The Tape Storage Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Tape Storage Global Market Report 2024, 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.
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.
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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 I
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
Major companies operating in the tape storage market are undergoing partnerships to provide reliable services to customers. Partnerships in the tape storage market foster innovation, market expansion, cost efficiency, customer-centric solutions, and ecosystem development, driving advancements and competitiveness in the industry. For instance, in August 2023, Fujifilm, a Japan-based conglomerate company and IBM, a US-based technology company jointly announced the development of a 50TB native tape storage system, which features the world’s highest native data tape cartridge capacity. The system is marketed by IBM as an enterprise tape storage solution and is designed to address the increasing demand for high-capacity storage in various sectors, including scientific data, industrial data collection, and cloud service provider environments. The sixth-generation IBM 3592 JF tape cartridge incorporates newly developed technology to achieve the 50TB native capacity.
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
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26. South America Tape Storage Market
27. Brazil Tape Storage Market
28. Middle East Tape Storage Market
29. Africa Tape Storage Market
30. Tape Storage Market Competitive Landscape And Company Profiles
Top Major Players:
- Dell Technologies Inc
- Hitachi Ltd
- Sony Corporation
- Lenovo Group Limited
- International Business Machines Corporation
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