Up until 2033, Detailed Industry Data Analysis and Growth Projections are given for the Tape Storage Market
On average, over the anticipated time horizon, the tape storage market is expected to grow. Along with a rise in customer decision-making, there is an increase in the demand for digital innovation. Additionally, public-private partnerships are required for both organic and inorganic development due to the use of interoperable data and data analytics.
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The technology is well-suited for enterprise-grade digital data archival owing to features such as high data storage capacity, low procurement expenditure & power consumption, and long-term durability. In the tape storage market, several established vendors are offering specialized tape storage for different end-user verticals, such as government & defense, oil & gas, healthcare, research & academia, media & entertainment, BFSI, and IT & telecommunication.
The global tape storage market was valued at US$ 5,799.4 Mn in 2017. By the end of the forecast year 2026, the global tape storage market is expected to reach a market value of US$ 6,527.2 Mn. In the global tape storage market report, Persistence Market Research has segregated the global tape storage market by technology, by end user, by industry, by component, and by region. By technology, the global tape storage market can be segregated into SDLT, DLT IV, DDS-1, DDS-2, DDS-3, DDS-4, LTO-1 to LTO-5, LTO-6, LTO-7, and LTO-8.
These tape storage technologies prevent the information stored on the tapes from falling prey to cyber-attacks as they are not connected to the network infrastructure of the enterprise. Tape cartridge and tape drive roadmaps are expected to continue the trend of supporting capacity doubling upgrades in a 24-month to 30-month cycle for 2+ generations in the tape storage market. Owing to these factors, LTO-7 and LTO-8 technology formats of tape storage are estimated to record growth rates of 2.0% and 7.9% respectively during the forecast period.
Based on end users, the global tape storage market is sub-segmented into enterprises, data centers, cloud providers, among other tape storage end users. The enterprise sub-segment is further classified into large enterprises and small & medium enterprises. As compared to the adoption rate expected from SMEs, large enterprises are estimated to record a larger market share by the end of the forecast period. The continuous rise in enterprise-grade digital data volumes and high digital data storage capacities offered by tape storage technology are estimated to be the primary drivers of the global tape storage market.
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Fujifilm Holdings Corporation
Hewlett Packard Enterprise Development LP
Geographically, the tape storage market in North America is estimated to continue holding the largest market share of the global tape storage market by the end of the forecast year 2026 due to the high adoption of next-generation tape storage technologies in the region, especially in the U.S. The tape storage market in the Southeast Asia and Others of Asia Pacific region is expected to hold the second largest share of the tape storage market and is estimated to be the target market for established market players.
Key segments in the global tape storage market:
LTO-1 to LTO-5
IT and Telecommunication
Banking, Financial Services, and Insurance
Media and Entertainment
Research and Academia
Oil and Gas
Government and Defense
Small and Medium Enterprises
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