As it turns out, the Android OS and TouchWiz launcher occupies a huge 8GB out of the total storage Galaxy S7 and Galaxy S7 edge. This is upon the first run, even before you begin to setup your phone with accounts, apps, etc.
After initial setup you have just less than 16GB of the 32GB memory space left. This would have been a deal breaker if the phone doesnt support moving of apps to memory cards.
Luckily Samsung Galaxy supports memory cards of uppto 200GB which should be enough for all of us with large apps and media to store on our phones. or you could just wait for the 64GB models