Survey by AMR Projects High Growth for Tape Storage Market Powered by Demand from End Users during 2020-2026

Tape storage or magnetic tape data storage is a system that is used for storing digital information on magnetic tape using digital recording. Tape drive is a device that performs writing or reading of data. Tape storage is based on one of the oldest concepts of digital information storage. Although magnetic tape was initially used for data storage, but now it is used for system backup, data archive, and data exchange. The key benefits of tape storage are long-term durability, low cost, and high data storage capacity.

The major companies profiled in the tape storage market include Dell Inc., Fujifilm Holdings Corporation, Hewlett Packard Enterprise Development LP, IBM Corporation, Lenovo, Oracle, Overland Storage, Qualstar Corporation, Quantum Corporation, Seagate Technology PLC, and others.

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In tape storage technology, there is no online copy of the data because all the information is vaulted for the long term. The main motive to use the tape storage is that to protect enterprise's data from cyber-attacks by eliminating the option of network connectivity. But its drawback is that the quick retrieval of data is not possible.

In addition, a special care is needed to be taken to keep magnetic tape in a clean environment because the damage in the physical tape can destroy the data. Increase in cybersecurity threats and rise in number of ransomware attacks are the prime factors that bound the industries to move toward tape storage. Therefore, cybersecurity threats are one of the major factors that drives the growth of the tape storage market.

In addition, increase in number of end-user industries demanding efficient tape storage is also expected to fuel the market growth. Furthermore, growth in industrialization is increasing the number of organizations globally that increases the demand for data backup; thereby, fueling the growth of the tape storage market. However, requirement of high initial investments for tape store is anticipate to restrain the market growth.

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The significant impacting factors to the tape storage market include rise in concern toward threats of ransomware attacks and growth in industrialization and trade in developing economies. In addition, the restraining factors by which the market is influenced include high initial investment and the necessity to keep magnetic tape in a clean environment. Each of these factors is anticipated to have a definite impact on the tape storage market during the forecast period.

The tape storage market is segmented based on technology, component, vertical, end user and region.

Based on technology, the market is categorized into LTO-1 to LTO-5, LTO-6, LTO-7, LTO-8, DDS-1, DDS-2, DDS-3, DDS-4, and DLT IV. By component, it is bifurcated into tape cartridges and tape vault. Based on vertical, it is categorized into IT & telecommunication, banking, financial services, & insurance, media & entertainment, research & academia, healthcare, oil & gas, government & defense, and others. Based on end user, it is divided into cloud providers, data centers, enterprises, and others. The enterprises segment is further sub-divided into SMEs and large enterprises.

Based on region, the market is analyzed across Europe, Asia-Pacific, North America, and LAMEA.

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KEY BENEFITS FOR STAKEHOLDERS

This study comprises analytical depiction of the tape storage market share with current trends and future estimations to depict the imminent investment pockets.

The overall potential is determined to understand the profitable trends to gain a stronger foothold in the tape storage industry.

The tape storage market analysis report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.

The current market forecast is quantitatively analyzed from 2019 to 2026 to benchmark the financial competency.

Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.

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