British businesses are spending an average of £213,000 per year just on storing and managing their own data.
According to research from Seagate, this can mean up to a third of their IT budgets are dedicated to this vertical alone.
The data storage firm surveyed over 500 senior IT decision-makers at companies with more than 1,000 employees, and over half (52%) of them described the level of spending as “unsustainable”.
What’s troubling IT decision makers?
The vast majority of the IT decision-makers (90%) said they are concerned about rising costs, and the majority (51%) believe that their management does not always realize the scale of the problem.
In addition, nearly two-thirds (64%) of those surveyed believe that the way data storage and management is currently priced discourages innovation. What’s more, further price increases appear to be on the horizon.
Businesses have experienced a 30% increase in data-management spending over the past year, and over half think they will not be able to sustain these kind of costs in 3 years time.
But it’s not just UK firms that are spending big on data management. A November 2022 report from tech analyst firm IDC found businesses worldwide were spending $41.1 billion annually in the “Data Management” workload category.
IDC predicts that this segment of spending is set for a 9% compound annual growth rate, which will see this figure reach $56.3 billion by 2026.
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