Press Release
Press Release
The North America market holds the largest share in the global market for tape storage attributed to the presence of large enterprises, as well as prominent production companies. However, it is estimated that the Asia Pacific is likely to witness robust growth with the highest CAGR over the forecast period, owing to emerging market players and consumer demand. With daily worldwide data production expected to reach hundreds of zettabytes by the end of the decade, the global demand for the high-capacity segment of a storage device is estimated to aid the market growth.
By use case, the market is expecting a boom in the archiving segment, as well as the backup segment from a wide range of consumers, spanning from large and medium enterprises to individual consumers of digital data. Among the industry verticals utilising tape storage, IT and telecom is projected to dominate the market with the highest share, followed by the government and defence sector. Another industry that finds major applications of tape storage is the BFSI industry. Piracy and theft of copyrighted property are some of the factors that keep the demand for tape storage running in the media and entertainment industry. Thus, the demand is expected to gradually rise with a healthy recovery factor after decline during the pandemic.
In December 2020, IBM Corporation (NYSE: IBM) announced an innovative milestone achieved by the collaboration of IBM researchers and FUJIFILM in the field of tape storage by demonstrating how to store more data on a tape cartridge that can fit in the palm of a hand. This development is expected to pave the way for a great comeback of the tape storage industry and further market expansion.
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The major players in the global tape storage market are DELL Technologies Inc., Hewlett Packard Enterprise Company, International Business Machines Corporation (IBM), Overland Tandberg, and Oracle Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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