Press release
Tape Storage Market 2024 - Analyzing Trends, Navigating Industry Expansion, Key Stakeholders, Opportunities for Growth, and Future Outlook by 2033
Tape Storage Market
The Business Research Company offers in-depth market insights through Tape Storage Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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.
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Market Segmentation:
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 IV
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 Driver - Expanding Tape Storage Market Surging Adoption Among Global Enterprises
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.
Competitive Landscape:
Major companies operating in the tape storage market report are Dell Technologies Inc., Hitachi Ltd., Sony Corporation, Lenovo Group Limited, International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, Fujitsu Limited, Toshiba Corporation, Fujifilm Holdings Corporation, Western Digital Corporation, TDK Corporation, Seagate Technology Holdings plc, NetApp Inc., Iron Mountain Incorporated, Qualstar Corporation, Maxell Holdings Ltd., Quantum Corporation, Barracuda Networks Inc., BDT Media Automation GmbH, Overland Tandberg EMEA, Spectra Logic Corporation, Tandberg Data GmbH, QStar Technologies Inc., Sphere 3D Corp, GlassBridge Enterprises Inc., Imation Corp, Advanced Digital Information Corporation, StorageTek Corp
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Top Trend - Focus On Strategic Partnerships To Provide Reliable Service To The Customers
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 Table Of Content For The Market Report Include:
1. Executive Summary
2. Tape Storage Market Characteristics
3. Tape Storage Market Trends And Strategies
4. Tape Storage Market - Macro Economic Scenario
5. Tape Storage Market Size And Growth
…..
27. Tape Storage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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