1. A method comprising: using by a processor, a hierarchical partitioning model in a first configuration comprising of a coarse partition level and an associated fine partition level for storing and retrieving data from a plurality of storage devices of a networked storage system, wherein the coarse partition level and the fine partition level include a number of partitions, each partition associated with a processor executable thread; wherein the number of partitions for each level are based on a number of different objects mapped to each partition level and accessed by a plurality of threads in parallel; identifying by the processor, a real-time data access pattern for the different objects mapped to the coarse partition level and the fine partition level for a plurality of workloads; determining by the processor that parallelism among the plurality of threads can be increased by modifying the first configuration for the plurality of workloads; and dynamically updating by the processor, one or both of the coarse partition and the fine partition levels for a second configuration for providing parallel access to the plurality of threads to the different objects, in response to determining increase in parallelism.