75% of Indian businesses will increase investment on data streaming: Report

78% of IT leaders are seeing significant benefits from data streaming in their organisations when it comes to faster strategic decision making, 79% reported improved customer acquisition and retention

With data streaming having become the backbone of several critical areas of a business, 75 per cent of Indian businesses are expected to increase their investment on data streaming as it is critical to business competitiveness, according to the latest ‘2023 Data Streaming Report’ by Confluent, a global data streaming platform.  

Based on a survey of 2,250 IT leaders, including 300 in India, the report states that a robust data streaming technology is a must-have for running a more efficient, responsive, and ultimately more competitive business in this digital-first era.  

"In today's dynamic business landscape, the most successful organisations are those that can swiftly convert data into actionable insights. According to our report, data streaming is widely adopted across businesses in India, delivering significant RoIs, and enabling a multitude of use cases that enhance security, agility, and exceed customer expectations. The impact of data streaming is evident and we are excited about continuing this momentum in India,” said Rubal Sahni, area vice president and country manager for Confluent in India.

The survey data found that the more a company invests in data streaming, the greater the benefits and returns it realises. The report also identifies the most common challenges along with expert advice on how to overcome these hurdles no matter where an organisation is on its data streaming journey.

The report said that 78 per cent of IT leaders are seeing significant or emerging benefits from data streaming in their organisations when it comes to faster strategic decision making and 79 per cent reported improved customer acquisition and retention. Additionally, 80 per cent of organisations reported a faster product/service time-to-market.

In India, Confluent is witnessing traction from the BFSI sector which is using data streaming for services such as UPI payments, fraud detection, and stock markets data, said Sahni. In addition, internet companies and global capability centres (GCCs) are also driving Confluent’s growth in India.