Global Tape Storage Market Report and Forecast 2023-2028

Global Tape Storage Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global tape storage market attained a value of USD 2979.3 million in 2022. Aided by the growing demand for cost-effective and energy-efficient data storage solutions, the market is projected to further grow at a CAGR of 7.3% between 2023 and 2028 to reach a value of USD 4551.98 million by 2028.

Tape storage is a data storage technology that involves recording digital data on magnetic tape, which is typically enclosed in a cartridge. When compared to other data storage technologies, such as hard disc drives (HDDs) and solid-state drives, tape storage systems have a number of benefits, including a large storage capacity, long-term data retention, energy efficiency, and cost effectiveness (SSDs). In addition to storing enormous volumes of data produced by big data analytics, artificial intelligence (AI), and Internet of Things (IoT) applications, these solutions are particularly well suited for archiving, backup, and disaster recovery purposes.

The global tape storage market growth is primarily driven by the increasing demand for cost-effective and energy-efficient data storage solutions, as businesses and organisations face the challenge of managing and protecting the ever-growing volumes of data. Tape storage offers a lower total cost of ownership (TCO) compared to other storage technologies, making it an attractive option for organisations looking to optimise their IT budgets and reduce energy consumption.

Advanced security features, such as data encryption and write-once-read-many (WORM) capabilities, are being integrated into tape storage solutions to protect sensitive data and ensure regulatory compliance. Businesses and organisations are adopting hybrid storage strategies that combine tape storage with other storage technologies, such as HDDs and SSDs, to achieve a balance between cost, performance, and data protection.

Another significant factor propelling the growth of the tape storage market is the rising need for long-term data retention and protection. As regulatory compliance requirements become more stringent and data breaches continue to pose significant risks, organisations are increasingly turning to tape storage solutions for their archiving, backup, and disaster recovery needs.

The growing adoption of cloud-based storage solutions also contributes to the tape storage market expansion. As more businesses and organisations migrate their data and applications to the cloud, there is an increasing demand for tape storage solutions to ensure the long-term preservation and security of their data, further supporting the tape storage market growth.

Market Segmentation

The market can be divided based on capacity, component, technology, use case, end use, industry vertical, type and region.

Market Breakup by Capacity

• Less Than 1 TB
• 1 TB to 200 TB
• 201 TB to 999 TB
• 1 PB to 100 PB
• More than 100 PB

Market Breakup by Component

• Tape Cartridges
• Tape Vault

Market Breakup by Technology

• LTO-1 to LTO-4
• LTO-5 to LTO-6
• LTO-7 to LTO-9
• Others

Market Breakup by Use Case

• Archiving
• Backup

Market Breakup by End Use

• Cloud Providers
• Data Centres
• Enterprise

Market Breakup by Industry Vertical

• IT and Telecom
• BFSI
• Media and Entertainment
• Healthcare
• Oil and Gas
• Government and Defence
• Manufacturing
• Others

Market Breakup by Type

• Hardware
• Software

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global tape storage companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• DELL Technologies Inc.
• Hewlett Packard Enterprise Company
• International Business Machines Corporation (IBM)
• Overland Tandberg
• Oracle Corporation
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.