Tape Storage Market is Projected to Reach $9.42 Billion by 2030, Growing at CAGR of 7.8%

Allied Market Research published a report on 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.

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.

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The tape storage market is going through enormous transformation and growth. Tape storage has been displaced as a primary back-up storage around the globe; however, it is experiencing huge growth in adoption as it is a well-suited solution for the purpose of archiving digital data. This is attributes to its low cost, long-term durability, and high data storage capacity.

Competitive Analysis:

The company profile section of the Tape Storage Market report covers strategic developments, business overview, product offerings, and financial performance of the companies. It also highlights the strategies adopted by companies such as products launch, agreements, partnerships, acquisitions mergers, collaborations, joint ventures, research & development investment, and regional expansion in the past few years.

Some of the major key players of the global Tape Storage Market include,

• Dell Technologies Inc.
• Hewlett Packard Enterprise
• International Business Machines Corporation
• Lenovo
• Oracle Corporation
• Overland Tandberg
• QStar Technologies, Inc.
• QUALSTAR CORP.
• Quantum Corporation
• Spectra Logic Corporation

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The tape storage market is competitive and comprises a number of regional and global vendors competing based on factors such as cost of solutions & services, reliability, efficiency of the product, and support services. Owing to the competition, vendors operating in the market are offering advanced and higher capacity tape storage solutions to improve the marketing strategies of enterprises.

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%.

Key Findings of the Study

• 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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