Tape storage Market size is projected to reach $9.42 billion by 2030

According to a recent report published by Report Ocean, titled, “Tape storage Market by Component, Technology, Capacity, Use Case, End Use, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020-2030,” the global tape storage market size was valued at $4.31 billion in 2019 to $9.42 billion by 2030, growing at a CAGR of 7.8% from 2020 to 2030.

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Tape storage or tape backup 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. It is continuing to be in strong demand as an economical, secure, and scalable tape storage method to retain and protect infrequently accessed, yet essential data in the long term. The key benefits of tape storage are long-term durability, low cost, and high data storage capacity.

Extensive rise in data volumes and growing adoption of tape storage by large enterprises primarily drives the tape storage market growth. In addition, rise in threats of ransomware attacks on the organization networks fuels the tape drive market growth. Also, growth in industrialization fuels the market. However, requirement of high initial investments for tape store is anticipate to restrain the market growth. On the contrary, the emergence of higher storage capacity in tape storage is anticipated to provide lucrative opportunities for the market growth. In addition, rise in demand for data storage and security due to emergence of advanced technologies.

Tape backup market has been significantly impacted by the covid-19 outbreak. The production facilities of the electronics and semiconductors have been halted, owing to the slowdown and unavailability of the workforce across the globe. COVID-19 outbreak has caused a significant and protracted drop in manufacturing utilization, and travel bans & facility closures kept workers out of their factories, which led to slowdown in the growth of the tape storage market in 2020.

However, the negative impact of COVID-19 on the tape drive market is expected to be there for a short period of time, and by early 2021 the market is anticipated to observe robust recovery rate along with the extensive demand for installation of tape storage across the data centers and enterprise around the globe. The enterprises are expected to increase their IT infrastructure as well as storage budgets to reduce negative impact of the pandemic. This factor will significantly fuel post pandemic market growth.

Region wise, tape storage market size is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue generator in 2019, accounting for $1,064.00 million, and is estimated to garner $2,599.20 million by 2030, growing at a CAGR of 8.90%.

The global tape storage market share is segmented on the basis of component, technology, capacity, use case, end use, industry vertical, and region. On the basis of component, the market is bifurcated into tape cartridges and tape vault. By technology, the market is classified 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. On the basis of capacity, it is divided into less than 1 TB, 1 TB to 200 TB, 201 TB to 999 TB, 1 PB to 100 PB, and more than 100 PB. By use case, the market is classified archiving and backup. On the basis of end use, the market is bifurcated into cloud providers, data center, and enterprises. On the basis of industry vertical, it is divided into IT & telecom, BFSI, media & entertainment, healthcare, oil & gas, and government & defense. Region wise, the tape storage market scope is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The company profiles of soil monitoring market players included in this report are Dell Technologies Inc., Hewlett Packard Enterprise, International Business Machines Corporation, Lenovo, Oracle Corporation, Overland Tandberg, QStar Technologies, Inc., QUALSTAR CORP., Quantum Corporation, and Spectra Logic Corporation. The global tape storage industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market growth.

Key Findings Of The Study

In 2019, the 1 PB to 100 PB segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 7.6% during the forecast period.
By industry vertical, the IT & Telecom segment attributed more than 25% of the total market share.
By region, North America is expected to dominate the market, garnering a major tape storage market share during the forecast period.

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This release was published on openPR.