The new report by Expert Market Research titled, ‘Global Tape Storage Market Size, Share, Growth, Analysis, Report and Forecast 2024-2032’, gives an in-depth analysis of the global tape storage market, assessing the market based on its segments like type, capacity, tape storage, technology, use case, end-use, industry verticals and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2032)
- Historical Market Size (2023): USD 2.76 billion
- Forecast CAGR (2024-2032): 7.3%
The tape storage market is being driven by the thriving enterprise end-use segment. The rising demand for tape storage can be attributed to the increasing data volumes from emerging markets like India, China and Brazil as well as the growing adoption of tape storage by large scale enterprises in case of an unexpected system breakdown. Furthermore, the penetration of 4G technology and industrialisation is significantly augmenting the global data volume and necessitating archiving and backups, which is subsequently propelling the growth of the tape storage market. Meanwhile, digitalisation in the BFSI industry is likely to provide an impetus to the market. The rising investments from key players towards enhancing the tape storage technology is expected to aid the market growth in the forecast period. In post-COVID days, as the various sectors recover from the negative impacts of the pandemic, the product is likely to witness a rise in demand.
Tape Storage Industry Definition and Major Segments
Tape storage is a data storage system that utilises magnetic tape as its recording medium. It has become the optimal option for large-capacity data storage with data volumes expanding at an exponential rate around the world. Furthermore, tape storage is gaining popularity for backing up data in the event of a system breakdown, as well as for long-term data archiving.
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The tape storage market, on the basis of type, can be segmented into:
- Hardware
- Software
On the basis of capacity, the market can be categorised into:
- Less Than 1 TB
- 1 TB to 200 TB
- 201 TB to 999 TB
- 1 PB to 100 PB
- More Than 100 PB
Based on tape storage, the market can be categorised into:
- Tape Cartridges
- Tape Vault
Based on technology, the market can be divided into:
- LTO-1 to LTO-4
- LTO-5 to LTO-6
- LTO-7 to LTO-9
- Others
Based on use case, the market can be divided into:
- Archiving
- Backup
On the basis of end-use, the market can be categorised into:
- Cloud Providers
- Data Centres
- Enterprise
On the basis of industry verticals, the market can be segmented into:
- IT and Telecom
- BFSI
- Media and Entertainment
- Healthcare
- Manufacturing
- Oil and Gas
- Government and Defence
- Others
The regional markets for tape storage include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Among these, North America represents a significant share of the tape storage market.
Tape Storage Market Trends
The rising prevalence of ransomware and cyber-attacks across the world is likely to aid the market growth. The need to enhance in data security has resulted in increasing investment from enterprises, so the adoption of offline storage devices is expected to grow over the forecast period. Moreover, major governments are now turning to tape storage to tackle the increasing cyber-attacks. The rapid technological advancements and increasing investments by the key players to develop innovative solutions with latest features are anticipated to significantly contribute to the market growth.
Key Market Players
The major players in the market are DELL Technologies Inc., Hewlett Packard Enterprise Company, International Business Machines Corporation (IBM), Overland Tandberg, Oracle Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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