According to the ‘2023 Data Streaming Report’ by Confluent, a global data streaming platform, data streaming has become crucial for businesses to stay competitive in the digital-first era. The report, based on a survey of 2,250 IT leaders, including 300 in India, reveals that 75% of Indian businesses plan to increase their investment in data streaming. The survey found that companies investing more in data streaming are experiencing greater benefits and returns.
The report highlights that data streaming has a significant impact on organizations, with 78% of IT leaders reporting faster strategic decision making and 79% reporting improved customer acquisition and retention. Furthermore, 80% of organizations reported a faster time-to-market for their products and services.
Rubal Sahni, the area vice president and country manager for Confluent in India, emphasized the importance of swiftly converting data into actionable insights in today’s dynamic business landscape. He expressed excitement about the momentum of data streaming adoption in India, noting that it delivers substantial returns on investment and enables various use cases that enhance security, agility, and customer expectations.
The report also mentions the challenges associated with data streaming and provides expert advice on overcoming these hurdles at any stage of the data streaming journey. It highlights the increasing adoption of data streaming in the BFSI sector in India for services such as UPI payments, fraud detection, and stock market data. Additionally, internet companies and global capability centers (GCCs) are also driving the growth of data streaming in India.
Overall, the report underscores the significance of data streaming technology for running efficient, responsive, and competitive businesses in today’s data-driven world.
