Transforming Data Storage for Indian Businesses

In today's business world, data has become the new currency. Every action, decision and interaction produces a huge amount of data that can provide valuable insights and drive growth. For Indian businesses, which are on the cusp of a digital transformation, effective data storage is vital. As the world's second-largest online market with over 759 million Internet users, India generates a large volume of data. The proliferation of data, along with the impact of COVID-19, has pushed data storage to the forefront of digital transformation efforts. The need to function smoothly despite disruptions has made scalable and resilient data storage crucial.

In the current competitive business landscape, where agility, efficiency and innovation are paramount, the role of data storage cannot be overstated. I believe that adopting cloud storage solutions is an important step for Indian businesses to excel in this dynamic environment.

There are three critical aspects that underscore the significance of this transformation: cloud storage, cloud demand and safeguarding against data loss.

Adopting cloud storage for enhanced agility

Cloud storage is a formidable asset, empowering enterprises to seamlessly adjust their operational scale based on requirements and liberating them from the constraints of conventional on-premises data storage. Cloud storage is also a catalyst for collaboration and innovation. Empowered by global data accessibility, teams can seamlessly cooperate with one another across geographies, nurturing a culture of borderless innovation.

According to NASSCOM, India's public cloud market is growing, with 53 per cent of businesses increasing their cloud adoption in the past year. Notably, an impressive 84 per cent of these organisations have adopted SaaS.

The drivers for cloud adoption remain the quick time-to-market of novel products and services and the enhancement of customer engagement and experience. However, certain barriers remain, including a limited understanding of cloud features and benefits and the intricacies surrounding the integration of legacy systems and applications during migration.

Driving cloud demand with technological advancements

Technological progress is spearheaded by a trio of breakthroughs: the Internet of Things (IoT) devices, 5G connectivity and artificial intelligence (AI) applications. A unifying thread among these remarkable advancements is their insatiable appetite for data.

Consider these numbers on the advancements in India's technological landscape. Recent data from Speedtest Intelligence® shows that India's average download speeds are surging by an astounding 115 per cent since the beginning of the 5G era. This impressive leap forward improved India's position on the Speedtest Global Index, elevating it from the 118th spot in September 2022 to the 69th by January 2023. Industry reports predict that 5G could contribute up to USD 455 billion to India’s GDP by 2040. The influence of 5G goes beyond enhancing technological prowess; it also serves as a catalyst for the advancement of IoT devices. The  Indian IoT market is expected to reach a valuation of USD 10.2 billion by 2024, according to the India Electronics and Semiconductor Association (IESA) and MarketsandMarkets.

Also, PwC reports that 54 per cent of Indian companies have already integrated AI into their business operations. AI is projected to contribute approximately USD 967 billion to the Indian economy by 2035 and around USD 450-500 billion to the nation's GDP by 2025, making up 10 per cent of the country's objective to reach a USD five trillion GDP.

Safeguarding business continuity and disaster recovery

According to the State of Business Continuity and Disaster Recovery in India 2023 report, around 18 per cent of Indian businesses lost data due to downtime and more than 20 per cent of the downtime caused has resulted in a financial loss of more than USD one million per hour.

Data outages or unforeseen situations can paralyse operations and lead to significant financial losses. Here, the role of data storage becomes twofold as not only does it ensure seamless operations, but it also safeguards against data loss.

Cloud storage, with its security, automated backup mechanisms and geographic distribution, offers an unparalleled solution for mitigating such risks. It significantly reduces downtime, minimising the impact of data loss scenarios and bolstering business continuity.

Putting infrastructure in place to harness the potential of data

As we tread further into the digital age, the role of data storage will only increase. Indian businesses need not only a technical upgrade but also a strategic partner who comprehends the nuances of their operations. The data storage landscape in India stands at a pivotal juncture. Businesses have an unprecedented opportunity to harness the potential of their data, provided they have the right infrastructure in place. The correct storage solution can not only help with the data storage needs but also with increasing customer satisfaction and boosting customer retention. Cloud storage empowers businesses to be agile, harness the potential of transformative technologies and ensure business continuity. I am confident that with innovative solutions, Indian businesses will not only store data but also transform it into a strategic asset, propelling them towards sustained growth.

By Kirthi Kumar Devlekar, Senior Product Marketing Manager