Press release
2025-2034 Tape Storage Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Tape Storage Market Size
Tape Storage Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, there has been a quick expansion in the tape storage market size. A progression is expected from $5.76 billion in 2024 to about $6.37 billion in 2025, with a compound annual growth rate (CAGR) of 10.6%. The historical growth is due to factors such as demands for data archiving, long-term data retention, backup and disaster recovery, as well as cost-effectiveness, security and data integrity.
Tape Storage Market Size Forecast: What's the Projected Valuation by 2029?
In the foroming years, the tape storage market is anticipated to experience a swift expansion, with an estimation of reaching $10.3 billion in 2029, reflecting a compound annual growth rate (CAGR) of 12.8%. This growth during the forecasted period can be tied to various factors such as regulatory adherence, the surge of data in enterprises, energy conservation, integration with the cloud, the archiving of massive data, and improved tape technologies. There are several trends expected for this period which includes the fabrication of energy-efficient tape storage methods, enhancements in data encryption and safety features, the application of tape storage in various multi-cloud environments, the launch of tape storage as a service (TSaaS), and collaborations for standardization and compatibility.
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What Are the Drivers Transforming the Tape Storage Market?
The tape storage market is predicted to expand due to the surge in data volumes. This growth in data volumes is powered by several elements, including the rise of IoT devices, expansion of cloud computing, the growth of big data analytics, increased creation of digital content, and the advancing use of artificial intelligence and machine learning. These factors all generate and necessitate the storage of massive data quantities. As the data generated by organizations swells, tape storage is becoming a popular choice for handling data because of its cost-effectiveness and reliability for long-term archiving and backup needs. For example, a December 2022 report by The Linux Foundation pointed out a significant escalation in data growth for average end-user organizations, achieving a volume of 2,208 TB-a 215.43% increase from the 700 TB noted in 2021. Consequently, the swift surge in data volumes is likely to fuel the growth of the tape storage market in the future.
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What Long-Term Trends Will Define the Future of the Tape Storage Market?
Innovative advancements in technology are emerging trends that are rapidly gaining traction in the tape storage market. Top firms in the industry are adopting novel technologies such as SB LTO tape drive, based on LTO-9 technology, to maintain their market presence. For instance, UNITEX Corporation, a Japan-based computer storage company, launched the SB LTO tape drive in January 2022. This new product offers secure storage solutions and caters to a broad spectrum of fast-changing needs for storing less active data. Leveraging LTO-9 technology, this tape drive can transfer data with velocities up to 300MB/second. Besides, it boasts a native storage capacity of 18TB and a compressed storage capacity at a 2.5:1 ratio of 45TB.
Which Segments in the Tape Storage Market Offer the Most Profit Potential?
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, Healare, 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 Firms Dominate the Tape Storage Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in 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.
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