The tape storage market has seen rapid growth, rising from $5.25 billion in 2023 to $5.85 billion in 2024, with a CAGR of 11.5%. This growth is driven by data archiving needs, long-term data retention, backup and disaster recovery, cost-effectiveness, and data integrity. The market is projected to expand to $9.31 billion by 2028, reflecting a CAGR of 12.3%. Growth factors include regulatory compliance, enterprise data growth, energy efficiency, cloud integration, and archival of big data. Major trends include energy-efficient tape storage technologies, enhanced data encryption and security, hybrid multi-cloud environments, tape storage as a service (TSaaS), and standardization collaborations.
Major Driver In The Tape Storage Market
The anticipated growth in the adoption of tape storage by large enterprises globally is set to drive the expansion of the tape storage market. Large enterprises leverage tape storage to store various business files, benefiting from attributes such as longevity and portability, along with the ability to store significant amounts of data in a compact physical package. In 2021, technology giants Hewlett Packard Enterprise, IBM, and Quantum reported a new record in LTO (Linear Tape Open) tape capacity shipments. According to the LTO Consortium report, the total tape capacity shipped in 2021 reached 148 Exabytes (EB), marking a 40% increase compared to the previous year's 105 Exabytes. This surge in tape storage adoption by large enterprises underscores the market's growth, shaping its trajectory in 2023, 2024, and 2028.
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Tape Storage Market Competitive Landscape
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
Key Tape Storage Market Trend
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.
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Tape Storage 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
By Geography:The regions covered in the tape storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the tape storage market in 2023.
The Tape Storage Global Market Report 2024 furnishes information about the global tape storage market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
