Tape Storage Market Outlook Report 2024-2033 | Size, Trends, Analysis, Insights, Overview

Overview and Scope

Tape storage refers to magnetic tape data storage, a technology for storing digital information on magnetic tape through digital recording that is used for storing large amounts of data. It is used for backup in the case of a system failure and for archiving data for long-term storage.

 Sizing and Forecast

The tape storage market size has grown rapidly in recent years. It will grow from $5.25 billion in 2023 to $5.85 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%.  The growth in the historic period can be attributed to data archiving requirements, long-term data retention, backup and disaster recovery, cost-effectiveness, security and data integrity.

The tape storage market size is expected to see rapid growth in the next few years. It will grow to $9.31 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%.  The growth in the forecast period can be attributed to regulatory compliance, data growth in enterprises, energy efficiency, cloud integration, archival of big data, enhanced tape technologies. Major trends in the forecast period include development of energy-efficient tape storage technologies, enhancements in data encryption and security features, utilization of tape storage in hybrid multi-cloud environments, introduction of tape storage as a service (TSaaS), collaborations for standardization and interoperability.

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Segmentation & Regional Insights

The tape storage market covered in this report is segmented –

1) By Capacity: Archiving, Backup

2) By Component: Tape Cartridges, Tape Vault

3) By Technology: LTO-1 To LTO-5, LTO-6, LTO-7, LTO-8, LTO-9, DDS-1, DDS-2, DDS-3, DDS-4, DLT IV

4) By End-Use: Cloud Providers, Data Center, Enterprises

5) By Industrial Vertical: Information Technology (IT) And Telecom, Banking, Financial Services, And Insurance (BFSI), Media And Entertainment, Healthcare, Oil And Gas, Government And Defense

North America was the largest region in the tape storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tape storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

Growth in the adoption of tape storage by large enterprises across the globe is expected to propel the growth of the tape storage market going forward. Large enterprises use tape storage for storing various business files. The use of tape storage in large enterprises offers advantages such as longevity and portability. Also, helps in storing large amounts of data in a small physical package. For instance, Hewlett Packard Enterprise, IBM, and Quantum, a US-based technology-related companies, stated that LTO tape capacity shipments reach a new record in 2021. LTO (Linear Tape Open) Consortium report, stated that, in 2021, 148 Exabytes (EB) of total tape capacity was shipped which has been increased by 40% when compared with 2020 which is 105 Exabytes of tapes had been shipped. Therefore, growth in the adoption of tape storage by large enterprises is driving the growth of the tape storage market.

Key Industry Players

Major companies operating in the tape storage market report are Dell Technologies Inc., Hitachi Ltd., Sony Corporation, Lenovo Group Limited, International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, Fujitsu Limited, Toshiba Corporation, Fujifilm Holdings Corporation, Western Digital Corporation, TDK Corporation, Seagate Technology Holdings plc, NetApp Inc., Iron Mountain Incorporated, Qualstar Corporation, Maxell Holdings Ltd., Quantum Corporation, Barracuda Networks Inc., BDT Media Automation GmbH, Overland Tandberg EMEA, Spectra Logic Corporation, Tandberg Data GmbH, QStar Technologies Inc., Sphere 3D Corp, GlassBridge Enterprises Inc., Imation Corp, Advanced Digital Information Corporation, StorageTek Corp

 The tape storage market report table of contents includes:

1. Executive Summary
2. Tape Storage Market Characteristics
3. Tape Storage Market Trends And Strategies
4. Tape Storage Market – Macro Economic Scenario
5. Global Tape Storage Market Size and Growth
…
32. Global Tape Storage Market Competitive Benchmarking
33. Global Tape Storage Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tape Storage Market
35.Tape Storage Market Future Outlook and Potential Analysis
36. Appendix

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