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Key Influencer in the Tape Storage Market 2025: Driving Forces Behind The Growth Of The Tape Storage Market Amidst Surging Data Volumes Driver
Tape Storage
The tape storage market is anticipated to surge due to the swift rise in data volumes. Triggers for this increase include the proliferation of devices connected to the Internet of Things (IoT), expansion in cloud computing, escalating big data analytics, the creation of more digital content, and the rise in the utilisation of artificial intelligence and machine learning. Each of these elements generates a massive amount of data that needs storage. Tape storage is becoming the go-to solution to handle this growing data volume, as it offers a cost-effective, reliable option for long-term archiving and backup. The Linux Foundation, for instance, reported in December 2022 that there was a substantial increase in data growth for the average end-user organizations, hitting 2,208 TB-a significant 215.43% increase from the 700 TB noted in 2021. Consequently, the robust growth in data volumes is projected to foster the tape storage market's expansion in the future.
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What is the projected compound annual growth rate (CAGR) of the tape storage market from 2025 to 2034, and what factors influence it?
The scale of the tape storage market has seen a swift expansion in the past few years. The growth trajectory predicts an increase from $5.76 billion in 2024 to $6.37 billion in 2025, marking a compound annual growth rate (CAGR) of 10.6%. The surge in the past years is due to factors such as the need for data archiving, enduring data preservation, backup and disaster recovery, cost efficiency, and the security and integrity of data.
Fast-paced expansion is predicted in the tape storage market size in the coming years, with projected growth to $10.3 billion by 2029 at a CAGR of 12.8%. The surges foreseen during this period are largely due to regulatory compliance, the escalation of data in businesses, energy effectiveness, incorporation with the cloud, the archiving of vast data, and advancements in tape technologies. The period under review will likely see the emergence of more energy-conserving tape storage technologies, improvements in data encryption and safety features, the use of tape storage in a mix of multiple cloud settings, the unveiling of Tape Storage as a Service (TSaaS), and collaborations to ensure standardization and interoperability.
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How are the latest trends influencing the growth of the tape storage market?
Progressive technology is the prevailing trend in the tape storage market. Leading companies in this sector are embracing and introducing new technologies, like the SB LTO tape drive based on LTO-9 technology, as a strategic move to maintain their market foothold. For instance, the Japan-based UNITEX Corporation, recognized for its computer storage solutions, launched the SB LTO tape drive in January 2022. This innovative product offers secure storage resolutions and addresses a broad spectrum of emerging storage needs for less active data. Enabled by LTO-9 technology, the SB LTO tape drive facilitates data transfer at speeds reaching up to 300MB/second. Additionally, it boasts a native storage capacity of 18TB and a compressed storage capacity of 45TB at a 2.5:1 ratio.
What are the major segments of the tape storage market and their role in driving growth?
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
Subsegments:
1) By Archiving: Long-term Data Storage, Digital Preservation, Regulatory Compliance Archiving
2) By Backup: Full Backup Solutions, Incremental Backup Solutions, Disaster Recovery Solutions
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Which regions are key players in the growth of the tape storage market?
North America was the largest region in the tape storage market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the tape storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the tape storage market?
Major companies operating in the tape storage market include 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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What Is Covered In The Tape Storage Global Market Report?
•Market Size Forecast: Examine the tape storage market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the tape storage market for a structured understanding.
•Key Players Overview: Analyze major players in the tape storage market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the tape storage market.
•Segment Contributions: Evaluate how different segments drive overall growth in the tape storage market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the tape storage market.
•Industry Challenges: Identify potential risks and obstacles affecting the tape storage market.
•Competitive Landscape: Review strategic developments in the tape storage market, including expansions, agreements, and new product launches.
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