What Fueled Tape Storage Market?
The tape storage market has seen considerable growth due to a variety of factors.
• The size of the tape storage market has witnessed swift expansion in the last few years. Projected to surge from $5.76 billion in 2024, it is predicted to reach $6.37 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 10.6%.
Factors such as data archival needs, enduring data retention, backup and disaster recovery measures, cost efficiency, and matters of security and data integrity have contributed significantly to this historic growth.
What Does Future Hold for The Tape Storage Market Size?
The tape storage market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high for a significant expansion in the tape storage market size in the coming years. By 2029, it is projected to reach a value of $10.3 billion, with a compound annual growth rate (CAGR) of 12.8%.
The anticipated growth in the forecast period can be linked to factors such as regulatory compliance, the expansion of data in businesses, energy efficiency, integration with the cloud, archiving of substantial data, and advancements in tape technologies. The forecast period is also expected to see several notable trends such as the creation of energy-efficient tape storage systems, upgrades in data encryption and security measures, the employment of tape storage in hybrid multi-cloud settings, the launch of Tape Storage as a Service (TSaaS), and cooperative efforts aimed at standardization and interoperability.
What Are The Core Factors Supporting Growth In Tape Storage Market?
The tape storage market is projected to expand due to the swift surge in data volumes. The increment in data volumes can be attributed to aspects such as the surge of IoT devices, the development of cloud computing, the emergence of big data analytics, augmentation in digital content generation, and the escalating use of artificial intelligence and machine learning. All of these aspects produce and demand the storage of enormous volumes of data. Tape storage is becoming a popular choice for handling the growing data volume generated by enterprises as it offers a cost-efficient and dependable method for long-term archiving and backup needs. For example, a report from The Linux Foundation in December 2022 emphasized a significant surge in data growth for an average end-user organization, reaching 2,208 TB, representing a 215.43% increment from the 700 TB noted in 2021. Hence, the swift surge in data volumes will continue to propel the tape storage market's expansion in the future.
What Is The Segmentation Of The Global Tape Storage Market?
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
Pre-Book The Tape Storage Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Emerging Trends Are Shaping The Tape Storage Market?
The tape storage market is seeing growing trends towards technological advancements. Big players in the market are consistently innovating and rolling out new technologies like the SB LTO tape drive that utilizes LTO-9 technology, in order to maintain their market dominance. Take for example, in January 2022, the Japan-based computer storage company, UNITEX Corporation, launched their SB LTO tape drive. This product offers secure storage solutions and addresses the ever-changing requirements for storing less active data. The LTO-9 technology in use enables data transfer speeds of up to 300MB per second. It comes with a native storage capacity of 18TB and 45TB when compressed at 2.5:1.
Who Are the Key Players 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
What are the Regional Insights into 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.
