IMARC Group’s latest report, titled “Tape Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global tape storage market reached a value of US$ 7.5 Billion in 2022. Tape storage is a system that records and stores computer data on magnetic tape, mainly for backup and archiving purposes. It works by either using a traditional helical scan, wherein the recording and playback heads touch the tape, or linear tape technology, where the heads never touch the tape. It records data on a loop of flexible celluloid-like material that can be easily read and erased. Compared to solid-state drives (SSDs), it is more cost-efficient and sold as standalone units or stacked in data center racks to create tape libraries. As a result, tape storage finds extensive applications across various industries, including information technology (IT), healthcare, oil and gas, government, defense, telecom, and media and entertainment.
Global Tape Storage Market Trends:
The surging need for high-capacity data backup and archiving storage among enterprises represents the primary factor driving the market growth. This is further supported by the rising volume of human and machine-generated data. Additionally, due to rapid digitization and industrialization, there has been a substantial shift from paper-based to computerized data. Along with this, the escalating demand for data storage and security owing to the increasing threats of ransomware attacks on organization networks has accelerated the adoption of tape storage. Besides this, the emergence of the internet of things (IoT), high-definition (HD) 4K and 8K videos, and artificial intelligence (AI)-based big-data analytics has catalyzed the market growth. Furthermore, the leading players are introducing high-storage data cartridges that offer enhanced durability, longevity, energy efficiency, and scalability than their traditional counterparts. In line with this, the growing usage of tape storage for offline backup during system failure has augmented product demand. Moreover, the increasing applications of tape storage in the defense sector to secure sensitive data offline have propelled market growth. Other factors, including the rapid expansion of businesses and trades worldwide, ongoing research and development (R&D) activities, and continual technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 11.5 Billion by 2028, growing at a CAGR of 7.1% during 2023-2028.
- Based on the component, the market has been bifurcated into tape cartridges and tape vault.
- On the basis of technology, the market has been categorized into LTO-1 to LTO-5, LTO-6, LTO-7, LTO-8, LTO-9, DDS-1, DDS-2, DDS-3, DDS-4, and DLT IV.
- The market has been divided based on the capacity into less than 1 TB, 1 TB to 200 TB, 201 TB to 999 TB, 1 PB to 100 PB, and more than 100 PB.
- Based on the use case, the market has been classified as backup and archiving.
- On the basis of the end use, the market has been segmented into data centers, cloud providers, and enterprises.
- The market has been divided based on the industry vertical into IT and telecommunication, BFSI, media and entertainment, healthcare, oil and gas, and government and defense.
- Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Dell Technologies Inc., FUJIFILM Holdings Corporation, Hewlett Packard Enterprise Company, International Business Machines Corporation, Lenovo Group Limited, Oracle Corporation, Overland-Tandberg, QStar Technologies Inc., Qualstar Corporation, Quantum Corporation, and Spectra Logic Corporation.
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