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Tape Storage Market Size, Growth Drivers, Trends And Analysis 2024-2033
Tape Storage Market
As per the report, 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 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%.
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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.
Emerging Tape Storage Innovations With The Advancement Of SB-LTO Technology
Technological advancements are the key trends gaining popularity in the tape storage market. Major companies operating in the market are introducing new technologies such as SB LTO tape drive that works on LTO-9 technology to sustain their position in the market. For instance, in January 2022, UNITEX Corporation, a Japan-based computer storage space company, introduced the SB LTO tape drive, which provides secured storage solutions and helps to meet the full range of rapidly evolving requirements for storage of less active data. With the help of LTO-9 technology, it helps to transfer data with a speed of up to 300MB/second. This also had a native storage capacity of 18TB and a compressed storage capacity at 2.5:1 of 45TB.
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
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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
Contents of the report:
1. Executive Summary
2. Tape Storage Market Report Structure
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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