Real time filtering vs Apply filters button?

We are integrating a BI tool into our maintenance system and I am currently evaluating two viable products to put forward as a recommendation.

One item where these tools differ is their filtering capabilities, one follows the path of selecting criteria and then applying filters altogether. The other updates in real time as soon as a value is selected in the filters.

Are there any viable UX studies or consensus, leading me to believe that one is better suited to a users needs?

The tool would be used on desktop applications only, not phones or tablets.

We will be using 7-8 list style filters, where you can select one or more items from each list like so: