The global tape storagemarket size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.1% during 2023-2028.
Tape storage is a device storing computer data on a magnetic tape for backup and archiving purposes. It records information on a loop of flexible celluloid-like material, which can be read and erased depending on the requirement. As it is cost-efficient compared to solid-state drives (SSDs), tape storage finds extensive applications in information and technology (IT), telecom, media and entertainment, healthcare, oil and gas, government, and defense sectors worldwide. Presently, it is available in various sizes and capabilities and sold as standalone units or stacked in data center racks to create tape libraries.
Tape Storage Market Trends:
With the increasing volume of human and machine-generated data and a shift from paper-based data to computerized data, there is a rise in the demand for tape storage across the globe. This, along with the growing utilization of tape storage by large enterprises for high-capacity data backup, represents one of the key factors driving the market. Moreover, key market players are extensively investing in research and development (R&D) activities to develop advanced high storage data cartridges, which is propelling the growth of the market. In addition, tape storage offers several benefits, such as durability, longevity, energy efficiency, and scalability compared to conventional storage systems. This, coupled with the growing traction of high-definition 4K and 8K videos, internet of things (IoT), and artificial intelligence (AI) based big-data analysis, is positively influencing the market. Besides this, expanding businesses and trades around the world are offering lucrative growth opportunities to industry investors. Additionally, the increasing employment of tape storage in the defense sector to secure sensitive data offline is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global tape storagemarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, technology, capacity, use case, end use and industry vertical.
Breakup by Component:
Breakup by Technology:
LTO-1 to LTO-5
Breakup by Capacity:
Less Than 1 TB
1 TB to 200 TB
201 TB to 999 TB
1 PB to 100 PB
More Than 100 PB
Breakup by Use Case:
Breakup by End Use:
Breakup by Industry Vertical:
IT and Telecommunication
Media and Entertainment
Oil and Gas
Government and Defense
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles 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.
Base Year of the Analysis
Component, Technology, Capacity, Use Case, End Use, Industry Vertical, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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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Key Questions Answered in This Report
The global tape storage market was valued at US$ 7.5 Billion in 2022.
We expect the global tape storage market to exhibit a CAGR of 7.1% during 2023-2028.
The increasing utilization of tape storage by large enterprises for high-capacity data backup, along with the rising volume of human and machine-generated data, is primarily driving the global tape storage market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous installation activities for tape storage.
Based on the component, the global tape storage market can be segmented into tape cartridges and tape vault. Currently, tape cartridges hold the majority of the total market share.
Based on the technology, the global tape storage market has been divided 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. Among these, LTO-8 currently exhibits a clear dominance in the market.
Based on the use case, the global tape storage market can be categorized into backup and archiving. Currently, backup accounts for the majority of the global market share.
Based on the end use, the global tape storage market has been segregated into data centers, cloud providers, and enterprises, where data centers currently hold the largest market share.
Based on the industry vertical, the global tape storage market can be bifurcated into IT and telecommunication, BFSI, media and entertainment, healthcare, oil and gas, and government and defense. Currently, the IT and telecommunication industry exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global tape storage market include 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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