Global Tape Storage Market Growth Prospects, Future Industry Landscape 2032 | Dell Inc., Hewlett Packard Enterprise Development LP, IBM Corporation, Lenovo, Overland Storage, Qualstar Corporation

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The Tape Storage Global Market Report 2023 by The Business Research Company, provides tape storage market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Tape Storage Global Market Report 2023, the global tape storage market size grew from $4.63 billion in 2022 to $5.22 billion in 2023 at a compound annual growth rate (CAGR) of 12.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The tape storage market size is expected to grow to $8.29 billion in 2027 at a CAGR of 12.3%.

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.

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The tape storage market 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

Technological advancements are the key trends gaining popularity in the tape storage market. Major companies operating in the market are introducing new technologies such as SB LTO tape drive that works on LTO-9 technology to sustain their position in the market. For instance, in January 2022, UNITEX Corporation, a Japan-based computer storage space company, introduced the SB LTO tape drive, which provides secured storage solutions and helps to meet the full range of rapidly evolving requirements for storage of less active data. With the help of LTO-9 technology, it helps to transfer data with a speed of up to 300MB/second. This also had a native storage capacity of 18TB and a compressed storage capacity at 2.5:1 of 45TB.

The tape storage market report table of contents includes: