforms help organizations address many data accessibility challenges, including uncovering siloed data, that hinder real-time, data-driven operations. As the central nervous system for businesses, data streaming platforms connect applications and systems to ensure data is available in real-time, everywhere it’s needed. This allows companies to focus on accelerating innovation instead of navigating the maze of point-to-point connections.
Data Streaming Delivers Significant Benefits for Business Investments
As businesses learn to do more with less, proving the ROI of tech investments has become even more critical. This report shows that data streaming pays off across every industry and that organizations of all sizes are achieving value, despite limited resources.
Learn More About the Report
This report was based on a survey from Freeform Dynamics and Radma Research with responses from 4,110 IT leaders familiar with data streaming from companies with 500 or more employees. These respondents are from 12 different countries including Australia, Canada, France, Germany, India, Indonesia, Japan, Singapore, Spain, the United Arab Emirates, the United Kingdom, and the United States. The respondents work in a variety of industries, including technology, financial services, government/public sector, manufacturing, healthcare, media/entertainment, non-profit, professional services, research/education, retail, transportation/logistics, travel/hospitality, and utilities/telecom.
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About Confluent
Confluent is the data streaming platform that is pioneering a fundamentally new category of data infrastructure that sets data in motion. Confluent’s cloud-native offering is the foundational platform for data in motion—designed to be the intelligent connective tissue enabling real-time data, from multiple sources, to constantly stream across the organization. With Confluent, organizations can meet the new business imperative of delivering rich, digital front-end customer experiences and transitioning to sophisticated, real-time, software-driven back-end operations. To learn more, please visit www.confluent.io.
Confluent and associated marks are trademarks or registered trademarks of Confluent, Inc.