IMARC Group, a leading market research company, has recently releases report titled “Tape Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global tape storage market size, growth, share, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Tape Storage
Tape storage is a mechanism utilized for backing up and archiving computer data by storing it on a magnetic tape. This process involves recording information onto a continuous loop of flexible material similar to celluloid, which can be read and erased as needed. Tape storage is highly cost-effective when compared to solid-state drives (SSDs), making it widely used in diverse industries such as information technology (IT), telecommunications, media and entertainment, healthcare, oil and gas, government, and defense sectors worldwide. Currently, tape storage is available in different sizes and capacities, and it can be purchased as standalone units or organized in data center racks to create tape libraries.
How Big Is the Tape Storage Market?
The global tape storage market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.5 Billion by 2028, exhibiting a growth rate (CAGR) of 7.1% during 2023-2028.
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What are the growth prospects and trends in the tape storage industry?
The global demand for tape storage is on the rise due to the exponential growth in both human-generated and machine-generated data, as well as the transition from paper-based to computerized data. This surge in demand, coupled with the adoption of tape storage by large enterprises for high-capacity data backup, serves as a significant driver for the market.
Furthermore, prominent market players are heavily investing in research and development (R&D) efforts to create advanced high-storage data cartridges, which further fuels market growth. Tape storage offers several advantages, including durability, longevity, energy efficiency, and scalability, surpassing traditional storage systems.
This is particularly beneficial given the increasing popularity of high-definition 4K and 8K videos, the Internet of things (IoT), and big-data analysis driven by artificial intelligence (AI). Moreover, the expanding global business landscape presents lucrative growth opportunities for industry investors. Additionally, the defense sector’s adoption of tape storage to safeguard sensitive data offline contributes to market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Tape Cartridges
- Tape Vault
Breakup by Technology:
- LTO-1 to LTO-5
- DLT IV
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
Breakup by Use Case:
Breakup by End Use:
- Data Centers
- Cloud Providers
Breakup by Industry Vertical:
- IT and Telecommunication
- Media and Entertainment
- Oil and Gas
- Government and Defense
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Dell Technologies Inc.
- FUJIFILM Holdings Corporation
- Hewlett Packard Enterprise Company
- International Business Machines Corporation
- Lenovo Group Limited
- Oracle Corporation
- QStar Technologies Inc.
- Qualstar Corporation
- Quantum Corporation
- Spectra Logic Corporation
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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