The Burden Of Data Storage Is Heavier For Financial Services Given Its Volume

Data volumes are rapidly expanding, so technology and data professionals must plan for the costs of managing their stored data throughout its lifecycle. This affects some industries more than others. Forrester’s 2024 data indicated that financial services and insurance firms stored the most data: 30% of enterprise respondents reported that their firm stored 1 to 5 petabytes (PBs) of data, and another 22%, more than 5 PBs. As the transaction process modernizes, the volume of data — especially secondary data that AI-based analysis and datasets generate — will rise even more. This is a snapshot of Forrester’s data on the storage and management of data at enterprises.