Global Tape Storage Market to Grow at a CAGR of 7.3% During 2024-2032, Aided by the Growing Demand for High-Capacity Storage

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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Market Analysis by Type, Capacity, Component, Technology, Use Case, End Use, Industry Vertical, and Region:

• By type, the market is segmented into hardware and software.
• By capacity, the market for tape storage can be categorised into less than 1 TB, 1 TB to 200 TB, 201 TB to 999 TB, 1 PB to 100 PB, and more than 100 PB.
• The market on the basis of component can be divided into tape cartridges and tape vault.
• Based on technology, the industry can be divided into LTO-1 to LTO-4, LTO-5 to LTO-6, LTO-7 to LTO-9, among others.
• On the basis of use case, the segments are archiving and backup.
• Based on end use, the industry is segmented into cloud providers, data centres, and enterprise.
• The industry verticals for tape storage include IT and telecom, BFSI, media and entertainment, healthcare, oil and gas, government and defence, manufacturing, among others.
• The regional markets for tape storage include North America, Europe, the Asia Pacific, and LAMEA.

Key Findings of the Report:

• Unlike cloud storage and hard drives, tape storage offers long archival stability and has minimal chances of data corruption. This factor drives the demand for the product in enterprises.
• Organisations, which are one of the most vulnerable entities to cyber-attacks and data theft, prefer reliable storage systems, such as tape storage. It is another significant driving factor boosting the market growth.
• The requirement for a high capacity storage system, due to the advancing quality of digital content (high-resolution pictures, 4K-8K videos), is expected to keep aiding the market growth for tape storage.
• The growing demand for backup storage among users of electronic devices worldwide is estimated to offer lucrative opportunities to the market for tape storage.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for tape storage for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the type, capacity, component, technology, use case, end use, industry vertical, and regions of tape storage.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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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